Particular Appeal for Advisors Transitioning to Independence
SAN FRANCISCO, Oct. 15 /PRNewswire-FirstCall/ -- Schwab Institutional today introduced a new relationship with national human resources outsourcing company TriNet to provide healthcare and benefit services for independent investment advisors and their employees. As part of Schwab Institutional's exclusive relationship with TriNet, advisors who custody assets with Schwab will now be able to receive health and life insurance, payroll services, and company retirement and employee incentive plans from TriNet at preferred rates. This human resources outsourcing service is part of Schwab Institutional's GrowthPoint practice management program.
"This new relationship with TriNet enables advisors to offer 'big company' benefits to their employees without assuming the cost of hiring additional staff or investing heavily in administrative services that might otherwise be required," said Barnaby Grist, managing director of strategic business development for Schwab Institutional.
The new service enables independent advisors to work with a single vendor to establish and administer multiple services, which may include medical, dental and vision benefits, long-and short-term disability insurance, and 401(k) plans. TriNet assumes responsibility for administering certain human resource functions such as employee benefits and payroll, worker's compensation, labor and wage compliance, employment tax filings, and employee files. TriNet also has dedicated consultants to work with advisors to select the appropriate benefits package.
There are no minimum employee requirements, making the offering particularly attractive to small firms that may not otherwise have access to such services. Schwab Institutional also has specially negotiated pricing to allow independent advisors to benefit from the scale of their peers.
Big Benefits for New Advisors
Grist noted that while this service i
|SOURCE Charles Schwab|
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