Officeweb Adviser Charging. User Guide

Transcription

1 Officeweb Adviser Charging User Guide 1

2 INTRODUCTION... 3 PROVIDER FACILITATED CHARGE... 4 How to add a Provider Facilitated Charge Initial Fee... 4 How to add a Provider Facilitated Charge - On-Going Fee... 8 CLIENT DIRECT CHARGE How to record a Client Direct Charge Initial Fee How to record a Client Direct Charge - On-Going Fee How to end a Client Direct Charge - On-Going Fee How to Invoice the Client Report Changes.24 2

3 Introduction OfficeWeb has been developed to capture and report Adviser Charges and Consultancy Fees. If the charge is provider facilitated, you will use Workbench to complete the case and 'Set Remuneration' in Officeweb entering the charge details on the new Fees tab in the policy details screen. If the Charge is to be paid directly by the client or employer, you will need to set up a fee record in Officeweb. Remember, all direct charges require an invoice and the payments should be directed to a separate bank account for this specific purpose. This document outlines how to record provider facilitated and client direct charges in Officeweb along with how to produce an Invoice and how to end an on-going direct charge where applicable. 3

4 Provider Facilitated Charge If you have recommended a retail investment product for your client then a full sales process in Workbench is required. When clicking Create Contract or Close and Create Contract in Workbench the quote details will come through onto the Quotes List in Officeweb allowing you to then Set Remuneration. How to add a Provider Facilitated Charge Initial Fee 1. On the Quotes List screen highlight to select the quote the charge is being set up against and select the Set Remuneration button at the bottom of the screen (see below). 4

5 2. This opens the Remuneration window where you need to complete the Remuneration basis and Type of Service, then press OK 3. This opens the Policy Details screen (see below). Complete the policy details screens as normal ensuring you ignore the Remuneration tab and once ready select the Fees tab. You will be advised what you need to record 5

6 4. To record an initial charge select the Add Initial/One Off button and you are prompted to add the details of the charge (see below). If there is more than one charging structure i.e. it is a combined charge add each one separately Complete the mandatory information (in yellow) and Save The Add/Edit Fee screen will be displayed (see below). You can enter your own (optional) reference here Leave the Fee status as it is. This will automatically update at the time the provider/platform sends through the charge The yellow fields are mandatory so concentrate on these 6

7 If the charge is to be linked to more than one policy select the Payments tab and use the Add to List option to return to select the policies you require. 5. Now click on Save from the Add/Edit Fee screen and the fee will be recorded against the plan (see example below). 6. If you have an on-going charge to add to the same policy select Add On- Going Template and follow the instructions on page Otherwise, if you are finished recording the charges against this policy then click on the Save button and you will return to the policy List screen. 7

8 How to add a Provider Facilitated Charge - On-Going Fee 1. On the Quotes List screen highlight to select the quote the charge is being set up against and select the Set Remuneration button at the bottom of the screen (see below). 2. This opens the Remuneration window where you need to complete the Remuneration basis and Type of Service, then press OK 3. Complete the policy details screens as normal ensuring you ignore the Remuneration tab and once ready select the Fees tab. (see below) 8

9 4. To record an On-Going Charge select the Add On-Going Template button to launch the On-Going Charge screen (see below). 9

10 The policy will be linked to the charge The Yellow fields are mandatory Payment Term = the number of payments you want to deduct from the client. If this has no end, leave this blank If the charge amount is going to vary, just enter the value of the first deduction 5. Once the mandatory fields have been completed select Save to return to the Policy Details screen (see below). Please note the start date can not be on the 29/30/31 st of the month. If you happen to be creating the start date on one of these days then please enter a start date of the 1 st July. 10

11 6. If you have finished recording all your charge details then click on Save at the Policy Details screen and you will return to the Policy List screen. 11

12 Client Direct Charge If you have agreed a direct charge with the client/employer you need to add a Fee record directly in Officeweb as you are linking the fee to the client and not a Workbench case as you would do for a provider facilitated charge. As part of this process you need to manage the status of the charge until you confirm that the first payment has been made. This includes updating the status from Proposed to 'Invoiced' at which point you must enter an invoice date into the fee record. You can use an Intrinsic Invoice template in Officeweb and the Invoice, once completed, should be uploaded into Officeweb against the client. If VAT is applicable Intrinsic will deduct the VAT at the next payment run from the Firm's account. Once a client direct on-going charge has been set to Paid status, this charge will continue until the end date or until the Payment Term has reached the number of payments specified. If the on-going charge ends earlier for any reason you need to set an end date for the arrangement at which time Intrinsic will not deduct any further amounts from you. 12

