Release 17 August 2018 – Fee standardisation

Adjust all Ongoing fee Types to function the same and provide more options

This release contains more changes to fees in addition to allowing you to add more types of ongoing fees that was included in the previous release.

You will be able to select the Fee Portfolio where the fee is moved to as well as the Recipient of the fee. This provides the option that fees can be moved to one portfolio that is owned by an entity other than the entity for which the fee is intended for. The fee taken report will show the entity for which the fee was intended.

Normally the Recipient and the Fee portfolio owner will be the same entity but, there are cases where the recipient and the fee portfolio owner are not the same. For instance, where the Adviser is the recipient and the Brokerage is the Fee Portfolio owner. In this scenario you need to load the bank details of the adviser on the brokerage entity as a third party bank account to make a withdrawal to the adviser for his fee share.

The system will now look at the ‘VAT Registered’ status of the fee portfolio owner to determine if VAT must be added. This will also apply to initial fees. See link.

Small changes including:

  • Create the ability to cancel Cash Instrument Transfers while in the created state. See link
  • Include the ability to link a Model Portfolio to an investor via the Import Investors file
  • Add date and time to Payment and Debit Order download files
  • Add ‘Following month’ tag field to “Late Submission General Reminder” notification message
  • Add column Active (Yes/No) to User list
  • Refine Cancel – and Stop buy and expand it to switches
  • Add sliding scale as a calculation option to interest rates
  • Create the functionality for distributions on Cash instruments according to the interest rate set on the cash instrument. See link
  • Ensure that deposit, transfer in and transfer out transactions are picked up as cash flows
  • Edit Statement balance defaults to the movement and not the balance
  • Create functionality to import Finswitch instructions manually
  • Add Model Portfolios Accounts Report
  • Change Fund Sponsor on Product to Product Viewer. see link

Detailed Adviser fee calculation Report

A detailed report on how Adviser fees taken were calculated can now be generated per brokerage. The report screen contains a detailed explanation of the report.

Refer to your online Pivotal Tracker Project for a full list of changes and enhancements for the release.