Fee billing has often been a time-consuming and error-prone process, but with Empaxis, pension funds and institutional advisors can eliminate the hassle and get the work done quickly.
Pension fund and institutional money managers have dealt with manually calculating management fees for a long time.
While an important function, fee billing eats up time. And the more work there is, the more tiresome and costly it gets.
A pension fund manager in Minnesota struggled with this very process, and they knew Empaxis had a solution.
Take a look at how we made it easy for them to handle their billing needs and stay compliant with the SEC.
This pension fund client of Empaxis had 30,000+ accounts, and they were calculating a number of management fees and commissions in Excel. For audit purposes, they needed a better way to re-calculate their fees.
However, this was an error-prone process that took a lot of time. Their current methods for calculating fees were inefficient. They didn’t have an easy way to go back and
validate how they calculated their fees.
Empaxis proposed developing a custom fee billing solution for them. The solution needed to handle various banks, custodians, advisors, and rate scheduling. They also needed to take in data from different sources and complicated fee structures.
After developing a fee billing calculation tool, the client now has an easy way to prove compliance, and they can complete processes significantly faster than before.
When the SEC audited them and mandated that they go back 5 years and recalculate all their fees, they were able to complete the process within a few months.
Had they done things the old way, it would have taken up to 2 years!
The billing tool can calculate fees within 15 minutes, and other monthly/quarterly processes that would have taken 1 to 2 weeks can now be completed in less than a
The client no longer needs manual labor for billing. They no longer have to worry about errors, as well as tying up their time and resources for the task. They can rely on Empaxis custom-built systems.
Are you struggling with billing or calculating management fees and commissions? The Empaxis team are experts when it comes to billing solutions for RIAs and institutional investment managers.