Most of our clients offer employee benefit plans because they want to help their employees address certain risks. While this might seem admirable, many clients don’t take the time to consider who they should partner with in order to deliver these services. What good is it to offer certain group insurance to employees, if those employees don’t understand the real value of the coverage? Or, which option is the most appropriate for them and their family? Picking benefits to offer is not nearly as important as selecting who to partner with to deliver those benefits.
Most times people have the best intentions in mind when it comes to protecting their family. They invest in an alarm system or they make sure to buy all organic food. While all these things are important we tend not to address the risks that are not pleasant to think about. What would my family do if I didn’t come home from work today? What would my family do if I was unable to get up and go earn a paycheck? Would they be able to live the life that I have made them accustom to? Is my child still able to attend their dream school? These are all questions that we don’t want to think about but need to be planned for.
The first thing people think of when they hear retirement plans is investments. And because 401(k) plans are the main facet of retirement income for so many people, investments are an essential component. But what we really are is a retirement plan administrator. In general, most people don’t know we exist or understand the role we play in keeping your retirement plan running. Because retirement plans are so much more than investments and while your financial advisor needs to play a key role in the establishment and maintenance of your retirement plan, it is imperative that you have a competent retirement plan administrator.
Hiring an employee used to represent the forward step of positive growth. Now, it represents the liability of having to track and document everything that each employee does from the moment they are hired until the moment they retire. If this isn’t messy enough, add to the equation the fact that employees change jobs more often now than at any point in history. We find that even the employers that use technology to assist, end up using multiple vendors to track and record different items. Why not keep things simple by maintaining one platform?
Payroll is an integral piece of any business, and while it is straightforward in theory, payroll processing might be the most cumbersome process you deal with depending on the size of your organization. There are plenty of reasons why this is the case, and those reasons are just part of the task with no real options for relief. A major contributing factor is that the data required by your provider must be transmitted to them in a specific way at a specific time to fit THEIR systems. Unfortunately for you, those requirements may not necessarily jive with how your internal systems work.