Common questions about billing your clients

  1. Click Edit to change
  2. If necessary, change the name for the plan and select the type of billing plan then click Continue.

How do I update a client’s fee?

To edit fees for existing clients, advisors need to follow the steps below:

  1. Log in to the Advisor Dashboard
  2. Select “Client” on the left side of the window
  3. Identify clients and click their names
  4. Select settings “
  5. Locate and click the “Edit” button associated with the Fee column
  6. Select the billing plan you want to apply, then click “Update Plan”
  7. The new billing plan will appear under the “Household Billing Plan”

Please note, if a new billing plan needs to be created, the firm’s admin will need to create the plan before you can apply it to any client’s family.

How do I pay for the client accounts I manage on the platform?

Improvement for advisors operates only a fee-platform. Firm admins can create multiple billing plans using asset-based billing, Fixed billing, Or Tiered billing. The billing plan for a client’s family will, by default, include betterment Platform fees. The total fee is automatically billed from the client’s account through a quarterly or monthly arrears budget, and Betterment subsequently pays the advisor’s fee.

Can I set custom level fees for individual families?

Yes, you can use a billing plan to set custom fees For a customer’s family. If none of the available billing plans fit your needs, an admin of your firm can create a new customized billing plan that is asset-based, fixed, or tiered.

How is the fee calculated?

We collect the fee starting one day before the end of the previous quarter and the fee collection ends two days before the end of the current quarter. Fees are calculated according to the formula [sum of the following for each day in the preceding quarter: (the balance in a client’s account at the end of the day) * (advisory fee applicable on that day)] And will be deducted from the account three days after the date of the transaction, after the settlement of the trade (s) made for the fee fund. Fee arrears are billed and the advisory portion of the fee is sent through the ACH to the advisory firm shortly after the end of the quarter.

Fee level supported?

Yes, we support the fee level. Anyone with admin level access to the Administrator Dashboard can create new billing plan types, including tiered billing.. Once the plan is made you can apply it at the family level.

How are my clients’ fees reported?

Your clients see the total fee (platform fee + billing plan applicable for the family) on their client portal and quarterly statement. You are responsible for providing a fee break between the Betterment Platform Fee for your clients and your Advisory Firm Fee.

Are there any trading or transaction costs with the Betterment for Advisors platform?

No, there is no trading or transaction cost with the Betterment for Advisors platform.

Source link

Related Articles

Leave a Reply

Your email address will not be published. Required fields are marked *

Back to top button