For most small business owners, their business is their most valuable asset. A top concern is finding and retaining key employees. This continues to get harder in the current business environment. ERISA and DOL compliance places restrictions on available options, and not following the proper procedures can lead to fines or penalties. Cash flow and protecting unfunded liabilities can put additional strain on businesses growth and development. You have enough dealing with your day to day business activities without these added concerns. That’s where we help. We apply the same planning process to our business clients that is used for personal planning. This step by step approach helps to find weakness and allows you to build on your strengths.
Areas of Focus
Employee Benefit Plans
This is a tough market to save money and with the enactment of the Affordable Care Act (AKA Obama Care), it is getting tougher. Some insurance companies are getting creative within the guidelines of the law and making new plan designs available. There are new association plans coming such as Multiple Employer Welfare Arrangement (MEWA). Some companies are designing self-funding plans to reduce cost. One thing is certain, Health Benefits will be constantly evolving over the next several years. At Collective Financial Partners, we know the frustration of trying to plan with Health Insurance. We provide honest and candid analysis of the situation. We are always looking for better answers and researching the subject. We seek to help you find creative solutions and to think outside the box while playing within the rules. Please contact us for a review of your current situation.
Employee Financial Wellness Program
Could you or your employees benefit from unsolicited financial advice? It is said that most people spend more time planning for an annual vacation than for retirement. This is concerning as one of the biggest worries about the future for most people is their ability to retire securely. One obstacle is the overall complexity of the subject. Another is the fear that we will be sold something if we seek answers. By offering unsolicited advice and planning as an added value employee benefit, both concerns can be addressed. Aiding your employees with financial information and answers on their terms and on their behalf.
Business Planning
Your business was built with your heart and soul. But, as hard as it may be to think about, what would it mean to your company if a partner or key employee unexpectedly passed away? How would this sudden change affect your business? Would your business survive? What about attracting or retaining key employees? Do you have unfunded liabilities that would make it difficult to sell or transfer your business in the event of a partner or owner’s death? These questions can be answered and more with Business Planning Solutions utilizing the versatility of life insurance.
Buy-Sell Agreement:
A buy-sell agreement between partners in the event of disability or death of one of the owners can help in the seamless transfer of ownership and save your business from disruption.
Key Person Protection:
Should your business lose a key employee such as an executive officer or general manager due to death or disability, key person protection can help protect your investment and cover financial losses to help train or pay for replacement personnel.
Unfunded Liabilities:
Most businesses have some type of outstanding loan obligation on property, vehicles, or inventory. Having life insurance to cover these liabilities can ease the sale of the business in the event of the owner’s death.
Deferred Compensation:
This is a useful tool to attract and retain higher paid employees. This allows the employee to defer a portion of current income. The tax deferred benefits of life insurance can provide growth and income later in life for the employee and a tax-free death benefit to the employee’s beneficiaries.
Executive Bonus:
Here the employer can reward select employees for their service. This option can provide tax deductions to the business and provide subsidized income to the employee as well as a death benefit to the beneficiaries of the employee. This is a cost effective benefit plan that is easy to implement.
Added Value Services
Annual Review:
Reviewing your business insurance and employee benefits on an annual basis helps to ensure your commitment to your employees’ financial well-being and your company’s bottom line. We provide this service so new concerns and any changes can be addressed.
DOL Compliance:
There is more than simply getting the best price and coverage on your benefits package. Compliance rules should be a top concern. Large fines can be imposed from the DOL and its enforcement of ERISA for not following the letter of the law. Are you confident you are meeting your compliance requirements
Personal Enrollment:
Individualized enrollment of employees can help you maximize your premium dollars. By meeting one-on-one with new and current employees, they better understand your company benefit plan. The high cost of insurance premiums deserves your employees utilizing their benefits to their fullest.
Contact Us
Call Us
Phone: 304-216-5568
Email Us
Address
240 Sherwood Street
Star City, WV 26505