Accountants, brokers and consultants are looking for comprehensive business solutions for better customer loyalty and relationships

CHARLOTTE, NC, 15 August 2024 /PRNewswire/ — As business demands continue to evolve, advisory firms are strategically partnering with trusted human capital management (HCM) providers to future-proof their organizations and their clients’ organizations. isolved’s second annual Advisory Services Research: The State of Benefits, Financial and HR Consulting (2024-2025) study highlights the critical role advisory firms play in guiding organizations through the increasing complexities of modern human resource management. In fact, the top concerns of employees at U.S. banks, brokerage firms, and accounting, consulting and financial advisory firms are managing risk and meeting clients’ evolving expectations (the most frequently chosen response).

According to the survey of over 1,000 advisors, the timeline for development is tight. For example, by 2026, increasing regulatory scrutiny – particularly around data privacy and HCM services – will be the most disruptive factor to the industry’s approach to financial wellbeing and employee benefits. In the short term, the biggest opportunity over the next 12 months lies in the integration of artificial intelligence (AI).

Respondents’ clients – business owners, financial leaders, and human resources, benefits, and payroll professionals – are also feeling this pressure and need independent advisors who offer a range of solutions. To meet this need, the top solutions these advisors do not currently offer but plan to offer in the next year are, in order: (1) Family and Medical Leave Act (FMLA) and leave administration, (2) Affordable Care Act (ACA) coverage, (3) Premium Only Plans (POPs), (4) Employee Retirement Income Security Act (ERISA) assistance, and, at the top of the list, (5) Continuation of Health Coverage (COBRA) and Health Savings Accounts (HSAs) administration. When asked what is holding them back from offering FMLA/leave administration services, the most common response was “lack of familiarity with this offering.”

“Consulting firms are under enormous pressure to be experts in all aspects of HCM, as clients expect not only comprehensive solutions but also compliance support in every respect,” said Andrea DumontVP of Partnerships at isolved. “Advisors that provide the expertise and end-to-end solutions their clients expect will benefit from stronger relationships and referral wins. That’s why we’re seeing isolved’s referral channel grow exponentially, with this year’s survey respondents reinforcing our unbeatable reputation as a trusted and experienced HCM partner.”

In the study, Advisory Services Research: The State of Benefits, Financial and HR Consulting (2024-2025), participants were asked which HCM provider they work with. When participants chose isolved, the survey asked about their satisfaction with the provider. Key findings include:

• 91 percent of brokers would recommend isolved to their customers.
• 95 percent of brokers are satisfied with the range of services offered by isolved.
• isolved is one of the two HCM providers most frequently recommended by brokers, advisors and consultants.
• isolved is the most frequently mentioned third-party administrator (TPA).

To access the full report, download the Advisory Services Research: The State of Benefits, Financial and HR Consulting (2024-2025) research study. For more information about isolved’s advisory firm referral program, visit isolvedhcm.com/partners/preferred.

About isolved

isolved is the most trusted HCM technology leader, offering the best combination of software and services to meet the needs of today’s People Heroes – HR, payroll and benefits professionals. From talent acquisition to workforce administration to talent management, our solutions are delivered directly or through our HRO partner network to more than 7 million employees and 177,000 employers in all 50 states – who use them every day to increase productivity, accelerate decision-making and ensure performance while reducing risk. isolved People Cloud™, our intelligently connected platform, inherently automates the entire employee experience, enabling companies to engage, empower and motivate their talent while empowering their People Heroes to exceed their goals and advance their careers. For more information, visit https://www.isolvedhcm.com/.

Media contact

Christine AllenDirector of Communications
(email protected)
603-743-4534

SOURCE isolved