The world of wealth management is not for the faint of heart. In exchange for their trust, clients expect a return that is both immediate and sustaining. The industry requires not only a keen understanding of asset management but also the ability to navigate the nuances of a client’s financial journey. An investment in a future that can span a lifetime or generations.
Since 2001, HoyleCohen, LLC has not only provided clients a trusted fiduciary committed to a personalized experience, but they have also created a culture that explicitly demonstrates a commitment to making sure their clients and employees are well taken care of. This award-winning wealth advisory firm has a staff of 42 employees located in three offices across California; Sacramento, Santa Monica, and San Diego, and currently serves approximately 1,300 clients while managing roughly 2 billion dollars in assets. HoyleCohen’s advisors hold multiple designations and certifications. Their keen understanding of industry standards allows their clients the luxury of making informed, insightful, financial decisions.
In an effort to unite their existing offices while preparing for the growth that acquisitions and mergers create, HoyleCohen sought to simplify HR tasks amongst their offices while streamlining the onboarding process. Lorin Bello, Business Operations Manager, took on the task of finding a platform that would simplify these HR responsibilities — benefits in particular — while providing the necessary structure needed to maintain efficiency and employee satisfaction. With no prior HR experience, Lorin relied on her experience as an employee, as well as her operations background to find a solution that would simplify the process while providing the necessary structure for continued growth.
At the beginning of 2018, HoyleCohen was experiencing a lot of frustration. Their manual processes created multiple pain points for employees and staff; particularly when it came to benefits enrollment and performance management. They needed a better process that provided data storage and maintenance all in one place. Zenefits provided Lorin the structure needed and added value to its entire staff, directly increasing productivity and employee satisfaction.
The Benefits of a Broker Partner
Open enrollment was a particularly painful process for the firm. HoyleCohen had worked with their own broker for five years but found the manual insurance enrollment process left too much room for error and time-consuming questions for the internal team. Lorin decided to transition from its broker to the Zenefits platform and its certified broker partner MMA West. With MMA managing benefits enrollment online using the Zenefits platform, Lorin got the peace of mind, and time savings that she needed. She has had no regrets.
“MMA West is so professional; our broker advocated for our employees with the deep context that we, as administrators, didn’t have. Having an expert available and responsive is important to us and to our team. We’re happy to leverage MMA and its broad network of information and resources,” said Lorin.
PTO processing problems
Assisting Lorin in her HR role is Bruce Berti, Director of Firm Administration & Finance. One of Bruce’s biggest complaints —and least favorite responsibilities —prior to signing up with Zenefits, was PTO tracking. HoyleCohen’s old PTO process consisted of calendars, excel spreadsheets, and was very time-consuming. Because their process was manual, it left room for a multitude of errors. Bruce believed there had to be a much simpler way that would allow him to make better use of his time. Tracking PTO on the Zenefits platform not only freed up a lot of Bruce’s time, but it also simplified and streamlined processes that have positively impacted the company’s bottom line.
Ease is a new hire’s best friend
HoyleCohen is as committed to their employees as they are their clients. Their switch to Zenefits was a decision made with their employees in mind. Lorin knew that Zenefits would improve the administrative process, but she had no idea how much it would improve the relationship between HR and its employees. Zenefits required fewer conversations, less frustration, and made for better employee experience. Initially, the administrative team planned a gradual roll-out of the Zenefits software, setting aside time to answer questions and assist with the transition. Ultimately, they were able to implement a month sooner than expected because Zenefits was such an easy system to use.
Zenefits makes a great first impression with our new hires.
Director Of Firm Administration & Finance
“Zenefits provides employees a place where they can find and update their data. Having access to everything, all in one spot, is a big plus,” said Bruce.”They are able to complete all paperwork before they walk into the office. It shows we are a progressive organization.”
Bruce also really appreciates complementary hiring tools like HR Advisory and the Zenefits Business Intelligence App. Both allow him to quickly gather information while confirming he is compliant (or not). Lorin also utilizes Zenefits’ online customer community, ClubZen. “It’s been great because I do not have any HR background and networking in ClubZen is just what I need to be successful. Whether product-related or HR process-related, there are people in the community who are willing to share their knowledge and expertise.”
Setting an Example for the Industry
HoyleCohen’s values represent their core beliefs: hard work, integrity, authenticity, innovation, and transparency. Those tenets tell you a lot. Expansion is in their immediate future and with Zenefits as an HR partner, their long term goals look financially sound. Bruce sums it up well, “Three years ago we were smaller; we ran HR as a mom and pop store would. The company has elevated itself and we needed resources to align with our organization. Zenefits offers us the opportunity to handle the HR process as a professional organization.”
This partnership is an investment that offers both immediate and long-term rewards.