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Investment advisors increasing use of payroll services

Posted on July 12th, 2011 Read time: 1 minutes

A variety of industries are benefiting from contracting outside providers – such as payroll outsourcing services – to administer daily tasks. A recent survey from Charles Schwab shows independent registered investment advisors are no different.

According to the company's 2011 RIA Benchmarking Study, practices are more focused than ever on providing clients with stronger care and expanding their operations to do so. In fact, 87 percent of firms said they plan to grow moderately or aggressively in the coming year.

With this in mind, the survey found that outsourcing jumped 40 percent from one year ago, and 67 percent of respondents indicated plans to engage payroll management services.

"Despite the worst recession in 80 years, advisors' commitment to serving the needs of their clients and to adopting best practices in expense management has shaped a stronger RIA industry," said Bernie Clark, executive vice president and head of Charles Schwab Advisor Services.

Payroll outsourcing can prove especially helpful to back office support in small to mid-sized firms, where employees are generally juggling more than one role.

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