Outsourcing HR

Financial Planning, February, 2006 by David J. Drucker

It's all so simple when your firm is just you, but the complexity of managing employees grows geometrically as you add bodies and benefit plans. Fortunately, the opportunities to outsource administrative (if not professional) tasks are expanding to keep pace with advisers' needs. In this case, I'm talking about professional employer organizations (PEOs).

I became aware of PEOs when Norm Boone, president of Mosaic Financial Partners of San Francisco, decided there had to be a better way to manage his and his 11 employees' human resource needs. "Our overriding strategy is to get bigger in the Bay area," Boone says, "in part by taking advantage of economies of scale wherever they exist. That includes HR and compliance."

Most firms add benefits as profits and payrolls...

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