In the past 20 years, a lot has changed. Televisions are slimmer, cell phones are a lot smaller, and we are more connected to the entire world than ever before. So, as we celebrate our 20th anniversary, what was the beginning like for Benefits Administrators?
Flash back to November 1995: a locally owned CPA firm with offices in Lexington and Louisville noticed that clients had a lack of resources for employee benefits planning. This was the driving factor for starting Benefits Administrators.
In the beginning, with one person in Lexington and another in Louisville, the mission was simple: help the CPA firm’s clients with benefit planning and grow the business. As we grew in size, the industry around us transformed.
Through the 2000s, the tech boom revolutionized access to information. Before, people were getting 401(k) statements maybe once a year. Information was outdated when it was received. After, participants could check their 401(k) and investments daily through websites and mobile apps.
This tech boom brought about another industry change. Namely, business owners and employers previously were the driving forces in retirement plans and investments for their employees. Today, participants have more control over 401(k) plans and investment opportunities. Participants no longer look at outdated data. Rather, they can now stay up to date and take control of their futures. They no longer look at their benefits as something on their pay stub at the end of every two weeks. They want to learn and become a vital part of the process.
As our first clients’ employees reach retirement, we are getting positive phone calls from them. They let us know that, because of our help, they have a retirement that doesn’t require them to sacrifice their lifestyles. We want to be able to help everyone reach that milestone comfortably. That is what has us looking forward to making the next 20 years fun, successful, and rewarding.
In 1995, the mission of Benefits Administrators was to see growth and success. Now, 20 years later, we have seen the mission evolve. Our goal is to help employee participants set up for retirement and make sure they have the same quality of life throughout their golden years.