Benefits consultant vs broker

The differences between benefits consultants and brokers can be seen in a few details. Each job has different responsibilities and duties. Additionally, a broker has an average salary of $124,861, which is higher than the $79,068 average annual salary of a benefits consultant.

The top three skills for a benefits consultant include HR, customer service and life insurance. The most important skills for a broker are brokerage, financial services, and insurance products.

Benefits consultant vs broker overview

	Benefits Consultant	Broker
Yearly salary	$79,068	$124,861
Hourly rate	$38.01	$60.03
Growth rate	2%	5%
Number of jobs	19,308	2,770
Job satisfaction	-	-
Most common degree	Bachelor's Degree, 71%	Bachelor's Degree, 66%
Average age	46	49
Years of experience	6	-

What does a benefits consultant do?

Benefits consultants are executives who carry out many services for individuals and businesses. The consultants draft and organize policies within the organization. They handle vendors and manage the renewal of negotiations of HMO plans. It is their job to establish agency relationships with marketing representatives. They coordinate programs that involve self-funded or administered long-term and short-term disability, life insurance, and a cafeteria plan. Also, they prepare enterprises to meet health care law changes.

What does a broker do?

Brokers can either be a firm or an individual acting as an intermediary between a securities exchange and an investor. They often provide services to individual investors and traders who cannot engage directly with security exchanges, which only accept orders from their members. They provide investors and traders with an investment plan, market intelligence, and research. They may cross-sell some financial services and products offered by their brokerage firms. They are also typically classified as discount or full-service brokers.

Benefits consultant vs broker salary

Benefits consultants and brokers have different pay scales, as shown below.

	Benefits Consultant	Broker
Average salary	$79,068	$124,861
Salary range	Between $51,000 And $121,000	Between $68,000 And $227,000
Highest paying City	New York, NY	New York, NY
Highest paying state	New York	New York
Best paying company	BMO Capital Markets	Child Guidance & Family Solutions
Best paying industry	Manufacturing	Insurance

Differences between benefits consultant and broker education

There are a few differences between a benefits consultant and a broker in terms of educational background:

	Benefits Consultant	Broker
Most common degree	Bachelor's Degree, 71%	Bachelor's Degree, 66%
Most common major	Business	Business
Most common college	University of Pennsylvania	University of Southern California

Benefits consultant vs broker demographics

Here are the differences between benefits consultants' and brokers' demographics:

	Benefits Consultant	Broker
Average age	46	49
Gender ratio	Male, 46.7% Female, 53.3%	Male, 63.8% Female, 36.2%
Race ratio	Black or African American, 11.2% Unknown, 3.4% Hispanic or Latino, 10.0% Asian, 8.0% White, 66.9% American Indian and Alaska Native, 0.4%	Black or African American, 5.3% Unknown, 4.3% Hispanic or Latino, 13.2% Asian, 6.9% White, 70.1% American Indian and Alaska Native, 0.3%
LGBT Percentage	35%	13%

Differences between benefits consultant and broker duties and responsibilities

Benefits consultant example responsibilities.

Manage benefits for fully insure medical/dental plans with life, long-term disability, and FSA accounts.
Manage annual non-discrimination testing, audit and IRS filings for qualify retirement plan, working with external vendors.
Manage vendors for medical, dental, pharmacy, vision, HSA, long-term care and work-life resource and referral programs.
Manage several SDLC phases for enterprise systems used by state government agencies to perform environmental and environmental management.
Provide SharePoint development and administration, budget and financial reporting; manage invoicing; and develop training manuals and user guides.
Coach clients and provide orientation about cobra act.

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Broker example responsibilities.

Manage, lease and sell office condominiums on site.
Retail trader, fix income securities; manage client account activity; properly allocate client funds to appropriate investment options
Manage indexes, options, foreign equities, and short-selling positions that are compatible with clients' long-term investment goals.
Expand and maintain professional relationships with trading accounts including banks, hedge funds and portfolio managers.
Specialize in finding undervalue and/or overbought commodities by using fundamental and technical analysis that exist throughout the markets.
Install the oracle client for windows.

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Benefits consultant vs broker skills

Common benefits consultant skills

HR, 10%
Customer Service, 8%
Life Insurance, 7%
Strong Analytical, 6%
Health Insurance, 5%
Client Relationships, 5%

Common broker skills

Brokerage, 17%
Financial Services, 9%
Insurance Products, 7%
Risk Management, 6%
Client Relationships, 6%
Real Estate Transactions, 5%

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Updated January 8, 2025

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