What about the PEO option?

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October 24, 2011

As I discuss market trends with my peers around the country, PEO’s are a consistent topic of discussion. It’s one of those issues where everyone seems to have an opinion about their potential relevance and impact on the benefits adviser community. I realize that it depends on your locale and whether any PEO’s are willing to partner and distribute their services through an adviser network. Clearly some organizations are exclusionary and represent direct competition to…


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31 Comments

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Likewise, if you are going to create your own unbundled solution and involve strategic partners for some of the services.my website

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Likewise, if you are going to create your own unbundled solution and involve strategic partners for some of the services.EXGF

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In that regard, it's similar to any number of other partnering relationships that you may already have for payroll services, Regards

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It's one of those issues where everyone seems to have an opinion about their potential relevance and impact on the benefits adviser community. High PR Backlinks

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The prospect is enrolling in Oasis' large group health plan, but wants to keep their other benefits with the referring broker.pisos para gimnasio

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ESAC and their monitoring of the PEOs adherence to various financial, ethical and operational standards.Tricebit Directory

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The prospect is enrolling in Oasis' large group health plan, but wants to keep their other benefits with the referring broker.smarsh

Posted by: graphix z | July 21, 2012 7:12 AM

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So you need to thoroughly conduct your due diligence before selecting a PEO partner, including checking with their current clients and any vendor relationships that may exist.smarsh

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Oasis is able to offer customized services on a client by client basis, which includes the ability to carve out most aspects of our service offering.top HCG drops

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Posted by: buddyontobuddys b | July 4, 2012 2:11 AM

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Nancy,

You are right in that some PEOs look to bypass the broker or consultant, however there are many PEOs who also look to work with the broker community.

Like Betsy, I also work for a PEO that employs a broker model, Extensis Group (www.extensisgroup.com). We are a privately-held, regional provider of PEO services, based out of Woodbridge, NJ.

Our broker partners enjoy a generous initial and residual commission for the life of the client with Extensis, contractual, written protection of the broker's lines of business, along with marketing support.

As Beverly mentioned in the article, it is important to take a look at various PEOs to make sure the service model of the PEO aligns with same of your organization/agency.

If I could give you some advice: make sure the PEO you decide to work with is accredited by the Employer Services Assurance Corporation (www.esacorp.org). There are many reasons why this is important, including the surety bonds provided by ESAC and their monitoring of the PEOs adherence to various financial, ethical and operational standards.

If you would like to discuss our PEO or have general questions, I would be happy to speak with you. My office line is 732-634-1910 x785 and I am located in Woodbridge, NJ.

Best, Lauren Heffernan

Posted by: Lauren H | October 25, 2011 11:15 AM

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Greetings everyone!

Thank you Beverly, for opening a dialogue on this topic. I agree that historically most brokers/advisors have lost a client to a PEO and can view PEO's as the competition.

It all depends on the PEO. I have been in the PEO industry for 14 years and joined Oasis Outsourcing a little over a year ago.

Oasis has long viewed the broker as a vital partner and believed in preserving the broker/client relationship. We are the 2nd largest national PEO and work with hundred's of brokers nation wide.

As a privately-owned company, Oasis is able to offer customized services on a client by client basis, which includes the ability to carve out most aspects of our service offering.

We compensate our broker parnters very generously by paying a residual commission monthly, for as long as the referred client stays with Oasis.

We are very sensitive and respectful of the products the broker has placed in the account.

For example, the referred prospect currently has health, dental, vision, STD/LTD and group life with the referring broker. The prospect is enrolling in Oasis' large group health plan, but wants to keep their other benefits with the referring broker.

Oasis will honor that relationship, the broker will continue to be paid on the dental, vision, etc AND receive a monthly residual commission for having referred the prospect.

We have been extremely successful with this model and are always looking to expand our broker partners.

Think of us as your insurance policy against the other PEOs that don't work with brokers.

I am based in the Denver, CO office and work nationally. Please feel free to be in touch if I can be a resource in any way.

Best Regards, Betsy Robertson 303-669-2030

Posted by: Betsy R | October 24, 2011 2:22 PM

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I would be quite hesistant in "partnering" with any PEO out there, as most ulitmately want to "bypass" the broker/consultant, and go direct. i.e ADP Your thoughts?

Posted by: nancy m | October 24, 2011 1:23 PM

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