BillFin releases new module for splitting advisor payout fees
November 08, 2017 | Product News
Here it comes again: period end. For some, they don’t break a sweat billing. For those lucky few, they’ve got the right support (finger pointed back at us). And then of course there’s those in a cold sweat where, if procrastination was possible to the max, it would happen.
While some advisors are part-time everything (including billing expert), other advisors have a dedicated billing team or person. Both scenarios, or all three, depending on how you view it, could also have the additional headache of splitting advisor fees. Forget it.
AdvisorPay is the brand-spanking new module in BillFin that allows your billing experts to define your payees (i.e., Advisor 1- Tom, Advisor 2- Betsy, etc.) and set up specific rules based on the firm’s set standards and the advisor’s negotiated rate. Most likely you won’t want Tom logging in to see Betsy has a higher payout percentage or vice versa. So to keep your team happy, BillFin has created a slick CSV file report that spits out the firm’s and advisor’s cuts based on the defined firm-level, client-level, or account-level rules.
You define all these rules the first time, and then, just like everything else in BillFin, after you set it up once, BillFin remembers the rules, and you simply click a button. This billing cycle will literally be no sweat.
Here are a few screen captures of the new feature designed to show you just how easy it is to split payouts with BillFin.