What do I have to do and when?
Billing is completed monthly or quarterly, per your firm's set-up. The overview is that prior to quarter end, we'll send you audit instructions along with mock bills for the time period. Then, by the 10th business day after month/quarter end, 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, which contain billing invoices, will be ready for you in Connect, where you can make them visible to your clients in their portal.
At period end we ask you to 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 FIRMS complete these audits by the deadline 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 & Performance Run
At 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 invoice for each household for you to review. To access your Mock Bills, go to the Reporting app in Connect and select "Report Batches." We'll email you each quarter when these are ready for review. Here are detailed instructions on reviewing your mock bills, and you can view sample mock bills here.
We'll complete the same process with performance reports, and email you once they're available for review as well.
Within 10 business days after the period end date, we will do a mass bill run for ALL advisors and submit the fees to TD Ameritrade. This will deduct the advisory, and potentially the platform fee, out of your clients' accounts. Once run, your final reports (including invoices) will be available via the Reporting app under Report Batches. Here you can review them and then make them visible to clients.
Collecting Your Fees
Once we've collected all of the client fees into our sundry account, we will remit your fees to you via transfer to your sundry account. If you are billing the platform costs to your firm, we will deduct this fee from your collected advisory fees.