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Run the Payroll Fee Auditor →Blog · Payroll Management · Financial Services
Financial Services & Accounting Firms: Managed Payroll for Small Businesses (Under 25 Employees) (2026)
Managed payroll for a small financial services firm is a complexity decision, not a headcount one: at $45 per employee with no monthly minimum a 10-person financial services firm pays $450 a month. BEG: $45 per employee per month inside the payroll software you already use, live in 3 to 5 days.
What managed payroll costs a small financial services firm
At $45 per employee per month with no monthly minimum and no setup fee, a 5-person financial services firm pays $225 a month, a 10-person one $450 and a 20-person one $900, all-inclusive. The cost grows one employee at a time, so there is no headcount to wait for. Payroll software at roughly $40 to $150 a month plus $5 to $12 per employee is cheaper in raw dollars for a single-state, all-W-2, hourly-and-salary payroll. The question is whether this financial services firm is that payroll.
The complications that decide it for financial services firms
Financial services employees generally meet the administrative exemption duties test when their work includes collecting and analyzing a customer's income, assets, investments or debts, determining which financial products fit, and advising on their advantages and disadvantages. An employee whose primary duty is selling financial products does not qualify for the administrative exemption.
Deferred compensation structures, FINRA recordkeeping, performance fee payroll and Series license holder compliance: each is a pay code that self-service software ships blank, and each is a place a small financial services firm with no payroll specialist gets it wrong for years before an audit or a wage claim finds it. One of these, or an employee in a second state, or a first garnishment order, is the point where the managed price stops being a premium.
What a small financial services firm is already subject to
Below 50 employees the federal lines already crossed are e-filing at 10 information returns, OSHA logs at 11 unless the industry is on the exempt list, Title VII and the ADA at 15, and the ADEA and COBRA at 20. None of them wait for a payroll department to exist.
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.
- Financial services employees generally meet the administrative exemption duties test when their work includes collecting and analyzing a customer's income, assets, investments or debts, determining which financial products fit, and advising on their advantages and disadvantages. An employee whose primary duty is selling financial products does not qualify for the administrative exemption. [DOL Fact Sheet #17M]
Read the full guide to managed payroll by company size, and the rest of the financial services firm payroll library.
Managed Payroll, Handled.
BEG manages payroll at $45 per employee per month, all-inclusive. Get an instant cost comparison for your business.
Frequently Asked Questions
Is managed payroll worth it for a financial services firm under 20 employees?
When there is a complication: deferred compensation structures, a second state, a garnishment, or a classification question about financial advisors and CPAs. Without one, software is the cheaper price for a simple payroll and this page says so.
What does a 10-person financial services firm pay?
$450 a month: 10 employees at $45 per employee, all-inclusive, with no monthly minimum and no setup fee.
Which financial services firm rule most often breaks a self-service setup?
Financial services employees generally meet the administrative exemption duties test when their work includes collecting and analyzing a customer's income, assets, investments or debts, determining which financial products fit, and advising on their advantages and disadvantages. An employee whose primary duty is selling financial products does not qualify for the administrative exemption.
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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