To sustain a growth trajectory, RIAs need to pay advisors quickly and accurately regardless of payout complexity. Our clients rely on us to ensure that advisors are paid on time for what they earned, even if they’re using multiple rep codes, different payment timelines for branches, or charging subsidiaries for services.
Accurate Payouts Every Time
Our client, Octavia Wealth Advisors, employs a sophisticated, yet complex, system of rep codes to manage their clients and ensure that advisors are paid correctly. Yet this system presents some challenges.
We simplify the process by delivering a custom summary billing file that clearly shows the amount of each advisor’s payout every cycle. This allows the firm to hand off the data directly to their payroll providers, saving them from spending hours calculating and allocating payouts.
“We use shared rep codes to pay advisors across the multiple accounts they support. This system can get complicated. Without fail, LibertyFi lets us know every cycle who should get paid what and why. They play an essential role in our billing process.” – Marc Wagner, CFP®, CFO/Partner, Octavia Wealth Advisors
Reimbursing Branches Directly
Our client, Elk River Wealth Management, owns separate branches. To accelerate the payout process, Elk River relies on us to calculate each branch’s payout and reimburse it directly, skipping the middleman and getting payment in the hands of their advisors faster.
“Elk River relies on LibertyFi to calculate different payouts for our firm and further assists us by sending funds to separate accounts. This keeps our accounting clean and saves us time each billing period.” — Chris Freimuth, Chief Executive Officer & Chief Investment Officer, Elk River Wealth Management
Automating Fee Collection
Our client, WealthShield Partners, operates several independent DBAs. The firm relies on us to calculate gross and net advisor fee payments every cycle for each DBA. This saves the firm time and gives them confidence that their advisors are getting paid accurately and as quickly as possible. We also help with insufficient funds and recollection of any uncollectable accounts.
“LibertyFi pays our firm regardless of their ability to collect on a client account. As a growing firm, this is especially helpful during new advisor transitions. This ensures our advisors are paid the right amount up front without delays possibly caused by a few uncollectable accounts.” – Robert Leggett, Co-founder, WealthShield Partners
To learn more about how we can help ensure that advisors are paid quickly and accurately, read the full case study. For a look at all of our case studies, click here.
Reach out to our team anytime—we’re happy to help you streamline your payout process!