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Why?
What?

How Asset Level Billing Works & Affects the Bill

How?

Setup Requirements

User Privileges
Enable Database Entity Options
Create Applicable Fee Schedules

How to Set up Asset Level Billing

Why?

• Bill certain assets or groups of assets in an account at a different fee rate compared to the traditional fee schedule assigned to the account. 

What?

Asset level billing allows you to assign a different fee schedule to a specific product category, product class, asset category, or risk category within an account. The asset level fee schedule overrides the traditional schedule assigned to the account.

You can only choose one particular assignment type for asset level billing per account. However, you can assign multiple fee schedules to different classes/categories based on the same assignment type. 

How Asset Level Billing Works & Affects the Bill

Review the information below to understand how categories and classes are assigned to Products:
 

• Product Category = Parent Category assigned to Asset Category

• Asset Category = Asset Category assigned to Asset Class

• Product Class = Asset Class assigned to Product

• Risk Category = Risk Category assigned to Product

• Ticker = Ticker assigned to Product

TIP: If your firm doesn't currently use Risk Categories for reporting purposes, etc., this is an easy way to set up asset level billing without impact your product classifications.

Refer to the Product Classification Basics article for information on creating and assigning Asset Classes, Risk Categories, and Asset Categories to the product level. 
 

Use Case

Suppose an account has a Flat 1.5% schedule assigned in the Fee Schedule field and a Flat 1% schedule assigned to the Money Market asset category. In that case, every asset assigned to the Money Market asset category in the account is billed at 1%, while all other assets are billed at 1.5%. Refer to the images below to see how this was assigned. 
 

This same account is worth $50,000, and $10,000 of that account's value represents money market assets. Review the information below to see how the fee calculates using flat and tiered schedules. 

 

Flat Fee Schedule Example

If the account has a flat 1.5% fee schedule and a flat 1.0% assigned to the money market asset category, the bill is broken out into two separate line items on the invoice and the payable summary.
 

Tiered Fee Schedule Example

The money market is still billed at 1.0% if you use tiered fee schedules. However, the value of the money market assets ($10,000) is considered towards the aggregate value that determines the tier breakpoints of the remaining value of the account. Review the Billing Calculation Fact Sheet for more information on how tiered fees are calculated, r
 

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How?
Setup Requirements

User Privileges

Users must have specific privileges enabled for their user roles in the Manage Users  app to access the functionality in this article. Check the Enable box next to the applicable privileges below when editing a role. Review Manage Users: Roles and Privileges for detailed instructions. 

Privilege Name	User Access	Description
Billing Audit (Apps > Billing)		Enable this for users that should have access to view and edit billing information/fields.
Fee Schedules (Records > Billing)		Enable Read/Edit/Delete for users who should have access to viewing, creating/editing, or deleting schedules. Please Note: Only Advisor level users are able to delete schedules.
Portfolio Billing (Records > Portfolio)		Enable Read/Edit/Delete for users that should have access to viewing, creating/editing, or deleting Asset Level Billing. Please Note: Only Advisor level users are able to delete.
Consolidated Billing (Apps > Billing)		Enable this for beta users that should have access to view and edit billing information/fields.

Enable Database Entity Options 

Required: To establish asset level billing, contact the Billing team to enable the Use Asset Class Billing database entity option. 

Optional: If you do not want the asset's value included towards the aggregate value of the other accounts, contact the Billing team to enable the Aggregate by Fee Schedule database entity option. This makes the asset level fee schedule aggregate separately from the tiered or linear fee schedule household aggregation and does not cause the accounts to bill at a lower rate. Enabling this option affects how all of your accounts are aggregated together if you have clients with multiple different fee schedules, use related households, or have other settings currently set to have accounts aggregate in a specific way. 
 

Related Resource: Billing Entity Option Descriptions

Create Applicable Fee Schedules

Create applicable fee schedules. Refer to the resource below for instructions on creating or editing fee schedules.
 

Related Resource: How to Create, Edit, & Assign Fee Schedules

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How to Assign Asset Level Billing

Assign Asset Level Billing to a Single Account:
 

LEGACY STEPS	NEW STEPS
Navigate to the the Billing Audit  app and select the All Accounts tab.   Locate the applicable account in the grid and double-click it to edit.	Navigate to the Billing  app and select the Accounts tab.   Click the blue All Accounts link, double-click on the account in the grid, and click in the upper right corner of the new window.

 

• Click the  to the right of the Fee Schedule field and choose an Assignment Type from the dropdown. 

  • Refer to the Product Classification Basics article for information on how to create and assign Asset Classes, Risk Categories, and Asset Categories to the product level. 
     

• Click Add, and select the applicable assignment Fee Schedule from the dropdowns.

  • Optional: Click Add again to add a fee schedule to a different class or category under the same assignment type.
     

• Click OK and Save in the upper right corner.

 

 

 

Assign Asset Level Billing En Masse

Use the Asset Level Fee Schedule Add, and the Asset Level Fee Schedule Delete import templates in the Custom Imports app to assign or delete asset level fee schedules en masse. 

 

Related Resources:

How-To and Troubleshooting: Asset Level Fee Schedule Add Import

How-To and Troubleshooting: Asset Level Fee Schedule Delete Import

 

 

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*The privilege for this feature or tool is only available at the Advisor user level. Access for each role level is controlled by role privileges. Role privileges and user assignments are managed by your firm's administrator.