The below steps will guide you through how to obtain a report which details adviser fees received from the platform, allowing you to reconcile payments received in to your bank account.
Fee payment dates
Initial fees are deducted from a client's account immediately upon receipt of a transfer/payment, and ad hoc fees are also deducted immediately at the point the user instructs this within the client's account. These fees are then paid out weekly on the Friday via BACS.
Ongoing fees are calculated by the system on the 10th of each month, or the next working day if this falls on a bank holiday or weekend. The fee transaction is generated on this day, and if sales are required, the linked trades are also created. If there is sufficient cash in the client's account, the fee is deducted immediately and paid on the Friday via BACS. If trades are required and these do not settle by the Friday, they are paid the following Friday via BACS.
Payment reference
Each payment that we send includes a payment reference in the format 'FEES WEEK 00', which corresponds with the week of the year (1 to 52).
1. Within the platform, go to the 'Reporting' tab and select 'Line by line - Report menu’:
2. Select the 'Fees' report:
3. You will then be presented with a report which shows all fee transactions generated within the past 7 days:
N.B. Our reporting tool updates each evening with data from the previous day. This means any report that includes today’s date will always show data one day behind. If you backdate the report, the data will be inclusive of the dates you select.
Please note, if you are part of a larger network, you may need to amend the business entity (node) you are reporting for. This can be done by selecting where your fees are paid using the ‘Base firm node’ filter.
Your access level determines the data you can see and you will need to have been given access to the top/parent node to view all fees. Speak to your Firm Admin about your access levels and amending if necessary.
4. You can then filter the dashboard to obtain the report using one of the following methods:
a) If you have the fee payment reference (in the format - FEES WEEK 00), you can add this as a filter. The 'Fee transaction date' filter will need to cover the period during which the fees paid were deducted from the client's account. Assuming you are reporting for a payment recently received to your bank, setting the filter to ‘is in the last 60 days’ should return all relevant fee records included in that payment.
If you are looking for a historical report, you should adjust the dates accordingly.
b) If you cannot filter by payment reference, you should run a report for all three fee types and select the relevant date range, which will need to cover the period during which the fees paid were deducted from the client's account.
It is likely that your monthly ongoing payment will contain ongoing fees for the previous month, plus initial/ad hoc fees for the previous week. This report also includes platform and DFM fees, therefore, please amend the ‘Fee type’ accordingly:
- Adviser Fee - ongoing, set at account level and taken monthly via the automated process.
- Adviser initial fee - initial, taken automatically off the back of a transfer/deposit.
- Adviser ad hoc fee - ad hoc, taken manually from the client's account.
Downloading the fee report
To download the report, firstly ensure you have hit the refresh button to apply the filters. Then hover your mouse over the report itself and three dots will appear in the top right corner, click on this and select 'Download data':
Select the format you wish to download this in and then expand 'Advanced data options'. Select 'Unformatted' and 'All results', then 'Download':
Troubleshooting
If your fee report does not match the amount you have received, there may have been fees that have been clawed back/reversed.
To locate these, select the ‘Tools’ dropdown tab and select ‘Transactions’:
Select ‘+ Add filter’ and both ‘Transaction type’ and ‘Status’:
Then select ‘+ Add filter’ and both ‘Transaction type’ and ‘Status’:
Under ‘Transaction type’ select the three adviser fee options from ‘Transaction subtype’ and hit ‘Apply’. Then on ‘Status’ select ‘Deleted’ and hit ‘Apply’:
This will confirm any adviser fee that has been clawed back/reversed.
Integrations
Depending on your CRM system, we may be able to set fee statements to feed in automatically from the platform. Please see here for more information on the integrations available; Can I integrate my CRM system and the Soderberg platform?