Robo Broker

Discussion in 'Employee Benefits Forum' started by MW Agent, Nov 12, 2014.

  1. MW Agent
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    MW Agent Well-Known Member

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    Zenefits

    I recently lost a good sized group to this outfit that was providing about $6,800 in revenue. My understanding is they are taking over 500 groups a month and they have a lot of venture capital money behind them.

    Are there any technology platforms available to brokers on a subscription basis that offers a competing solution? I don't want to get my clock cleaned again.
     
  2. Brian Anderson
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    Brian Anderson Moderator Moderator

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  3. Josh
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    Josh Well-Known Member

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    A friend of mine switched his company over using them. I wouldn't think most of what they do is super difficult to replicate, but it would take some time and money.
     
  4. jkinzies
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    jkinzies Member

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    Re: Robo Broker - Zenefits

    My experience with Zenefits has been one of deceitful practices to obtain clients. Recently, they grabbed a small group of mine....temporarily. I pursued them to find out what happened, where I let them down, and what they expect me to help them with. Turns out, they didn't read their renewal package and were suckered in with the idea of being rescued with an employee handbook and systems to organize them effortlessly. Zenefits grabbed the AOR on the medical and told them that their rates went up 58%. However, that was a lie! Their rate went up 13% and the package contained alternatives to keep their rate level. Zenefits wanted them to move from Anthem to United Healthcare immediately. I showed the UHC rates were about the same as Anthem and gave them the choice. Needless to say, after one conversation, I have the AOR back and a trusting client once again. When it seems too good to be true, it probably is. As advisors, being a real person with experience helps, but we'll need more HR resources to fill the gaps for where Zenefits was looking good.
     
  5. ltruitt
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    ltruitt Member

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    I really like my experience with a robo advisor
     
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