PureFacts Blog

10 tips for choosing a Fees & Billing Solution for Wealth Management

March 20, 2019
AI & Data Analytics

Legacy systems for calculating and billing fees in fee-based programs can restrict your firm’s revenue growth and operational efficiency. The right, cloud-based solution can deliver greater flexibility, streamlined processes, increased accuracy, transparency, and scalability.

Here’s what to expect from your Fee Calculator & Billing Solution

1.   More than management fees

Your solution should calculate all the possible fees for fee-based accounts: management, trade, performance, referral, disbursements and commissions.

2. Complete flexibility

Your fees and billing solution should be flexible enough to handle it all: fee exclusions, asset class fee schedules, daily fee calculations, closing fees, and resolution of data anomalies.

3. Control and workflow

Empower your users to control fee calculations and validation with automated workflows that easily process fees, provide better governance, and make it easy to spot and fix errors.

4. Different lines of business, one platform

Look for a solution that can manage multiple lines of business and unique fee-based programs within the same platform with revenue reporting across all lines of business.

5. Custom fee reporting

If you have custom reporting requirements that aren’t captured by the standard fee or data validation reports, ensure the solution can be tailored to your firm’s specific needs.

6. Seamless data integration

Seamlessly bridge data to and from different enterprise data sources and destinations: accounting, data warehouses, CRM systems, onboarding, CRM2 reporting, statements, and portals.

7. Handle householding

Ensure you have the ability to aggregate accounts and group assets across members of a household or family, and household accounts across multiple fee-based programs.

8. Configurable and adaptable

Choose a nimble, configurable solution that can adapt to your changing business needs, such as handling all common and emerging fee practices.

9. Scalable, cloud-based platform

Moving to a cloud-based solution enables more efficient operations, automated updates, reduced compliance risk, easier reporting, and scalability to support your firm’s growth.

10. Totally transparent

Expect a transparent fee calculation process that makes it easy for your advisors to explain costs to their clients.

 

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Simplify your fee management process

If your firm is looking for the investment industry’s most robust and flexible fee calculation and billing platform, look to PureFacts. Our PureFees solution for fees and billing simplifies and automates the fee management process, so that asset managers can focus their attention on their clients’ investment needs.

PureFees provides a wide range of fee calculation options, with built-in flexibility to support multiple lines of business and programs within a single application and database instance. We handle all of the common and emerging fee practices. These fees can be automatically calculated at any frequency or time interval. Designed for maximum flexibility, our platform is fully scalable as it meets all the use cases that your firm may need to accommodate.

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PureFacts is your fintech expert with wealth management software and custom digital solutions. We combine the technical capabilities of a systems integrator with the creative expertise of a digital creative agency under one roof. We can partner with your firm to develop solutions that optimize your operations, drive revenue, and help you deliver exceptional client experiences. Contact us to discuss how we can propel your digital transformation.

 

  • Martin Carignan