Here’s to Your Business Health – Game Changing Payroll, HR, and Insurance Programs for Financial Advisors
The continued trend of more and more advisors moving from W-2 to independent models shows no sign of slowing and has proved to be the defining characteristic certain to impact financial services for years to come. Interestingly, the positive effects of advisors making the move to independence has also exposed areas of growth and improvement needed to assist advisors in running the actual business of their business more efficiently. From general business operations to payroll, human resources, and insurance – independent financial advisors are actively seeking resources and outsourced partners who can maximize efficiency in the day-to-day practicalities of running their practices.
For payroll and human resources solutions, it is not only cost-effective but strategically advantageous for independent financial advisors to hire a dedicated payroll and HR firm to complete these often time consuming yet necessary business functions. For those advisors interested in contracting with a payroll and HR services firm, the key issues which need to be considered are cost, reliability, communication, and ease of use. Advisors choosing to outsource these services need to be assured that their payroll and HR firm will provide the dedicated level of service and excellence required in each of these areas in order for the decision to outsource to be a worthwhile one.
One such resource in the payroll & HR space, which has gained the interest of financial advisors as an outsourced solution provider, is Payroll Vault Moorestown. Payroll Vault Moorestown offers a customizable human resources and payroll solution, available via a dedicated virtual client portal, specifically geared to small and medium-sized businesses. Further, the Payroll Vault Moorestown solution is unique given the expertise of the company’s leadership within the financial services space, in particular working directly with advisors making the transition from W-2 to independence. Click here for more detailed information on Payroll Vault Moorestown and the unique suite of payroll and HR solutions the firm provides.
As it relates to health insurance, in a post pandemic world health insurance for an advisor is a necessity not a luxury. Independent advisors are in fact small business owners and therefore need to set up their own health insurance coverage for the protection of themselves and their families. Yet, to-date the choices and resources for establishing health insurance for independent financial advisors have been limited at worst and confusing at best. That is all about to change with the new program introduced this week by the Financial Services Institute (FSI).
The new health insurance coverage offered by FSI is an evolution of their original phase 1 group healthcare plan rolled out one year ago and is a total game changer in that it addresses the most universal and important needs of financial advisors seeking health insurance today. The most important update to the FSI’s health insurance offering is that advisors no longer need to register as a group – the advisor can register as an individual for major medical coverage for themselves and their families as long as they have a federal tax ID or CRD number. Further, the new FSI health insurance program boasts an up to 50% savings over open market health care plans, national PPO and advisor choice of doctor, and HSA eligibility with tax deductible premiums. The FSI program is open for enrollment now and is available to financial advisors in all 50 states and is ACA-compliant with major medical plans.
There is no doubt that financial advisors will sit up and take notice of this news as health insurance solutions are a source of consternation for many advisors considering a move to independence. The new FSI program most directly addresses the advisor health insurance issue through its simplicity, ease of enrollment, and substantial cost savings when compared to other health insurance plans available to advisors. Also, the ‘everyone is welcome’ sensibility of the FSI health insurance program – given the only qualifier is that an advisor needs a federal tax ID or CRD number – means more advisors can be positively impacted.
For those advisors wishing to explore the new FSI health insurance option, or receive a rate quote, information is available at www.AdvisorHealthPlan.org. FSI is also hosting a webinar to discuss their new health insurance plan on Thursday, March 4 at 4:30 pm EST. Click here to register for the event.