Excerpted from “Here’s To Your Business Health – Game Changing Payroll, HR, and Insurance Programs for Financial Advisors”, by Frank LaRosa

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.

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