AFA GDC-based Compensation Program through EmployShare
Employee Associate Financial Advisor
Pay total GDC-based compensation to your employee AFA(s) correctly and worry-free through EmployShare, an Ameriprise-approved vendor. We make it easy for you to stay compliant with regulatory and Ameriprise requirements.
It’s more than “just payroll.”
We protect you from FINRA and SEC regulations on “redistribution” of GDC.
EmployShare works ONLY in the financial services industry. We comprehensively understand the unique world you operate in, and the risks you face running your practice.
We make all tax payments and file your annual IRS Form W2 on behalf of you and your employee AFA(s).
EmployShare will make all tax payments on your behalf; if there are complications for split unemployment tax filing, we will discuss and resolve. And we file your annual W2s for all your employee AFA(s).
We offer you and your employee AFA(s) group-rate benefits.
You can increase your value proposition to existing and new employee AFA(s) with great benefits, including guarantee issue group short- and long-term disability insurance; group life, dental and vision insurance; flex spending; dependent day care and more.
We don’t just “process” your payroll. We provide advice.
Want to make sure you’re offering the right payout rate to your AFAs? Want to be able to change that rate depending on how your practice changes? What about paying a salary plus GDC? You don’t want to overpay or underpay your AFAs – and neither does EmployShare. We’ll also guide you on (and monitor) overtime exemption salary requirements so you comply with DOL regulations and don’t get hit with an unpaid overtime violation, which is costly.
Oh, and about that paperwork.
We complete the necessary paperwork and guidance for each enrollment to meet service period scheduling. We understand the Ameriprise requirement for you to show ongoing proof of compliance using the Ameriprise Online File Manager system. For this purpose, we provide secure online access to view invoices, ongoing and secure electronic billing, electronic paystub delivery and customized reports. You know where your money is going, and you’ll stay in compliance with regulatory and Ameriprise requirements.
Must haves: Job Offer Letter and Employment Agreement.
EmployShare includes key employment agreements in our AFA GDC-based compensation program. We create a Job Offer Letter for each employee AFA, a critical first step for hiring and a key on-boarding document that must be clear, concise and legally sensitive to state and federal laws. We also create an Employment Agreement, a vital document between you and each employee AFA that includes a thorough and specific job description and compensation agreement, including restrictive language to help protect your book of business. We will also provide guidance on employment matters between you and your AFA, including turn-around strategies, performance review guidance and risk mitigation, including termination guidance. Additional customized agreements are available that provide a financial practice interest to an AFA that owns his/her book of business.
Nothing of value is free.
Our fees for employee AFAs enrolled in the EmployShare GDC-based compensation program:
- $1,295: one-time fee for enrolling first employee $595.00 for enrolling subsequent employee AFAs.
- $79 per bi-weekly service period: recurring fee for an employee AFA in the EmployShare GDC-based Compensation
- $7 per bi-weekly service period: invoice bank debit fee.
- $2 per bi-weekly service period: optional benefit admin fee