Siebert to offer Carver Edison's Cashless Participation™ to stock plan services clients

Rhea-AI Summary

On July 21, 2020, Siebert Financial Corp. (NASDAQ: SIEB) announced the integration of Carver Edison's Cashless Participation™ technology into its stock plan services. This innovative feature allows employees to increase their company stock ownership by 50% to 150% without additional payroll deductions. Siebert aims to enhance employee ownership and deliver value to shareholders. The partnership reflects Siebert's commitment to fulfilling the legacy of Muriel Siebert, promoting financial inclusion and philanthropic initiatives related to the technology.

Positive

• Integration of Cashless Participation technology to enhance stock plan services.
• Potential for employees to acquire 50% to 150% more company stock without extra payroll deductions.
• Partnership with a recognized fintech firm enhances Siebert's service offering.

Negative

• None.

NEW YORK, July 21, 2020 /PRNewswire/ -- 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.

For information on Cashless Participation, visit www.carveredison.com.

About Carver Edison
Carver Edison is a New York City-based financial technology company committed to revolutionizing Employee Stock Purchase Plans (ESPPs). Carver Edison works with public companies to increase stock plan participation rates through its Cashless Participation™ technology and education platform, Carbon™. The company is backed by leading fintech entrepreneurs and executives, including Eli Broverman, co-founder of Betterment, and Jeff Cruttenden, co-founder of Acorns. Its Cashless Participation technology was recognized by Fast Company Magazine as a World Changing Idea.

About Siebert Financial Corp.
Siebert Financial Corp. is a holding company that conducts its retail brokerage business through its wholly-owned subsidiary, Muriel Siebert & Co., Inc., which became a member of the New York Stock Exchange ("NYSE") in 1967 when Ms. Siebert became the first woman to own a seat on the NYSE and the first to head one of its member firms. The company conducts its investment advisory business through its wholly-owned subsidiary, Siebert AdvisorNXT, Inc., a registered investment advisor, and its insurance business through its wholly-owned subsidiary, Park Wilshire Companies, Inc., a licensed insurance agency. Siebert conducts operations through its wholly-owned subsidiary, Siebert Technologies, LLC., a developer of robo-advisory technology. Siebert also offers prime brokerage services through its fifth wholly-owned subsidiary, WPS Prime Services, LLC, a broker-dealer registered with the SEC. Siebert is headquartered in New York City with offices throughout the continental U.S. More information is available at www.siebert.com.

Media Contact:
Ryan Walker
media@carveredison.com
860-930-3611

View original content to download multimedia:http://www.prnewswire.com/news-releases/siebert-to-offer-carver-edisons-cashless-participation-to-stock-plan-services-clients-301096613.html

SOURCE Carver Edison

FAQ

What is the Cashless Participation technology offered by Siebert Financial Corp. (SIEB)?

Cashless Participation technology allows employees to increase their company stock ownership by 50% to 150% without needing additional payroll deductions.

When was the partnership between Siebert Financial Corp. and Carver Edison announced?

The partnership was announced on July 21, 2020.

How does Cashless Participation benefit employees of Siebert Financial Corp. (SIEB)?

It enables employees to maximize their contributions to stock plans, significantly increasing their stock ownership without additional costs.

What is the significance of Muriel Siebert in relation to Siebert Financial Corp. (SIEB)?

Muriel Siebert was the first woman to own a seat on the New York Stock Exchange and is a symbol of diversity and financial inclusion in the industry.