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
Cloud-based platform supported the firm's growth by ensuring more efficient operations, automated updates, reduced compliance risk, easier reporting, and scalability
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
