As the world around us becomes increasingly more automated, it’s important that wealth management technology keeps up. On top of that, we understand that advisors want a billing solution that’s designed to support their business through streamlined operations. That’s why we’ve listened to feedback and incorporated those recommendations into our new billing system.
The updated system automates the process of auditing and approving bills in minutes, not hours. With that extra time under your belt, you can share more of your day with clients and less overseeing revenue collection.
Here are our most buzzworthy features on the new billing platform.
- Quick bill approval. Get paid in just a few clicks. We’ve redesigned the platform so advisors can bill more efficiently. At the end of a fee period, bills are organized by those ready to be approved, pending, already approved, paid and any with payment discrepancy. To cut down on the approval time, advisors have the option to approve multiple bills at once, moving the fees to the next stage of the process when they are ready to approve, which is filtered by the custodian. This automated process will generate the bill statements tailored to each advisor with personalized logos, contact information, header colors and more according to the settings saved in the system.
- Flexible fee scheduling. Default fee schedules make it simple to customize and build a new billing timetable. Advisors can take control over bill calculation frequency so when it comes time to process, the engine sums up all fee amounts generated and wraps it neatly into one final bill. The default choice is one rate charged to the associated account or bill group. If an advisor chooses the cliff type calculation, the assets under management ($AUM) are billed corresponding to tiered rates depending on when the $AUM hits a particular breakpoint. To break down an already existing $AUM and bill it by tiers, advisors would choose the blended tier type fee schedule.
- Customizable bill groups. Pull clients’ accounts together to help them hit higher $AUM tiers and achieve breakpoints in cliff and blended tier type fee schedules with bill groups. This streamlined process allows advisors to choose past and current fee schedules or build out a new one to assign to a bill group. To further enhance the efficiency of the system, all clients in a bill group automatically have all their current and future accounts added as well – with the option to remove if preferred.
We’re committed to creating an efficient, integrated infrastructure so you can spend more time helping your clients and less time doing tedious back-end work. Located within our enhanced advisor platform, the updated billing system does just that. To see our billing feature in action, and to learn more about how RobustWealth can help with operational efficiencies, schedule a demo today.
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