1706 Advisors, formerly Lang Financial, specializes in Employee Benefit programs and Business Enterprise Planning. With a customized approach and in-depth knowledge of estate planning, tax strategy, and insurance programs, 1706 Advisors enables clients to make wise financial decisions that affects its employees and their families. Innovative technology and traditional principles of honesty and trust are combined by 1706 Advisors to provide customized solutions that meet the specific requirements and goals of every customer.

As we delve into the realm of -insurance and benefit planning, let us have a thought-provoking discussion with Alana Kahan, President of 1706 Advisors.

1. Let me start by asking you to describe the significance of the company’s name and the motivation behind founding 1706 Advisors.

“1706 Advisors” has deep historical and symbolic meaning. Benjamin Franklin, born in 1706, is regarded as the father of American insurance, so we chose this name in his honor Franklin’s creative approach to risk management and community service is a great fit with the values that 1706 Advisors stands for.

Our mother, Stacy Lang Kahan, started the business more than 40 years ago as Lang Financial Group. And, prior to her, my grandfather founded and grew the same brand. We wanted to carry on our mother’s legacy while bringing in a new chapter for the business, which is why my sister Cara and I entered the leadership ranks. Rebranding as 1706 Advisors was more than simply changing our name; it was a declaration of our dedication to offering creative, customer-focused solutions that safeguard our clients’ most valued possessions. Much like Franklin did in his day, our motivation comes from a deep desire to assist families, businesses, and individuals in confidently securing their futures.

2. Could you give an example of a strategic advisory project that your team completed well and showcased its expertise?

The manufacturing company had been investigating self-funding models for years, trying to understand their impact on healthcare spend. However, the company faced the challenge of comprehending the intricacies of these models and the complexities of the healthcare industry. With the assistance of 1706 Advisors, the company began to explore the potential benefits of self-funding.

For two years, the manufacturing company collaborated with 1706 Advisors to compare fully insured renewal rates with self-insurance rates. This process involved a detailed examination of their historical claims data, projected healthcare expenses, and the financial implications of transitioning to a self-funding model.

During this period, the company discovered that self-insurance presented a cost-saving potential without sacrificing the quality of healthcare provided to their employees. 1706 Advisors played an instrumental role in educating the company’s leadership on self-funding models, risk management strategies, and the benefits of joining a consortium for purchasing power.

By leveraging the expertise of 1706 Advisors and the power of a consortium, the company successfully transitioned to a partially self-funded model, achieving both significant financial savings and increased employee satisfaction

3. Could you provide me with a thorough explanation of your various insurance plans, emphasizing the ways in which they benefit both employers and employees?

At 1706 Advisors, we take great satisfaction in offering benefit programs that are strategically tailored and go above and beyond the call of duty. We offer more than just insurance; we also provide comprehensive solutions that are tailored to the specific needs of both employers and employees, fostering a healthy, secure, and motivated workforce. At 1706 Advisors, we provide a wide range of benefits to our employees that go well beyond the conventional offerings. In addition to life and disability insurance, long-term care insurance, and employee assistance programs (EAPs), we also provide medical, dental, and vision insurance. However, we also offer a wide range of extra benefits, including, but not limited to, flexible spending accounts (FSAs), dependent care assistance, telemedicine services, financial education, wellness programs, pet insurance, and support for mental health issues. It is our responsibility to comprehend the requirements and preferences of your employees and then collaborate with the leadership team in benefits to strike the ideal balance between budget and culture.

At the end of the day, though, our consultative approach sets us apart. Not only do we provide benefits, but we also take the time to thoroughly explain them in plain language to employers and employees alike, so that everyone knows the true worth of each offering. Since we know that even the best benefits are underutilized if they are not adequately communicated and supported, we strongly emphasize advocacy, education, and communication.

By adopting this individualized, hands-on strategy, we assist employers in optimizing the benefits packages they offer, guaranteeing that staff members are not only aware of the resources at their disposal but also have the confidence to make good use of them. This leads to higher engagement, better health outcomes, and a more satisfied and loyal workforce. Benefits are no longer just a checkbox; at 1706 Advisors, we are dedicated to ensuring that each benefit is completely understood and valued. This helps to improve employee retention and well-being.

This strategy is particularly important for traditional benefits, where our main priorities are advocacy, education, and communication to make sure these vital services are accepted and used to their fullest potential.

• Medical Insurance: Our medical plans are designed with flexibility and comprehensive coverage in mind, including PPOs, HMOs, and high-deductible options with Health Savings Accounts (HSAs). We collaborate closely with our clients to select plans that fit their financial goals while promoting the health and well-being of their employees. By offering quality healthcare options, employers can attract and retain top talent, while employees gain access to essential medical services and preventative care, enhancing their overall quality of life.
• Dental and Vision Insurance: We understand that dental and vision care are vital to overall health. Our plans cover a broad range of services, from routine exams to specialized treatments, ensuring that employees have access to the care they need. This not only boosts employee satisfaction but also helps reduce absenteeism by addressing health issues before they become major problems.
• Life and Disability Insurance: Life and disability insurance are key components of a comprehensive benefits package. We offer plans that provide financial security for employees and their families in case of unexpected life events. These benefits ensure that employees are protected and supported during challenging times, giving them peace of mind and reinforcing their loyalty to the company.
• Long-Term Care Insurance: Planning for the future is essential, and our long-term care insurance options help employees prepare for the unexpected. This coverage goes beyond traditional health insurance, addressing the costs associated with long-term care needs, and providing employees with financial security as they age.
• Employee Assistance Programs (EAPs): Our EAPs offer confidential, holistic support for employees facing personal and professional challenges. From mental health and stress management to financial planning, these programs are designed to improve employee well-being, reduce stress, and enhance productivity, ultimately leading to a more engaged and resilient workforce.

