This serves as a very simple guide to explaining how firms can conduct their income fee reconciliation.
Add new or existing business
There are multiple ways you can add new and existing business onto adviser cloud, depending on your requirements.
a. Bulk Import Clients from a Spreadsheet or another system - How To (Bulk Upload)
b. Add comprehensive client data via fact find - How To (Fact Find)
c. Add a client or lead quickly with minimal details - How To (Lead or Enquiry)
d. Add a couple - How to (Add a couple)
e. Add a policy - How to (Add a Policy)
Follow the below steps once the prerequisites have been completed.
1. Add management expectations
An optional expected fee can be added to business within Adviser Cloud.
a. Optionally add an expected payment to the product or plan - How to (Add a new Fee)
2. Add provider statements to adviser cloud
Provider statements can be uploaded into Adviser Cloud in multiple ways depending on the provider and your preferred method.
a. EDI - Supported EDI Providers
b. Upload statement - How to (Upload Statements)
c. Manual Input - How to (Manually Input)
3. Manage exceptions
If for any reason your statement has not fully matched or you are seeing an exception please view the relevant guide below to rectify the issue.
a. Policy Not found - How to (Resolve missing policy exception)
b. person not found - How to (Resolve missing person exception)
c. too many possibilities - How to (Resolve 'too many possibilities' exception)
d. Person found but not policy - How to (Resolve person found but not policy exception)
4. Reconcile statement amounts with bank
Once your statement has been matched in the system and you are happy you can then reconcile it.
a. Paid Correctly and amounts match - Reconcile your statement