Whether your business is a startup, well-established, or something in between, we can help it thrive with a wide range of solutions. The following is an overview of our typical services, which take into account your company's status, your personal values, and your objectives.
Hiring and promoting the right executives for your business is important, but it's equally important to keep them happy. That's why one area of focus for us is assisting companies in choosing and funding the right executive benefit packages. Among other options, we can aid with non-qualified plans, supplemental employee retirement plans, and split dollar plans. These benefits can help you retain the executives your business needs to thrive.
Like executive benefits, deferred compensation funding can be a way to attract and retain quality employees. Under deferred compensation, an employee agrees that the company will withhold a portion of his or her compensation. The company invests the withheld income on behalf of the employee. As stipulated by the agreement, the employee receives the funds at a specific date in the future.
At some point, most business owners will pass their business on to another party, whether it be a family member, valued employee, or someone else. Regardless of the reason for the change or who is taking it over, we can help with all the big and small tasks that go into proper succession planning. Our services can help you make the process of handing over the reins as smooth and profitable as possible.
With key person insurance, you can insulate your company from financial damage in the unfortunate event of the death of a key employee. Losing an important executive or other team member can disrupt continuity, harm a company's credit, damage sales, and halt growth. However, key person insurance can offset some of those negative effects and also help with finding and training a replacement for the lost employee.
If your business has multiple owners, funding for a buy-sell agreement is another service we can provide. These are especially important when it comes to succession plans. Buy-sell agreements determine what happens when a co-owner leaves the business because of death or other circumstances. By funding your buy-sell agreement and having the proper insurance in place, you can help protect your business from the chaos potentially caused by such an event.
Today’s labor market is competitive, and finding quality employees that have the experience, values, and knowledge necessary for the job can be a challenge. Then, after you’ve put your team together, you still have to figure out how to keep them motivated and happy to be there. Offering benefits that are the right fit for your business can help to reduce employee turnover, which in turn also helps your long-term stability. Even though it’s an added expense, it’s typically much less than what it takes to hire, train, and retain new employees.
We can guide you through the process of designing a custom benefits package that keeps you competitive and doesn’t drain your wallet. We’ll show you a wide variety of services and solutions to find the options that fit your needs and budget. Certain options can come at little to no cost to you, such as a voluntary payroll deduction program. No matter what your needs are or where you’re at in the process of establishing a benefits package, Financial Wellness Partners is here to help. Some of our key benefit offerings are detailed below.
This kind of plan meets the standards and covers all the minimum essential benefits of the Affordable Care Act (ACA). It also provides benefits for a wide range of inpatient and outpatient health care services.
Group disability plans offer basic salary compensation for employees that experience a short- or long-term disability. Competitive rates are also available on your state-required disability.
This is a plan that offers life insurance benefits to employees, where the insurance contract is only between the group and the insurance company. Members of the group receive certificates of coverage at little or no cost to them.
These plans offer coverage for dental and/or vision expenses. Most typically, group dental and vision plans are an add-on to a health insurance plan.
Flexible spending accounts may provide you with a way to make eligible out-of-pocket costs pre-tax, potentially helping you and your employees save tax dollars.
Adding voluntary coverage options to your plan can enhance your benefits program with little or no out-of-pocket cost for you. Some of the products offered are whole and universal life insurance, dental insurance, vision insurance, short- or long-term care, and cancer protection.
We will work with you to find the right retirement plan for your needs and budget, and help you find the best way to fund these qualified and non-qualified plans. Some of the options we offer are profit sharing, 401(k), defined contribution, and defined benefit.
*Please consult your own tax advisor for tax advice.
**Your participation in the payroll deduction life insurance program is completely voluntary. Since this program is not intended to be subject to the Employee Retirement Income Security Act of 1974(ERISA), your employer cannot contribute to or endorse any policy offered under this program.