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Most brokerage firms have some form of “managed account,” although such accounts will have different names and brands in different companies. What they have in common is the nature of their control. In a managed account, the buy/sell responsibility has been taken over by the firm, and is either in the hands of an inside Financial Consultant, or an outside Money Manager. The customer has an expectation of an overall pattern of growth, but is not involved in day-to-day decision making.
The fees charged for managed accounts can be based on many different factors. Depending on the individual agreement, fees could be driven by total value of assets under management, number of transactions, number of shares, level of appreciation and so forth. That means there is a high potential for complexity come billing time.
Managed accounts are not generally a volume business, and a firm may have relatively few at any given time. However, they often represent an important customer segment where high levels of satisfaction are crucial. An ability to demonstrate accuracy and responsiveness is always important, but especially so in managed accounts.
Syprocon’s Asset Management Billing System (AMBS) is a tool to help financial services firms calculate the charges for managed account customers, and generate either the appropriate debiting transactions or actual printed invoices. When required, it can also print mailing labels for invoices or debit advisories.
AMBS is a real billing engine. Functionality is controlled by logon, and brings authorized managers to a simple master control panel. From there, they can use AMBS to define automatic charges associated with a customer, or enter manual charges to address unusual situations. AMBS can accept payments and post them to the customer’s account, as well as manage import and export files needed as interfaces with other applications.
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There are standard reports for Client Profile, Billing History and Missing Fees, as well as screens to support routine maintenance tasks, such as adding branches, Financial Consultants or managed account products.
AMBS also provides a tool for improving the effectiveness of correspondence, keeping a record of all documents that have been sent to a client, along with the dates mailed and the nature of the content.
FEATURES & BENEFITS
Syprocon’s AMBS offers many benefits for financial services firms:
- Simple, user-friendly support for a routine billing function.
- More accurate calculation of customer charges, reducing the need for rework and account adjustments.
- Integrated access to customer address information, for local printing and billing needs.
- Integration with other financial systems, for posting charges and payments to customer accounts.
- A simple Customer Relationship Management view, through its correspondence history information.
- Standard spreadsheet management features for import from and export to other applications.
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