New Research Reveals Advisory Service Firms Must Diversify Offerings to Thrive in a Competitive Human Capital Management Market

Accountants, Brokers and Consultants Are Seeking Total Business Solutions for Better Client Retention, Relationships

CHARLOTTE, N.C., Aug. 15, 2024 /PRNewswire/ -- As the demands on businesses continue to evolve, advisory service firms are strategically partnering with trusted human capital management (HCM) providers to future proof their companies and their clients' companies. isolved's second-annual "Advisory Services Research: The State of Benefits, Financial and HR Consulting (2024-2025)" study reveals the crucial role advisory service firms have in guiding businesses through the growing complexities of modern workforce management. In fact, the top concern of those working at U.S.-based banks, brokerages, and accounting, consulting, and financial advisory firms are managing risk and meeting clients' evolving expectations (tied for the top-selected answer).

The timeline to evolve is short according to data from the survey of over 1,000 advisory services professionals. By 2026, for example, increasing regulatory scrutiny – especially regarding data privacy and HCM services – will be the most disruptive factor to the industry's approach to financial wellness and employee benefits. In the shorter term, the biggest opportunity in the next 12 months is integrating artificial intelligence (AI).

Respondents' clients – business owners, financial leaders and human resource (HR), benefits and payroll professionals – are feeling this pressure too and will need independent consultants offering a range of solutions. To fill the need, the top solutions that these advisors are not offering now but intend to offer in the next year are, in order: (1) Family and Medical Leave Act (FMLA) and leave management, (2) Affordable Care Act (ACA) reporting, (3) Premium Only Plans (POPs), (4) Employee Retirement Income Security Act (ERISA) support, and tied to round out the top list(5) Continuation of Health Coverage (COBRA) administration and Health Savings Accounts (HSAs). When asked what has deterred them from offering FMLA/leave management services, the top answer was "Lack of familiarity with this offering".

"Advisory service firms are under immense pressure to be experts in every face of HCM as clients not only expect comprehensive solutions but also compliance support in every aspect," said Andrea Dumont, VP of Partnerships at isolved. "Advisors providing the expertise and end-to-end solutions their clients expect, will benefit from stronger relationships and referral profits. This is why we're seeing isolved's referral channel grow exponentially with respondents of this year's survey reinforcing our unbeatable reputation for being a trusted and tenured HCM partner."

The "Advisory Services Research: The State of Benefits, Financial and HR Consulting (2024-2025)" study asked respondents which HCM vendor they partner with. When respondents chose isolved, the survey asked for their satisfaction with the vendor. Top findings include:

• Ninety-one percent of brokers would refer isolved to their clients.
• Ninety-five percent of brokers are satisfied with isolved's breadth of offerings.
• isolved is in the top-two HCM vendors most-frequently referred by brokers, advisors and consultants.
• isolved is the most frequently referred 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. To learn more about isolved's referral program for advisory firms, visit isolvedhcm.com/partners/preferred.

About isolved

isolved is the most-trusted HCM technology leader, providing 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 management to talent management, our solutions are delivered directly or through our HRO partner network to more than 7 million employees and 177,000 employers across 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, automates the entire employee experience by design, so that organizations can engage, empower, and energize their talent while freeing their People Heroes to exceed their goals and grow their careers. Visit https://www.isolvedhcm.com/ to learn more.

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SOURCE isolved