“The IRS just released some information about how they're going to be pursuing penalties now,” says Arthur Tacchino, chief innovation officer at SyncStream Solutions, an ACA reporting and compliance company. “They've had a lot of problems with the reporting but they've worked through that and as intended all along, they're going to start issuing penalties for non-compliance.”

Another hot compliance topic in the benefits world is known simply as the “fiduciary rule”—an Obama-era law that changed ERISA's definition of an “investment advice fiduciary.” Basically, financial professionals who work with retirement plans or offer financial advice would be treated as a fiduciary under ERISA, which mean that they would be held to the same legal and ethical standards.

Some people see the need for the rule. Others think the rule will only drive up costs. The Trump administration asked for a delay in implementation, but again, it's a scenario where financial experts should be prepared to comply with the law.

“I don't sell a product because I know I'm getting a bonus,” says Joni Reents, president of the Reents Insurance Agency in Broomfield, Colorado, and president of the Colorado State Association of Health Underwriters. “I feel like I'd lose a client if I steered them one way when another product will work better for them. I know there are some people who do that, but the rule does make our jobs a little more complicated.”

Another compliance issue facing some benefits professionals comes courtesy of the EEOC. In 2016, the commission began requiring employers to report more demographic data in order to fight pay discrimination and identify industries where the issue runs rampant. That means there will be more to report in a company's Employer Information Report, or EEO-1 statement. The rule mainly affects employers with 100 or more employers.

“It's very hard to know how to plan for the future, because we have no idea what's going to change,” Reents says. “It's just kind of in a state of limbo. We stick with what we've been doing—ACA is the law of the land—but you're also supposed to plan for down the road, and that's a little difficult to do right now.”

And the compliance issues don't end there. Reents' client roster, for example, is dominated by employers of less than 100. She says she often gets questions about COBRA from clients. The tax code is also likely to change in some way. And no one knows what will come from Trump's next executive orders.

Simply put, there's a lot to keep up with.

Moving forward

In order to survive and thrive, financial professionals have to employ several strategies for their industry sources say. There probably hasn't been a more critical time to keep up with the compliance news and changes in the industry, even if they're happening fast. Mainstream media sources are all over issues such as ACA, but keep tabs on other sources such as Healthcare.gov, the Department of Labor, and NAHU for the latest information.

“If I'm an advisor, I'm taking the proactive route and educating myself on what's happening so when the bill gets finalized, you know what's in it,” Tacchino says. “There are lots of news organizations and professionals covering it. For brokers and agents, the more they can do for employers, the more it enhances the value they offer.”

Another important strategy is to make sure to document compliance. Plenty of companies out there provide ACA reporting programs, and many industry professionals recommend using them. Some even say that it should become a cost of doing business.

Changing course

In the final analysis, ACA compliance and other compliance-related issues may be the biggest factor contributing to a fundamental shift in the way brokers and agents perform their jobs. The days of simply selling products and going over options with clients on spreadsheets is over.

Now, benefits professionals are more likely seen as advisers or consultants.

“I think the whole thing has gone into a consultative period with brokers,” says Vic Troncalli of Troncalli Insurance Solutions in Villa Rica, Georgia. “I have a brokerage, I have every known license—I work to pay for licenses—but I've always worked it like a consultant. You sell a product, but when you're dealing with financial products or insurance, you find a solution for the risk factor and then you fix it.”

“Some brokers and agents have evolved with the role voluntarily and shifted their model,” Tacchino says. “And there are some being dragged into that role. It's more important now more than ever. It's going to be chaotic for employers to know what they need to do. And as an advisor, you're going to be more important than ever.”