We often receive questions from advisors on finding the details on Managed Solutions and how to identify the various types of fees on client statements. The answers are simple, once you know what you’re looking for.
Whether you have clients invested in the Tempo, the Independent, or any other series available to you, Managed Solutions will be identified as a Portfolio and the risk level. Here’s an example of the type of information you’re looking for.
TFSA AGRP XXXXXPT
Balanced EPortfolio
Owner: XXX XXXXX
Successor: XXXX XXXXX
When seeking fee details, it’s important to note that the labels displayed may appear identical; however, what they represent is slightly different for Prime accounts as opposed to Prime Plus.
Prime (Nominee)
FEE FOR SERVICE – Will be the advisory fee, based on the fee details you have set up on each account.
ANNUAL ACCOUNT FEE – Will be the annual account fee of $12.00, charged as $6.00 every 6 months.
Prime Plus (Managed Solutions)
FEE FOR SERVICE – Will be the advisory fee, based on the fee details you have set up on each account.
ANNUAL ACCOUNT FEES – Will be the portfolio fee for the Managed Solution the account is invested in (e.g. Tempo Active .82), charged monthly.
We’re on a mission to help advisors tackle any and all client questions. Now that we’ve demystified the world of client statements, drop us a note about any other puzzlers we can unravel for you here in Essentials.