Possible Enhancement for Advisor Version

[stevetone]

This is pretty specific to RIA usage and probably the Advisor version, but the general concept could apply to any transfer of investments to another portfolio.

Fee-only RIAs often have a Master Account that collects client fees on a periodic basis. For example, if the client is billed 0.25% per quarter on asset balances, the calculated fee would be deducted from the client's money market balance and transferred to the RIA's Master Account balance.

I have our Master Account in FM, as well as the client accounts. It would be very nice if this transfer of cash between accounts could be performed in one step rather than two. Of course, it would be SUPER nice if FM also calculated the fee based on asset balance, but that is something that is so specific that it is almost unreasonable to expect.

Our evaluation is going great...Thanks for the great product!

Steve

[Mark]

Hi Steve,

Thanks for the idea/feedback. This almost sounds like a "global" or "master" default cash account. Maybe this global master would receive funds when a transaction occurs in any other lower level default cash account. I'd have to give this some thought.

A "billing" module/report is something we're considering. It would have to be quite flexible in order to support all the different billing rates/methods. If you have any suggestions/ideas in this area, please let me know.