Account Adjustments for Add-On Services

By March 12, 2019Tech Tip

What?

With the emergence of robo advisor technologies, and constant scrutiny over advisory fees, it’s imperative that you offer services beyond just building financial plans. Many advisors offer add-on services such as tax preparation, small business advice, or career building tools. As you provide these services you may want to charge a nominal fee outside of your advisory fees.

Orion has the ability to add a one-time debit or credit to an account as a general adjustment. This adjustment will automatically be applied to your next billing cycle, in addition to your regular management fee. Once the full amount of the credit or debit has been applied, our system will automatically zero out the adjustment, so the amount doesn’t need to be manually maintained.

Why?

If you charge clients for add-on services, you can add that charge as a general account adjustment. Or, if you accidentally overcharge a client, you can credit the client back. These adjustments would automatically be included in your next bill run, instead of having to run an additional bill, or manually provide a credit to the client.

How?

If you would like to make an account adjustment, this tool can be accessed by navigating to the Billing Audit app.

Once the Billing Audit app is open, navigate to the All Accounts tab> right click on the applicable account to Edit Account>

Click on the “Billing – General Account tab.” Click on “Add One or Add Many” in the upper right-hand corner, depending on how many entities at your firm are responsible for either receiving or paying this adjustment to the client. For example, if your RIA is the only entity in the payout for this adjustment, click on “Add One.” If there are multiple entities in the payout for this adjustment such as your RIA, Yourself, and a Subadvisor, click on “Add Many.”

Next, enter in the Net Adjustment Amount, specify if this is a Credit or a Charge, and choose an applicable Adjustment Type.

Select the applicable entity, and click on the “Adjust to Percent” button. You also have the option of adding internal notes of what this adjustment pertains to. Click on “Ok”, and then “Save.”

TIP: Once you add a general account adjustment, utilize the Credit Remaining audit in the Billing Audit app to review adjustments that are going to be applied to the next live bill.

0204-OAS-3/11/2019

 

 

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Eddie Sempek

About Eddie Sempek

Eddie Sempek serves as Orion's Chief Innovation Officer. He has worked in several roles at Orion and now oversees the team of tech consultants. He enjoys helping firms in their strategic planning and implementation of technology.

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