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Eliminate manual processes, enable faster reconciliation and provide a full audit trail by managing intermediary fees with a single, standardized system. Streamline operations across the entire management cycle for improved efficiency and transparency.
Intermediary Fee Management is an end-to-end solution that does more than simply manage the reconciliation and payment of intermediary fees. The platform enables finance and accounting managers to mitigate the risk of incorrect fee payments. The platform also provides the ability to analyze how expense components impact relationships and sales efforts by calculating the profitability of each relationship down to the account level.
Asset Managers have distribution, servicing and revenue sharing fee arrangements with hundreds of intermediaries that vary by product, platform and services provided. Processing payments is largely a manual, time-consuming process that often relies on spreadsheets and other documents to calculate and reconcile invoices. To reduce the risk of incorrect payments and better understand the costs of relationships, the Intermediary Fee Management platform:
Advanced workflow technology supports the review and approval of payments based on client defined management levels and dollar tiers. The platform includes financial controls and audit trails on the full workflow process and sign-off.
A flexible rule library stores complex calculation rules for an unlimited number of distribution and service fee arrangements. Payments are calculated against rules associated with an agreement in just minutes and results are immediately available, expediting the payment of invoices. Large invoices can be systematically uploaded for automatic reconciliation against fee calculations. Deviation dollars and percent variances for fees and percent variances for accounts/trades and shares are reported on the workflow screens. Fee payments can be set easily by specifying, adjusting or supplementing the amounts scheduled to be paid.
Virtually all aspects of intermediary fee management – from agreement and rule information to payout details – can be exported for use in other applications. Exports to general ledgers, accounting packages or external payment vendors eliminate the need for manual re-entry to further increase processing efficiency and payout accuracy. A variety of reports are available, or custom reports can be created through the reporting tool.
Payouts for each product and distributor are tracked over time to support the analysis of invoice and business line trends. Detailed payout reports compare calculation and invoice amounts to identify discrepancies before payments are made as well as any repeated inaccuracies that are occurring with a particular product or intermediary. Invoice to calculation trends can be viewed over time to identify when an unusual change occurs with assets or accounts billed on, along with the fee billed.
Knowing how profitable your sales relationships, products, and selling agreements are can help management refine offerings and focus on relationships that can grow the business. In today’s distribution environment, intermediaries are leaning on mutual fund families to increase their revenues. The platform provides a feature to estimate the revenue collected against the expenses incurred down to the intermediary level - or lower when detailed data is available.
Intermediary Fee Management is delivered as software as a service (SaaS), there is no software or hardware to install. Enhancements and updates are seamless and occur in off-hours. As part of the service, Broadridge assumes the burden of the time-consuming data collection and loading processes, freeing up time for your IT resources. An outsourced business model is also available and customizable to fit your needs.