13 How to record a Client Direct Charge Initial Fee 1. Login to Officeweb Browser and Search for the client, if they do not exist click on the New Client option on the left navigation menu and complete the client details. 2. Once the client has been selected or created you will land on the Sales Processes screen and from here click on the Fees option from the left navigation menu (see above). 13

14 3. The Fees list screen will be displayed (see below). To create a new fee, select the New Fee option. 4. The Add/Edit Fee screen is displayed (see below). The yellow fields are mandatory You can enter your own reference here If this is a joint fee then click Partner to add the second person The fee status will determine when your retention is deducted As the client is paying the Fee in total, answer these questions - Yes 14

15 5. Once this screen has been completed, select the Save button. The Fees list screen will be displayed (see below) with the fee you have added. 6. Once the Fee has been saved and you are ready to update the status of the charge e.g. to Invoiced, double-click the relevant fee record from the Fees screen (see above). 15

16 7. The Details screen displays (see below) from here set the Status to In voiced (see page 23 for How to Invoice the Client ). Remember: Edit the status of the charge to Invoiced and then to Paid once the invoice has been settled. Once you have done this the processing is complete. 16

17 How to record a Client Direct Charge - On-Going Fee 1. 1 Login to Officeweb Browser and Search for the client, if they do not exist click on the New Client option on the left navigation menu and complete the client details. 2. Once the client has been selected or created you will land on the Sales Processes screen (see below) and from here click on the On-Going Charges option from the left navigation menu. 3. If the On-Going Charges option is greyed out it means you need to add a manual sales process by selecting the Manual SP button at the bottom. This will enable the Ongoing Charges option. 4. The On-Going Charges screen will display (see below). 17

18 5. To add a new charge click on the New On-Going Charge option from the left navigation menu and the On-Going Charge screen will be displayed (see below). Choose Direct by Client Payment Term = the number of payments you want to deduct from the client. If you leave this blank then the charge will continue endlessly 18 You cannot enter a start date of the 29/30 th or 31 st of the Month. Choose the next available date i.e. the 1 st of the next month The Yellow fields are mandatory

19 6. Once all the mandatory fields have been completed select the Save button to return to the On-Going Charges screen. 7. To edit the On-Going Charge, select it in the list and then click on the Charge Detail button. Remember: Edit the status of the charge to Invoiced and then to Paid from the Fees screen once the invoice has been settled. Once you have done this the processing is complete. 19

20 How to end a Client Direct Charge - On-Going Fee If for any reason an On-Going Charge ends you need to update the charge record in Officeweb. 1. Against the client record select ON-Going Charges screen from the left navigation menu (see example below). 2. Highlight the relevant On Going Charge and click on Change Detail button to display the On-Going Charge details screen (see below). 20

21 Check the Stop On-Going Charge option and click on Save. Any future deductions will be cancelled immediately. 21

22 How to Invoice the Client An Invoice must be provided for all charges paid by the client or employer using the invoice template on OfficeWeb. 1. From the Fees screen (see below) double-click to select the relevant fee. 2. The Fee Details tab will display (see below). 22

23 3. Click on the Templates button to produce the invoice. Guidance notes on how to complete the Invoice Template is available le from the link below. Restricted advisers Click here for Invoice Completion notes >> Independent advisers Click here for Invoice Completion notes >> 4. The invoice will show the Intrinsic Financial Services Ltd VAT number as Intrinsic is liable for the VAT (if any). You may print the invoice on your firm's headed paper if you wish, and remember to add your firm's payment and contact details in the section at the bottom. 5. Once the invoice has been edited and created save it to your computer and upload it to the Document store against the client. Remember: All Client Direct charges should be directed to a separate bank account for this specific purpose. 23

24 Report Changes You will notice that there are new sections on your New Business Reports for Adviser Charges (which display the provider facilitated charges). Direct client charges will continue to be to displayed under the Fees section. Some of the other changes include: The word Commission has been replaced with the word Remuneration for example the Firm Commission statement is now called the Firm Remuneration Statement Some of the labelling of the column headers on the reports have changed slightly. VAT deductions will appear on your remuneration statements and your Firm Account Summary report You will see which suspense items are for Adviser Charges 24