Why Your Fee Billing System Is Opening You Up to Regulatory Risk

July 17, 2019 |

Over the past six years, the SEC has been on an examination streak, boosting the number of audits by an incredible 137%, according to their 2018 fiscal year annual report.  In 2018, the SEC’s Office of Compliance Inspections and Examinations (OCIE) audited 17% of RIAs (2,312 firms), which is more than double the 8% audit rate in 2012. One area that regulators have been paying special attention to is billing practices. The SEC has issued multiple letters stressing that billing operations must now be held to higher standards. The U.S. Department of Labor (DOL) has also chimed in, demanding that industry participants focus on providing fee transparency to clients.

BillFin Launches Termination Billing

The industry’s first cloud-based billing solution also handles termination calculations.

June 07, 2019 |

BillFin was developed specifically for Registered Investment Advisors. In fact, since day one, we regularly receive feedback and constantly improve our solution.  One such enhancement is termination calculations and rebates!

Independent Financial Partners Selects Redi2

Independent Financial Partners Selects Redi2 for Fee Billing, Revenue Management Solutions

April 25, 2019 |

Independent Financial Partners, an SEC-registered investment advisor, and soon-to-be broker-dealer, has selected Redi2 Technologies as their provider of hosted fee billing and revenue management solutions. Redi2 delivers a number of services through their Wealth Manager Enterprise solution to IFP advisors, including simplified client billing, transparent fee disclosures, an enhanced online experience and much more. At the core of their technology, Redi2 strives to improve each client interaction through quality design and a progressive software development life cycle.

Ensuring Correct Fee Rates: Issue #3

Being audited is stressful enough—don’t let your billing process add alarm.

January 30, 2019 |

BillFin is committed to helping advisors calculate and collect accurate management fees from their clients while helping you understand the fee billing process. This is a continuation of a six-part series discussing the risk alert issued by the SEC last April noting six common errors found in reviewing financial advisors’ fee billing and compliance. Continue reading for details on how BillFin helps with fee rates.

My BillFin Story by Aaron Hattenbach

Founder and Managing Member of Rapport Financial

November 19, 2018 |

At prior RIA firms, we used Excel spreadsheets for calculating quarterly billing and generating invoices. But this is both time consuming and cumbersome with different fee schedules, clients joining your practice mid-quarter, prorated billing, etc. What I really like about BillFin is that once it’s all set up and you learn the user interface, you’re

Billing Fees in Advance or with Improper Frequency: Issue #2

Advisors’ Billing Practices Inconsistent with their ADV or Advisory Agreement

October 15, 2018 |

The six part “improper practices” BillFin article series continues this month moving onto risk number two: Billing Fees in Advance or with Improper Frequency. Since the US Securities and Exchange Commission issued a risk alert on advisory fee billing and compliance back in April, Redi2 is committed to resolving these worries by explaining how BillFin handles such concerns. Issue: Advisors’ Billing Practices Inconsistent with their ADV or Advisory Agreement OCIE staff found that many advisors’ claim to bill on a quarterly basis; however, they actually ran their advisory fees on a monthly basis. They also found advisors’ billing in advance when their agreement states in arrears. BillFin Solution: Flexible Billing for Consistency While BillFin will not review your ADV before you bill, it will allow the flexibility advisors need to properly bill and maintain accuracy with their ADV and advisor agreement. Advisors can bill monthly or quarterly, forward and arrears, with override settings available for clients with different billing arrangements.