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May 16, 2019 at 10:44 AM
Ladenburg Thalmann Financial Services discovered a new tool for its independent advisors last year: a web app that basically does the “busy work” of calculating payroll taxes, withholding them for the account and providing quarterly reminders and annual tax filings.
The firm decided invest in it and just announced plans to roll out Track Technologies’ tax-automation offering as a solution for the firm’s 4,300 affilated advisors, who work with its five independent firms — Securities America, Triad Advisors, Investacorp, Securities Service Network and KMS Financial Services.
The web app lets users calculate, withhold and submit estimated tax payments, according to Trent Bigelow, Track Technologies CEO. The launch will be staggered across the firm, he says.
“Then advisors can tell us what else we need to do, and the second chapter would be for them to offer it to their clients,” Bigelow explained in an interview, adding that these steps should take place by the fourth quarter.
The service is the brainchild of Bigelow and his partners, who consulted companies in Silicon Valley, many of which use freelance or 1099 workers.