Beyond these traditional offerings, 1706 Advisors also provides a wide range of additional benefits, such as wellness programs, financial education, and retirement planning services through our partnerships, ensuring that we address every aspect of employee well-being. Our holistic approach to benefits ensures that employers can support their teams in every stage of their personal and professional lives, creating a more loyal and productive workforce.

At 1706 Advisors, we don’t just provide insurance—we create meaningful, accessible benefits that make a tangible difference in employees’ lives. Our goal is to empower employers to offer benefits that resonate deeply with their teams, helping them thrive both personally and professionally.

4. What distinguishes 1706 Advisors from other consulting firms, and what makes your offer unique?

Our sincere dedication to treating our clients like members of our multigenerational extended family is what really distinguishes 1706 Advisors from other consulting firms. We create strategic, well-considered solutions that are dependable, intelligible, and in line with our clients’ long-term objectives rather than just sellingproducts.

Our approach is holistic, covering all aspects of employee benefits—from medical and dental insurance to life, disability, and beyond. We take the time to learn about the unique requirements and difficulties that every client faces, which enables us to create benefits packages that are genuinely unique.

Furthermore, we have the purchasing power of a major broker without sacrificing our objectivity thanks to the independence of our company and the support of a national organization. This ensures that our clients receive the best possible options without being steered towards any particular provider.

A key element that distinguishes us is our advocacy. We support our clients and their employees, guiding them through the complexities of their benefit programs with confidence. We provide clear, concise communication, ensuring that both employers and employees understand their benefits and can make informed decisions. Our advocacy goes beyond the initial setup; we continue to support our clients and their employees, serving as a resource and guide whenever they require assistance.

5. How do you measure the effectiveness of your advisory projects and what metrics do you use to evaluate impact?

We assess our advisory projects’ effectiveness using quantitative and qualitative metrics to ensure that our impact is both measurable and meaningful.

• Employee Retention: A key metric we monitor is employee retention. For example, after implementing a new strategic benefits program, we track the turnover rate. A significant decrease in turnover indicates that our solutions are effectively meeting the needs of the workforce, enhancing satisfaction and loyalty.
• Cost Efficiency: We also evaluate cost savings for the employer. By analyzing healthcare and benefits costs before and after our interventions, we can quantify the financial impact of our strategies, ensuring that the solutions we provide are both effective and economically sound.
• Employee Satisfaction: We gather feedback through employee satisfaction surveys, assessing how well the benefits meet their needs and expectations. This qualitative data gives us insights into the real-world impact of our programs and helps us make necessary adjustments.
• Utilization Rates: We monitor the utilization rates of the various benefits, such as medical, dental, and EAP services. High utilization rates are a strong indicator that employees find these benefits valuable and accessible, reflecting the success of our recommendations.

The long-term relationships we build with our clients are perhaps the most powerful indicator of our effectiveness. Their continued trust and partnership are a testament to the value and impact of our advisory services.

6. What are some typical problems you have observed your clients having, and how do you assist them in overcoming these barriers?

Many of our clients struggle with the complexities of managing a comprehensive benefits package that truly meets the needs of their diverse workforces.

Navigating the complexities of insurance, understanding the fine print, and ensuring compliance can be difficult.
We assist our clients in overcoming these obstacles by giving them constant support and strategic direction. For instance, we recently assisted a client with low utilization in their vision and dental programs. We discovered through a series of feedback sessions that staff members were confused about the benefits provided and thought the enrollment process was onerous. To assist employees in better understanding and utilizing their benefits, we streamlined the enrollment process, reduced the complexity of the communication materials, and added more support resources. As a result, program participation and general employee satisfaction both significantly increased.

Another common issue is balancing benefits with the needs of a multi-generational workforce. To address this, we customize benefit packages that offer something to everyone, ranging from flexible work-life balance initiatives to extensive medical coverage. Our method ensures that every worker, no matter where they are in life, feels appreciated and supported.

7. How do you see 1706 Advisors developing in the future? What exciting new projects or growth opportunities do you have in store?

The expansion of our advocacy efforts, growth, and innovation are the main priorities for 1706 Advisors in the future. We are thrilled to present more extensive wellness initiatives that extend beyond conventional health insurance, such as improved mental health resources and holistic well-being programs. These initiatives will respond to the rising need for assistance in stress management, enhancing work-life balance, and preserving general well-being among employees.

We are also considering partnering with top technology companies to incorporate cutting-edge analytics and AI-driven insights into our services. As a result, we can offer our clients even more customized and proactive solutions, assisting them in anticipating and meeting employee needs before they materialize.

As far as growth goes, we want to enter new markets, especially those where our benefits consulting is needed. We are confident that 1706 Advisors will continue to expand in size and reputation, by upholding our commitment to client advocacy and individualized care, thereby consolidating our leadership position in the benefits consulting sector.

Company Name: 1706 Advisors
Website: www.1706Advisors.com
President: Alana Kahan