Case Study

Fees & Billing Solution that reduces costs, manages risk, increases transparency

Fees & Billing Solution

CHALLENGE

A large bank was launching several new fee-based programs for their wealth management division

Needed to double the volume of fees calculated on their existing platform

Internal cost of ownership for their existing platform was too high

A new fee calculation platform had to provide:

  • Flexibility to create tailored pricing strategies for clients
  • Increased transparency around fee calculations and reporting
  • Scalable solution to accommodate future business acquisitions

 

SOLUTION

Implemented our PureFacts Fees & Billing Solution

Platform allowed for multiple use cases, including special pricing and exclusions at the asset class and security levels

Variety of fee calculation methodologies: true daily, daily average, and month/quarter-end market value

Calculation capabilities: tiered fee schedules based on the combined market value of one or more households, and performance fees

Flexibility to manage all lines of business on one platform, from mass market to ultra high net worth 

Aggregated data across multiple sources and reduced back-office costs

Accurate daily calculation helped manage risk 

Fee processing workflow and fee volatility analytics protected core revenue-generating function

Increased transparency provided clarity around fee calculations and pricing

 

 

RESULTS

Bank grew revenue by 65% in 5 years by launching new fee-based program on our PureFacts platform

Our solution accurately and reliably calculated and accrued fees daily across hundreds of thousands of accounts, making revenue reporting dependable and predictable

Relationship pricing helped the bank differentiate themselves from the competition

Runs on a cloud-based platform which ensures more efficient operations, automated updates, reduced compliance risk, easier reporting, and scalability to support the firm’s growth

Offered same transparency to advisors, fee administrators, and the management team - made it easy for advisors to explain to their clients how fees are calculated and demonstrate the value of their advice