XYIS Billing Process Overview
What to expect!
Billing is completed monthly or quarterly, per your firm's set-up.
Prior to quarter-end, we'll send you audit instructions along with mock bills for the time period. We'll ask you to review the payable summary and let us know if any adjustments are needed.
Then, between the 5th and the 7th business day of the new quarter, we will run your billing and performance reporting. This means we will be collecting all fees from clients and remitting your portion to you. The final performance reports and billing statements will be made available to you at that time. If your clients have logins to the Orion Client Portal, we will make their statement available in the portal.
Monthly Billers Only:
If you bill monthly, we will run your billing on the 1st business day of the new month and send the bills to you for review before submitting them to the custodian. This applies to the months that do not correspond with the start of a new quarter (February, March, May, June, August, September, November, December). In January, April, July and October, you will follow the quarterly billing process above.
Near the end of the billing period, we ask that you audit all your accounts to ensure that the billing type, frequency, style, and platform pay method are all correct. We run all advisor billing at one time, so it's critical that all complete these audits by the end of the period so nothing is delayed. The steps are below.
- Please household any accounts you want to be aggregated for billing and reporting purposes. You can see a quick video on how to do that here.
- Double-check fee schedule assignments and other billing specs on your accounts. Here's how!
Mock Bill (Quarterly Only)
Just before period end (after you've completed your own billing audit), we'll complete a Mock Bill Run for your firm. This will provide you with a detailed Excel file that includes bill amounts for all households in your firm for you to review. This report will be delivered in the Secure Exchange app and we'll notify you as soon as it's available. You will use this file to review your bills and ensure their accuracy.
Within 7 business days after the period end date, we will run billing for all advisors and submit the fees to the custodian. Once run, performance and billing reports will be available to you via the Reporting app under Report Batches. Clients who use the Orion Client Portal can view their reports within the portal.
Collecting Your Fees
Once we've collected all of the client fees we will remit your fees to you via ACH. If you are billing the platform costs to your firm, we will deduct this fee from your collected advisory fees. If there is a balance due to XYIS, you will receive an invoice via AdvicePay.