The Evolution of the Benefit Advisors Network Story
The Benefit Advisors Network story begins in 2000, when a study group formed in Florida, had an innovative idea. What if there was a network that insurance agencies from across the country could join and use as a platform to collaborate? Agencies throughout the nation could work together to solve problems, share knowledge, analyze successes and failures, and discuss the industry as a whole. After two years of dreaming, planning, and discussion, Benefit Advisors Network (BAN) was born.
In their first five years of business, Benefit Advisors Network grew from 0 to 18 Member Agencies. BAN headquarters relocated to Cleveland, Ohio in 2007, and the organization hired a Director as its first employee. The business continued to grow, and soon there were 29 Member Agencies. BAN’s second employee, a Chief Marketing Director, was hired in 2009 to help drive the business. Under the guidance of these two leaders, BAN entered a period of significant development. Adding to the Benefit Advisors Network story, the team built committees, work groups, and continued to expand the network while simultaneously laying the foundation for a sister organization, the National Benefit Center. The National Benefit Center was created to focus on product development and to work alongside Benefit Advisors Network in leveraging knowledge of and resources in the industry. In 2011, BAN grew to 36 Member Agencies and added an Executive Director to the internal team. In April of that year, the National Benefit Center officially launched, starting out with 13 Member Agencies.
Both Benefit Advisors Network and the National Benefit Center continued to grow under the direction of Perry S. Braun, who heads both organizations. Within the next two years, the National Benefit Center paid its first distribution and Benefit Advisors Network grew to 44 Member Agencies. In 2014 BAN began the process of considering a partnership with a private equity firm. This partnership would help aggregate agencies, as the organization had expanded by 20 more Member Agencies over the past year. The Alera Group was formed in December of 2016 as a privately held employee benefits firm and multi-line insurance agency; 23 of 73 BAN Member Agencies signed on to participate in the partnership. In 2018, Benefit Advisors Network formed another partnership with Allied Advisors to help mentor and support start-ups and employee benefits firms in their early stages. As of June 2018, two firms in their initial stages of business were signed up to participate.
The Benefit Advisors Network Story continues, now with more than 92 agencies, Benefit Advisors Network is still expanding and developing strategies, intellectual capital, and partnerships to better serve their member agencies and the employee benefits industry. BAN is the premier national network of independent benefit advisory and consulting companies. We are here to offer you the insight and expertise you need to successfully navigate the industry.