AdvisorBOB’s current “Custodian Tab” allows the user the ability to calculate account fees in order to bill clients whose assets are with a third-party custodian. The Custodian Tab stores all client accounts and fee data. The Custodian Tab has the ability to set up tiered pricing schedules along with house holding client accounts. Each quarter, the account fee is calculated either in arrears or in advance. Within the custodian tab the system is accounting for prorated days if an account is opened or closed mid quarter. A simple click will provide a detailed export providing each account number and the appropriate fee to bill. In addition to the export there is an indicator that notifies the user if an account needs to be traded in order to raise cash for the fee pull. Along with calculating the fee for submission to the custodian, AdvisorBOB simultaneously calculates the net fee that should be paid to each advisor after any RIA payout percentages, advisor account splits, or other asset-based program/admin fees.
AdvisorBOB has released a second style of custodian import named “Custodian – No Calculation”. This new import bypasses the fee calculation portion of the current custodian process and pulls the gross fee amount directly from the import file. The only difference between the Custodian – No Calculation release from the current Custodian tab is that instead of calculating the gross fee within the system, we will be referencing the gross fee directly from the import file. The purpose of this is to simplify our current third-party vendor imports and utilize our ability to store account information within the system. This import reduces the redundancy of importing data that will remain the same each pay period.