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Wealth Control Advisors, LLC
Rosenheim Financial Services
60 William Street, Suite 200
Wellesley, MA 02481
781-235-8891 MA telephone
781-235-8890 private fax
866-235-8891 outside Mass.
10781 Waterford Place
West Palm Beach, FL 33412
561-691-1380 FL telephone
info@wealthcontrol.com
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Case Study 6: Midsized Company Benefit Plans
A mid size company had an excellent but basic benefits package that was heavily subsidized by the firm. Upon a detailed Employee Benefits Audit, Wealth Control Advisors, LLC discovered significant gaps that left a number of executives with limitations in their insurance and retirement plan benefits.
- Their group disability income insurance had caps protecting only their base salary, while bonuses and commissions were not included as income and thus uninsured
- The group life insurance had limits providing a smaller percentage of insurance for management than for the rank and file employees
- Their retirement contributions were capped by IRS rules and were no different than employees with far less compensation
- There were several management, sales people, and other employees, which were key to the profitability of the company. If they were to leave the firm, it would impact the firm’s bottom line profits. Yet, under the original group plans there was no way to reward and protect these employees, other than increasing their wages
Our study offered ways to provide cost effective Employee Benefits and special Employee & Executive Compensation for these key employees and helped the firm protect their true “profit generators” and help attract new ones. Our project included the creation of plans to recruit, reward, retain, and retire key employees. We were also able to find cost effective plans so the company was able to broaden the benefits with out increasing their overhead.
After implementing the new plans, we held several Employee Enrichment & Education seminars during the employee’s lunch hour, to educate rank and file on both the new plans but other financial topics of general interest.
You can read about our comprehensive Tailored Services, Our Clients, or How We Work, or Contact us to get started today.
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