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Problem:

  • Advisors were reaching out to the registered investment advisories compensation team looking for reconciliation on mysterious fees. It was found that advisors associated with split rep ID’s were being improperly billed with adjustments and admin fees that were supposed to be charged to the primary advisor of the split ID.

Solution:

  • AdvisorBOB created a new functionality for its users. Within the Rep ID tab of AdvisorBOB, administrators have the capability to add adjustments or expenses to a primary rep ID. If the appropriate check box is selected, AdvisorBOB will allocate adjustments and expenses from a third-party vendor and apply it to the primary rep ID instead of all advisors on the Split ID. This feature also has the capability to allocate expenses to a primary rep with asset-based program fees.
Admin view of split rep ID with admin and adjustments going to primary ID

To learn more about the Adjustment Fee to Primary Rep ID functionality or any other AdvisorBOB features, please do not hesitate to contact me at colton@advisorbob.com

Colton Pence
Colton Pence