Automated Commission Processing & Fees Reconciliation

automatic commission processing, provider statements, no year end

Overview

One of the most Intuitive aspects of Adviser Cloud is its inbuilt income and fee reconciliation system, often referred to as commission reconciliation. It enables advisers and administration staff to monitor and automatically reconcile fees, retainers and commissions, saving valuable valuable time and money for financial advisers.

How it works

Adviser cloud uniquely pulls together all the different fees and charges that can come from different providers, using various formats, and imports that information into our internally developed processing engine to provide a simple, common interface for displaying statements, that provide end to end financial information.

This is achieved by receiving statements from your product providers or platform, straight into adviser cloud, commissions are then matched to client’s plans allowing you to perform client level analysis reports all the way to company wide RMAR and Adviser Commission reports.

Frequently asked questions

We have a compiled the answers of some commonly asked questions we receive during our demonstrations;

How does reconciliation work?

Here is an example:

1. You are expecting an initial fee from a client for setting up a new investment product.
2. You may also be expecting commission via the product provider in a months time for an amount that is a percentage of the ISA’s value
3. Both payments are entered into the system via commission feed when payment is received
4. Now, when you visit that client’s record, commission will be there, along with client fee, marked as paid
5. Also this information will show on adviser / company commission reports

In a nutshell this demonstrates, how Adviser Cloud is using technology to streamline tasks for the financial administrator, relieving where possible day to day inputting and filing of information.

Which providers do you have automatic feeds with?

Adviser Cloud has established, live commission feeds with the following financial providers and platforms:


My provider isn’t in the list, can I still use commission management?

Yes; We are always working with providers and can set up new interconnections/autonomous feeds at any time, under the hood we use a system called EDI (Electronic Data Interchange) which is a common rule set for providers like ourselves to receive and send financial data, however not all providers support this.

My provider doesn’t support EDI, can I take advantage of commission reconciliation?

Yes, most definately, and the process is still guaranteed to save you time and money. Adviser Cloud have solved this problem by mapping to provider import files, we currently have mapped to Artemis, Ascentric, Aviva, Canada Life, Invesco, Fidelity, Standard Life, Royal London, Nucleus, and our development team are always mapping new provider files. These files can then be sent to a secure email on our servers for automatic importing, or upload to your portal via the import screen.

Can I drag and drop my provider statements straight into Adviser Cloud?

Yes – take a look at our a quick screen grab from our portal; All you have to do is select the provider format from our drop down list and provide the file.

I get PDF/Paper statements, how can this work for me?

Fixed paper or PDF statements can be entered into adviser cloud using our manual input screen which has been specifically built for quick data entry, see a sample screen shot of our manual entry screen.

Can I see all my statements?

Yes – Adviser cloud pulls all the statements together in an easy accessible list that allows further management and processing of those statements, see our screen shot:

What if auto-reconciliation doesn’t match anything?

In most circumstances, payments fail to match when there is no client or plan information within adviser cloud, and our auto-reconciliation technology works best with real cleansed data, however in this event, should you wish to do so you can manually override the allocation, and allocate the payment to any client, plan or expected payment.

Can I back date statements?

Yes – By utilising a statement date we can allocate and assign payments based on the time they were received.

Can I delete statements?

Yes, and Adviser Cloud will automatically unwind any payments from client plans and portfolios.

What if I need to reprocess a statement, after adding plan information?

Easy – Just press the re-process button, adviser cloud does all the hard work

How are statements archived?

Statements are archived in groups by financial year, and broken down by status where required.

Want to find out more?

If you would like a tailored, personalised look at what adviser cloud can offer book a free online Demo here: request a demo alternatively view further features of Adviser Cloud: Software Features 

Leave a Reply

Your email address will not be published. Required fields are marked *