Reconciliation and Processing of Provider Statements overview

 

One of the most Intuitive aspects of Adviser Cloud is its inbuilt income and fee reconciliation system, often referred to as commission reconciliation. It enables advisers and the administration team to monitor and automatically reconcile fees, retainers and commissions, saving valuable time and money for your business.

 

How does it work?

 

Adviser cloud uniquely pulls together all the different fees and charges that can come from different providers, using various formats, and imports the information into our internally developed processing engine to provide a simple, common interface for displaying statements, that provide end to end financial information.

This is achieved by receiving statements from your product providers or platform, straight into Adviser Cloud; commissions are then matched to client’s plans allowing you to perform client level analysis reports, Adviser Commission reports and companywide RMAR.

Note: If you are unsure of how to add a product – please see our separate How to add a Product guide within the help desk.

 

An example of how reconciliation works:

 

    1. You are expecting an initial fee from a client for setting up a new investment product.
    2. You may also be expecting commission via the product provider in a months’ time for an amount that is a percentage of the ISA’s value
    3. Both payments are entered into the system via the commission feed when payment is received
    4. Now, when you visit that client’s record, the commission will be there, along with the client fee, marked as paid
    5. This information will also show on adviser and/or company commission reports.    

 

This demonstrates how Adviser Cloud is using technology to streamline tasks for the financial administrator, reducing where possible day to day inputting and filing in of information.

 

Providers with Automatic Feeds

 We have live commission feeds with many providers and platforms including:

 

Can’t see your provider? Please let us know as we are always working with new providers and can often set up new interconnections and autonomous feeds quickly. We use a system called EDI (Electronic Data Interchange) which is a common set of rules for providers like ourselves to send and receive financial data, however not all providers support this.

 

What if your Provider doesn’t support EDI?

No Problem – Adviser Cloud can still save you time and money. We have solved this challenge by mapping to provider import files, we have currently mapped to Artemis, Ascentric, Aviva, Canada Life, Invesco, Fidelity, Standard Life, Royal London, Nucleus, and our development team are regularly mapping to new provider files. These files can then be sent to a secure email on our servers for automatic importing, or upload to your portal via the import screen.

Getting started

To access your provider statements click the Accounts tab along the bottom of the Adviser Cloud home page dash board.

 

Statements can be dragged and dropped in

Provider statements can easily be dragged and dropped into Adviser Cloud using the Statement upload button.

 

 

All that’s required is to select the provider format from the drop down menu shown below, select a statement date and provide a valid file to upload. Then click green Import button.

  

Paper and PDF Statements

Fixed paper or PDF statements can be entered into Adviser Cloud using our manual input screen which has been specifically built for quick data entry for this statement type. This can be found by clicking Statement – Manual Input within the Provider Statements tab.

provider_statment_upload_button.PNG

Below is the Manual Entry Screen to be completed. Click the Add Item button once information has been added.

 

Note: Be sure to enter all required information including statement name and remember to double check details for errors and typos before adding an item.

 

Viewing Statements

Adviser Cloud puts all your statements together in a straightforward and easily accessible list that allows further management and processing of those statements.

Within the Accounts section - click Provider Statements and then View Statements.

 

 

Below is a sample of the screen that will be displayed.

 

 

Back-dating Statements

Statements can be simply back-dated. By utilising a statement date Adviser Cloud can allocate and assign payments based on the time they were received.

 

Editing Statements

Statements can be edited simply by following the 4 steps below:

Step 1. Click on the name of the required Statement to open it then within the blue Commands tab click the Export button (as shown below) which will open the statement within excel.

 

 

Step 2. Edit / Correct the statement as required in excel and click save to your documents / desktop.

 

Step 3. In the Provider Statements tab click Statement – Upload 

 

 

Step 4. Click select button to provide a valid file to upload and choose the edited statement then click import.

 

 

Note: If a statement has only a few items on it then deleting the statement and then redoing it is the quickest way to edit a statement.

 

 

Deleting and Archiving Statements

When you delete a statement Adviser Cloud automatically unwinds any payments from client plans & portfolios.

Statements are archived in groups by financial year, and broken down by status when required.

This can be done by clicking the Remove / Delete button within the Commands tab.

 

  

Non Matching Reconciliation

Adviser Cloud puts all your statements together in a straightforward and easily accessible list that allows further management and processing of those statements.

You will be aware of a Non Matching Reconciliation as the item will be shaded in red and the matched column will display 0 out of 3 matched for example.

 

 

 

What to do if a Person or Policy doesn’t appear in the system?

1) Does the person exist on the system? No.....Add person to system  Yes...Is the policy number correct?

2) Does the policy number exist on the system? Yes....Is the number correct? No....Add policy  number to system

 3) Is the policy number correct on the system? No.......Rectify policy Number using the 4 steps shown below. Yes...please double check, as the most common error is when the policy number is incorrect by just 1 or 2 digits.

 

Four Steps to Rectify Policy Number if you have a Non-Matching Reconciliation:

Step 1 - Within the People tab locate and click on the person’s name

 

 

 

 

Step 2 - Click blue Products tab ( top right of screen) and click view all products 

 

 Click open on required product

 

Step 3 - On the Product Details page click the ‘Edit’ button within the blue bar

accounts_reconcil_doc_-_products_screen_update_policy_number.PNG

  

 

Step 4 - Update the policy number in relevant box shown below.

accounts_reconcil_doc_-_update_policy_number.PNG

  

Once the Policy Number has been corrected the next step is to reprocess the statement – see how to do that below.

  

Reprocessing a Statement

Adviser Cloud will do all the hard work and easily reprocess a statement.

 Within the Accounts section click the provider statements tab and select view statements.

 

provider_statment_upload_button.PNG

 

 

Within the blue Commands tab on the relevant statement click the Re-Process button.

 reprocess_button.PNG

 

 

 

Have more questions? Submit a request

0 Comments

Article is closed for comments.
Powered by Zendesk