How Do I Charge A Tiered Advice Fee?

Tiered advice fees are applied at account level, during onboarding or after. Tiers can be set at account level or presets can be determined at practice level.

Setting up tiers at practice level: Use this function to create presets for use on multiple accounts

This can be accessed by the dealer group and/or practice administrator.

1. Navigate to the left menu, under Admin. Click on Create/edit tiers.
2. Click on Create tier and follow the instructions on the screen.
3. Once submitted for and approved, the tier presets can be used across all accounts of the practice.

Updating tier templates at practice level: Use this function to mark a tier preset as "expired"

This can be accessed by the dealer group and/or practice administrator.

1. Navigate to the left menu, under Admin. Click on Create/edit tiers.
2. On the landing age, select the tier to be updated and click Edit.
3. Update the "To" date to today.
4. Once submitted for and approved, the template will no longer display in the available tiered rates on client accounts. All clients with this tiered rate applied will still continue to be charged in this manner.

Setting up tiered advice fees at account level: Use this function to apply tiered advice fees to a client's account

Onboarding

1. Whilst completing the online onboarding form for the client, on the Cash, investments & fees page, the wizard allows for fees to be charged at portfolio level, or on a tiered basis.
2. Select the preferred method with the toggle, and follow the prompts thereafter. (this article assumes the toggle has been set on 'Tiered')
3. Select and enter a customer tier for this client, or select from the presets created at practice level.
4. At this stage, the tiers are applied on the total FUA on the account. to exclude a specific portfolio from the tiers, tick this specific portfolio on the exclusion list (click the 'refresh portfolio' button to update the list of portfolios selected for the account).

Renewing fees

1. On the client's account, navigate to the Adviser fees page
2. Click on the pencil icon in the top right hand corner to update the fees currently applied to the account.
3. Follow the instructions on the screen to apply the desired fee arrangement.
4. Print a prepopulated Advice fee consent form for wet signature, or save as digital acceptance. Selecting the latter will email the client for digital acceptance.