Revolutionary Financial Advisor Payment Software

Fee Calculation, RIA Payout Percentages, Expenses, Reporting

About

Challenge

The COO of a large Registered Investment Advisor (RIA) approached ORT with the problem of their commission and fee calculations taking a week to be completed using excel and macros. The challenge was that the business manager knew which macros to run for which spreadsheets as all calculations varied across a variety of combinations for a firm and advisor. And all calculations, refunds and fees needed to be handled much like an accounting system to keep track of every change to abide by any financial audits. The client needed a solution that would eliminate errors during the calculations and allow for multiple users to handle their offices in one data solution instead of across many spreadsheets.

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Obstacles
  • Calculating fees for all advisors was a 3 day process
  • Error in calculations would be realized months after upon comparison of previous fees
  • Process was very time consuming to make corrections when needed
  • Maintenance of fees and corrections were manually completed and difficult to track
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Solution

Ocean Ring Technologies built a software solution with security as the highest priority due to financial information needing to be confidential and including privileges for delegating reports to managers and specific advisors when needed. AdvisorBOB (Advisor Book of Business) is a revolutionary financial planning software that offers reliable results, while maintaining dynamic flexibility according to an advisor's unique fee model. To utilize this software is to experience efficiency and convenience. That is why a web application representing these powerful features does not only require intuitive user experience but a clear-cut strategy centered around meeting every visitor and reader's need. This application allowed the client to transition from excel and other legacy products by using a customizable solution that tracks costs, expenses, goals, and financial ratios for each of the advisors.

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Benefits

The solution allows the client to securely outsource advisory fee payouts, including investments, insurance, financial planning, and fee-based 401ks. Due to the high demand and number of different payout scenarios the client needed, ORT was able to scale our offering and include additional functionality.
One of the first RIA software systems to include custom transactional importing from multiple sources. Fully supports multiple Rep ID splits, payout adjustments, firm level overrides, admin/program fees for money management firms, and a valuation report.

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Client Portal

AdvisorBob© (Advisor Book of Business) is a revolutionary financial advisor software application that allows firms to move away from excel using a soluction that tracks cost, expenses, goals and buy/sell ratios for each of their advisors. One of the first RIA software systems to include custom transactional importing from multiple sources including Salesforce.

Features

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Dashboard

Interactive user interface that provides entire firm overview or individual advisor overview. Provides net revenue, ticket charges, and total accounts. Provides a comparison between current month vs previous month net revenue, ticket charge, and expenses.

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Fee Details

Advisors and administrators can view each line item affecting total commission payment on a line-by-line basis showing the gross fee, admin or program fees, and payout percentages resulting in a net amount. AdvisorBOB can aggregate commissions from any number of vendors into one table.

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Financial Plans

AdvisorBOB will keep track of all one-time and recurring consulting agreements or financial plans charged by members of your firm. Administrators can keep records of each plan payment and store plan information as part of this all-in-one payment software.

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Adjustments

If your RIA charges advisors for services outside of their standard payout percentage (desk fees, virtual admin services, marketing) the Adjustments feature allows you to add a one-off or recurring expense to an advisor’s commission. Adjustments can be used for expense or credit items.

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Administrator

The Administrators of your RIA will have access to the “heart” of AdvisorBOB where you can easily change any Advisor’s payout percentage, add manager overrides, send announcements to all users, and most importantly, import transaction data from vendors each pay cycle.

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Reports

Do you know which of your advisors are the most valuable to your firm? With the click of a button administrators can run a report to see their profitability on each individual advisor or the firm as a whole, total net payouts by rep ID or Vendor for any pay cycle, ticket charges, and more.

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Technology Stack