âStaff in todayâs employment environment want to be productive and earn more money but I cannot raise my rates for competitive purposes,â said Braglia who is a New York-based, fee-only advisor with $110 million assets under management.
According to Department of Labor data, the new overtime rules will impact 4.2 million Americans and financial advisory practices could soon find themselves requiring lower-level supervisors, managers and professional staff to maintain timesheets or to log in to a time tracking system even when they are telecommuting.
The psychological impact of time tracking on the average professional worker is limiting to their growth,â said Diya Obeid, founder and CEO of JobDiva, a Software as a Service (SaaS) staffing solution in New York.
Delegating to independent contractors is one way financial advisors are planning to navigate around stricter labor laws.
âI am leaning towards outsourcing to another financial advisor because paying overtime is expensive,â said Schmansky. âThey have experience, they know the software and I donât have to train them.â
SimplyParaplanner.com and a job board maintained by XY Planning Network connect advisory firms with financial planners who outsource services that include data entry, building reports, placing trades, processing account applications, scheduling, financial planning, running projections and even marketing and book-keeper duties.
âThe good news,â Moore said, âis that the Uber-fication of our economy is such that smaller advisory firms donât have to hire full time employees anymore.â
Juliette Fairley is a business and finance journalist who has written four personal finance books for John Wiley amp; Sons and has written for major news organizations, such as The New York Times and The Wall Street Journal. She is a member of the American Society of Journalists and the New York Financial Writers Association and a graduate of Columbia Universitys Graduate School of Journalism. Juliette can be reached at [email#160;protected]
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