Matching billing groups against the custodian account list
Four records of the same household disagree. Two of them are the account registry at the custodian and the households in the relationship system. The others are the billing groups in the reporting platform and the schedule written into the signed agreement. An account opened last quarter never joined a group, so it was never billed. A closed one stayed in, so a fee calculated against assets that no longer exist. Breakpoints apply to the wrong total when a family member sits outside the household. Fee calculation is a standing examination theme.
The account application comes back not in good order because of a missing initial, and the whole signature cycle runs again.
The custodian holds the assets and is the record. The advisory firm runs a relationship system alongside it, plus a portfolio and reporting system, plus a planning tool, and the same client identity is entered into each because there is no shared key between them.
- Orion
- Addepar
- Wealthbox
- Excel
When this is the wrong thing to build
Pick something else if every household is one account on one flat rate with no tiering, because the only failure left is a mistyped rate and a spreadsheet check finds that faster than a reconciliation you then have to keep running every quarter.
The constraint that shapes it
Books and records rules require preservation of communications relating to advice and recommendations, and to the movement of funds, in an accessible place, for a defined period with the earliest portion held locally. More on how this sector works.
Two sources of truth. One queue of the rows that do not line up. Read what this shape is, or start from one of these.
- Rebuilding an annual operating expense reconciliation from the lease
- Reconciling a broker trust account three ways every month
- Matching a closed transaction back to the lead that produced it
- Collapsing two overlapping MLS feeds into one property list
- Widening a conflicts search past exact spelling
- Rebuilding a billable day from the trail the systems already keep
- How do I find accounts that were never added to a billing group?
- Why did a new account go unbilled for a whole quarter?
- How do I check householding before a quarterly fee run?
- What causes a tiered advisory fee to calculate on the wrong total?
- Can I compare custodian accounts against Orion billing groups automatically?
Back to wealth management, or see how this is priced and scoped.