Financial advisors are well aware of their traditional competition, be it advisor vs. advisor or W-2 vs. independent. However, few advisors are aware of a new competitor lurking just in the shadows yet already working hard to take their piece of the client asset pie. In this episode, Elite Consulting Partners CEO Frank LaRosa and COO Dale Dempsey expose the newest competitor in the wealth management space - large payroll companies such as ADP and Paychex - and pull back the curtain on the tactics these large service providers are using to solidify their wealth management market position.

Specifically, Frank and Dale discuss:

*how large payroll firms are using their traditional service offerings as a loss-leader entry point to gain 401K business.

*the projected trajectory of payroll firms in securing wealth management assets as it is only a matter of time until they branch out beyond 401Ks.

*the impact of scale and pricing and how large payroll firms are using them as leverage to obtain client wealth management assets.

*the strategies a financial advisor can use now to protect themselves from the creep of large payroll firms andestablish themselves as a center of influence for their clients.

Being aware that competition from large payroll firms exists is just the first step for financial advisors. Regardless of what type of firm you are at, whether institutional or independent, Frank and Dale outline the actions you can take now that offer the solution to hidden competition from large payroll firms