Experienced wealth managers understand the challenges and intricacies of producing clear, accurate billing for complicated client accounts. Due to the complex and fast-changing fee structures, complicated payouts, and diverse books of business, many wealth managers are spending as much of their time on billing as they do on advising their clients.
If you’ve ever made an error in billing by applying the wrong fee rate or failing to apply a breakpoint, asset exclusion, or other discount, it’s easy to understand the value that a reliable wealth management billing software brings to the table. Wealth Manager is a billing system that was purpose-built for wealth managers and the managed accounts industry.
Simplifying The Billing Process for Wealth Managers
Wealth management professionals can feel more secure about managing revenue and billing clients with Wealth Manager, a scalable and high-performance solution for managed accounts. For example, you can utilize automation to improve efficiency, reduce operational costs and reduce fee leakage by eliminating missing, inaccurate, or late billing.
Unlike other billing software solutions, Wealth Manager features the custom payout scenarios your firm negotiates with your advisors, institutional clients, and third-party partnerships, taking the complexity out of billing. Secure access and controls for billing operators and finance professionals ensure security compliance and provide peace of mind when it comes to client billing.
Designed for Managed Accounts
Unlike other billing solutions, Envestnet’s Wealth Billing platform was designed and created from the ground up to solve the most common challenges facing today’s RIA aggregators, wealth management firms and independent wealth managers.
Comprehensive Client Billing
Offer your broker-dealers, advisors, and RIA firms powerful billing tools to easily and efficiently bill their clients. Use flexible templates to set up new clients quickly.
Fee Disclosure
Our custom billing solution allows wealth managers to define an unlimited number of fees at both the account and sleeve level, and at various levels of aggregation. This allows you to provide clients the full transparency required for today’s financial regulations.
Complex Payouts
Keep your billing simple even with the most custom payout scenarios. Wealth Billing allows your firm to negotiate custom payouts with your advisors, institutional clients, and third-party partnerships.
High-volume Architecture
The Envestnet Wealth Billing platform allows for virtually unlimited scaling. Calculate fees and payouts and handle billing processes for tens of thousands, hundreds of thousands or even millions of accounts.
How It Works
Wealth Billing was developed to provide an enterprise native wealth management billing solution to wealth management firms. This platform provides powerfully-intuitive fee billing that gives wealth management firms increased control and scalability.
Setup & Onboarding
Envestnet’s Wealth Billing is built from the ground up to solve the billing and payout challenges of the modern wealth management firm through its flexible and feature-rich billing solutions.
Wealth Billing is best known for its comprehensive, flexible billing rules, no matter how your firm structures its billing. Whether you utilize UMA, MSP, or SMA billing, you will be able to easily set up and automate even the most complex billing arrangements with ease. Wealth Billing also features complex payout rules for any custom-negotiated payouts with your advisors, institutional clients, and third-party partnerships, something you will not find in other billing software solutions.
Invoicing & Billing
Wealth Billing differs from other billing software in that it handles high volume, retail fee calculations, and payments for multiple intermediaries. This platform can calculate asset-based management fees, custody fees, and various other fee types and then pass them on to an integrated approval process. After the necessary approvals, the system automates the distribution of a payment file and/or invoices and sends detailed and summary journal entries to the general ledger.
Reporting & Analytics
Bring the whole picture together for your clients through the use of embedded reports and comprehensive analytics. Using a rich, dynamic, and easy to customize the visual interface, you can create reports to track fees, revenue, payouts and even billing mistakes. Stay a step ahead of revenue management and regulatory compliance with these interactive dashboards.
Get Started with Wealth Billing Today
When you are ready to scale your wealth management business with a custom-created billing solution that has all the features you might need, look no further than Envestnet Wealth Billing Schedule a demo, and see exactly how much easier billing can be.
