You’ve built your practice and are hiring people to keep the business running and expanding. After all, employees are the most important part of your practice’s success, but they also add the most risk to your business.

Did you know that one uninformed or ill-informed decision can cause your practice to be laden with lawsuits and regulatory fines?

REAL LIFE CASE STUDY

This incident concerned an employee that went from having a great attitude and performance record to the exact opposite. To this day, I do not know why she changed so drastically, but I have learned since that we do not know what our employees do when away from work. Like most financial advisor practice owners, I tend to react rather quickly to these types of negative issues, so I terminated the employee and notified EmployShare the following day. This turned out to be a costly mistake on my part, terminating the employee without first seeking guidance from EmployShare.

The disgruntled employee went on mission to get back at me:

  • Filed an unemployment claim against me. EmployShare beat it.
  • Filed a workers’ comp claim against me. EmployShare beat it.
  • Filed a lawsuit for wrongful termination against my broker/dealer and me.
    • The broker dealer liability was dismissed.
    • The case was in my attorney’s hands.
    • We settled for mid-six figures and never got to court, thank God.

Lessons learned from this incident:

  • My staff knows everything in my practice: my GDC, my clients, and each other. I am a real employer target.
  • Keep the EmployShare team informed and involved in all employee interactions that have the potential for risk.
  • Had I consulted with EmployShare before terminating this employee, they would have staged the termination effectively and saved me hundreds of thousands of dollars.”

Here’s how EmployShare can help you place stopgaps in your practice to better protect your practice from the domino effect:

  • Structure a document foundation essential for an employee-employer relationship. We’ll create employee policies and write your employee handbooks, protecting you with proper employment agreements, job descriptions, compensation agreements and other documentation.
  • Monitor and alert you of the ever-changing local, state, and federal labor laws and in turn help you remain compliant with all relevant employment laws when mandated.
  • Timely and compliantly pay your employees and file your employer-related payroll taxes.
  • 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.
  • Assist in any payroll audits, including IRS audits, other federal and state agency audits, workers’ comp audits, and any other audits where payroll or employee record information is required.

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