Siebert integrates Carver Edison’s Cashless Participation for stock plan services clients

By Pavithra R

Siebert Financial, helping clients turn their financial goals into reality,  has announced that companies that use stock plan services provided by the firm can now access a new enhancement to help boost plan participation.

Siebert, through its broker-dealer subsidiary Muriel Siebert is adding Carver Edison‘s patented Cashless Participation technology to its platform. Cashless Participation is an enhancement to global ESPPs that allows employees to maximize their ESPP contribution with limited payroll deductions. Participating employees own more shares than they otherwise would have been able to afford without seeing their paychecks shrink.

“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. 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,” said Carver Edison Founder and CEO Aaron Shapiro.

Cashless Participation technology provides plan participants with 50% to 150% more company stock without extra payroll deductions. Siebert’s clients can configure Cashless Participation to include share utilization and compensation expense limits. Siebert will donate a portion of the proceeds from Cashless Participation to a charity of the issuer’s choice through newly created Cashless Participation philanthropic plan.

“We’re excited to bring Carver Edison groundbreaking technology to our clients. 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,” said Eric Tassell, SVP of Siebert Corporate Services.

Carver Edison, through its patented Cashless Participation(TM) technology, provides financial opportunity to employees of companies with Employee Stock Purchase Plans. The company is backed by leading FinTech entrepreneurs, including Jeff Cruttenden, co-founder of Acorns, Eli Broverman, co-founder of Betterment, and other leading industry executives.