Broker/Brokerage to pay out Frequency

There are two mechanisms in Finworks, whereby withdrawals can be created to pay advisors/brokerages the amount due to them.

1. By using the Automatic Payment of Fees Job, which can be scheduled to run automatically at regular intervals
2. By using the Advisors/Brokerages to Pay Out report, where you can choose for which brokers/brokerages you want to create a withdrawal for on their fee portfolios

In both these processes, we can additionally filter which fee portfolios we can pay out to, using a frequency that is defined on the Brokerage. For example you can define on a brokerage that they should only be paid monthly, then you can only create a withdrawal using the Brokerages to Pay out report or the Automatic Payment of Fees job, a month after the previous payment was made.

The frequency can be set to Monthly, Quarterly or When needed.

Navigate to Advisors -> Brokerages -> click on the relevant Brokerage -> on the Brokerage Card click on View Details, there is a field called Payment Frequency. By default this will be set to When needed which means this feature won’t be used as a limiting factor.

The date at which the next withdrawal is allowed to take place, considers the frequency setting on the Brokerage (and gets inherited by the Advisor if fee portfolios are used at an Advisor level) and the date of the last withdrawal that took place on that fee portfolio, with Instruction Purpose Type Advisor Fee.

If you want to do a withdrawal manually on the fee portfolio, and you don’t want it to be considered when determining the next allowed payment based on frequency, you can set the Withdrawal Purpose type to something else, which means we won’t consider it when determining the last withdrawal paid date.

Last Updated on 8 months ago by Adrienne Dill