Partnership will help public companies achieve greater levels of financial inclusion and pay equity for their global workforces
Companies that use stock plan services provided by Siebert Financial Corp. (NASDAQ: SIEB) now have a powerful new enhancement to help boost plan participation. Siebert, through its broker-dealer subsidiary Muriel Siebert & Co., Inc., is adding Carver Edison‘s patented Cashless Participation™ technology to its platform. Cashless Participation helps employees maximize their contributions to their company-sponsored stock plans without additional payroll deductions.
The technology has been proven to provide plan participants with 50% to 150% more company stock without additional payroll deductions. Siebert’s clients can configure Cashless Participation to include share utilization and compensation expense limits.
Carver Edison Founder and CEO Aaron Shapiro explained the significance of this new partnership, “Every day, we work to help companies increase the compensation of their global workforce while creating value for shareholders. Partnering with Siebert to deliver Cashless Participation to their clients expands our ability to accomplish this.”
Mr. Shapiro also emphasized the important legacy of Muriel Siebert, “Ms. Siebert was the first woman to own a seat on the New York Stock Exchange and lead one of its member firms. She was a powerful advocate for diversity, financial inclusion, and transformative financial products.”
Siebert’s new ownership group is focused on fulfilling her legacy. To that end, a portion of the proceeds from Cashless Participation for Siebert clients will be donated to a charity of the issuer’s choice through a newly created Cashless Participation philanthropic plan.
“We’re excited to bring Carver Edison groundbreaking technology to our clients,” said Eric Tassell, SVP of Siebert Corporate Services. “As a brokerage firm for the digital age, our goal is to deliver an exceptional client experience through innovation and new advances. Cashless Participation is a powerful new way to maximize purchase plan benefits and promote employee ownership for our clients and their employees worldwide.”
Founded in 1967, Siebert is a renowned brokerage firm specializing in equity compensation plans, managed portfolios, insurance, and investments.