You’ve built your practice and you are hiring people to keep the business running. Employees are the most important part of your practice, but they also add the most risk to your business. We can help you hire and retain the best employees, independent contractors and registered advisors in your community. We will help you remain compliant with all relevant employment laws, both within your state and where federally mandated. We’ll create employee policies and write your employee handbooks, protecting you with proper employment agreements, job descriptions, compensation agreements and other documentation. We’ll help you with the important steps of performance management and, where necessary, with terminations as well. Don’t take the chance of inadvertently opening yourself to an employment-related lawsuit due to discrimination, disciplinary actions, overtime issues and more. We’re experts, so you don’t have to become one.
You may already have a payroll service, but what else can they provide? Will they protect you in the event of a payroll-related audit by the IRS or other state or federal regulator? What about appropriately classifying your staff regarding W2 vs. 1099 and exempt vs. nonexempt to ensure compliance with IRS and other regulations? You may be very familiar with regulations related to your financial advisory practice. But can you say the same about employment law, new DOL requirements, penalties for non-compliance? In fact, a simple error in classification of an employee can cost you thousands, even hundreds of thousands, of dollars in penalties and fines. If you’re an S-Corp, you have additional IRS requirements related to reporting W2 wages and payroll taxes on you and your fellow officers. Don’t rely on a simple payroll service to protect you against the complications of state and federal employment laws.
Employee benefits are an important component of hiring and retaining the best and brightest to join your business. Through EmployShare, you will have access to our multiple-employer retirement plan through Mutual of America, saving you administrative costs and reducing your risk of noncompliance and related audits and penalties. We offer Group Life, Short- and Long-Term Disability, Dental and Vision coverage in all 50 states. We also can help you set up a Section 125 Program, including medical care expense reimbursement, dependent care expense reimbursement, transportation fringe benefit, and non-employer sponsored premiums. We also manage federal and state-specific employer COBRA obligations on your behalf regarding continuation of coverage and conversion of group health insurance. We’ll manage your Open Enrollment, provide benefits orientation to new hires, and help you handle a terminated employee’s benefits.
EmployShare will design and build the most effective Employer Model for your practice, including creating the most appropriate legal entity in compliance with FINRA and SEC requirements. We’ll arm you with proper legal documents, protecting not just your practice but also your intellectual capital and confidential information. We’ll conduct compensation modeling for your registered advisors, ensuring compliance with all relevant laws and regulations. When you’re ready to grow your practice, we’ll provide guidance on options from adding experienced advisors to purchasing a practice. And we’ll help you transition out of the business through comprehensive succession planning guidance and consulting. The work you’ll have done establishing your Employer Model, legal entity, compensation structure and practice growth will add value to your business and make you very attractive to future buyers.