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Run the Payroll Fee Auditor →Blog · Payroll Management · Financial Services
Financial Services & Accounting Firms: How to Switch Payroll Providers (2026)
Switching payroll providers at a financial services firm means moving year-to-date wages and taxes per employee, every pay code for deferred compensation structures, FINRA recordkeeping and performance fee payroll, the exemption records for financial advisors and CPAs, and the retained records the law requires. BEG: $45 per employee per month inside the payroll software you already use, live in 3 to 5 days.
What has to migrate from a financial services firm
Year-to-date gross, taxes and deductions per employee so the W-2 is one form at year end; every pay code, deferred compensation structures, FINRA recordkeeping, performance fee payroll and Series license holder compliance, rebuilt with the same taxability; each state's withholding and unemployment account numbers and rates; garnishment orders with balances; direct deposit authorizations; and the exemption documentation for financial advisors and CPAs.
Broker-dealers must keep the records required for each associated person under SEC Rule 17a-3(a)(12) in an easily accessible place until at least three years after that person's employment or other association with the firm has ended.
Timing the cutover
A quarter boundary is the cleanest cutover because the old provider files a final 941 for its quarter and the new one starts fresh, with no Schedule D reconciliation. Mid-quarter switches work but require the outgoing provider's tax filings to be reconciled before the first new run. Live payroll on BEG is 3 to 5 business days from signing; the migration of financial services firm pay codes is done before that first run, not after.
The rules behind this page, with sources
General information, not legal advice. Every rule below was read on the agency page linked next to it.
- Broker-dealers must keep the records required for each associated person under SEC Rule 17a-3(a)(12) in an easily accessible place until at least three years after that person's employment or other association with the firm has ended. [SEC Rule 17a-4, 17 CFR 240.17a-4(e)(1)]
Read the full guide to how to switch payroll providers, and the rest of the financial services firm payroll library.
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Frequently Asked Questions
When is the best time for a financial services firm to switch payroll providers?
At a quarter boundary, ideally January 1 so the W-2 year is clean. Mid-quarter is workable with a reconciliation of the outgoing provider's deposits and filings first.
What financial services firm data is most often lost in a switch?
The pay code configuration for deferred compensation structures and FINRA recordkeeping and the exemption records for financial advisors and CPAs. Year-to-date figures usually move; the industry-specific setup is what gets rebuilt wrong.
What does managed payroll cost for a financial services firm?
$45 per employee per month, all-inclusive, inside the payroll software you already use, with no monthly minimum. Deferred compensation structures, FINRA recordkeeping and performance fee payroll are configured at setup, not billed as add-ons.
Related Resources
Anthony leads payroll solutions at Business Executive Group, a national managed payroll firm serving businesses across industries including Financial Services & Accounting Firms. BEG manages payroll at $45 PEPM, all-inclusive, with deep expertise in compliance, multi-state filing, and industry-specific payroll requirements. Get instant pricing at beghr.com.
Authoritative source: U.S. Department of Labor: Wage and Hour Division
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