Commissions on Demand
BRACS offers firms the ability to provide Commission on Demand (COD) to their field force. This feature enables advisors to electronically request commissions to be paid to them outside of normal commission cycle dates.
This COD feature is highly configurable, allowing the Home Office to define minimum and maximum amounts for withdrawal against commissions available, and how many COD withdrawals can take place in a cycle. When the Home Office closes the commission cycle and calculates monies due, any COD withdrawals are deducted from that amount, ensuring no overpayments.
Self-Service Adjustment Tool
BRACS offers a premium tool in the Advisor Portal that enables Managers to enter net adjustments against compensation for advisors under their supervision. A total amount for the adjustment can be entered by the manager along with rules about percentage amounts for payback per commission cycle. Adjustments can be added manually or uploaded from Excel. Adjustments amounts, both positive and negative, are displayed on the Advisor Portal dashboard so amounts and payment dates are transparent to all parties.
Rep Reassignment Tool
BRACS offers a premium self-service feature that enables field managers to request a change of rep on customer accounts. This service automates requests from the field to the Home Office for rep changes on accounts, which assists with moving a book of business from one rep to another. Rep changes must be approved by the Home Office, at which time they can be transmitted to the DTCC through the BRACS Networking interface or reported on for the Home Office to address directly with the vendor.
“What’s Next”: Split Management
BRACS is building a self-service tool for Split Management that is scheduled to be available at the end of 2021. This tool will enable a lead rep on a split to define payout percentages to other reps on a split at the account level. All transactions for this account will be subject to this split commission rule until the rule is terminated by either a lead rep on the split or the Home Office.