Billing Update

Quarterly Billing Reminder/Pre-Billing Dashboards

Quarterly Billing Reminder

This is a reminder of the upcoming advisory fee billing for Q1 2020, January 1st – March 31st. Fees for the client accounts we bill directly on our advisory custodians will be processed between January 2 and January 10 (inclusive) with payroll transactions posting in Xtiva on January 15. You will see the direct deposit activity to your bank account on January 17. Any outstanding debit balances will be collected against this deposit amount. Otherwise you will need to immediately provide a check or credit card to settle your existing balances.

A few friendly reminders related to the billing:

  • Please be sure all sell orders have been placed by close of market on Friday, December 31st by market close.
  • Please note that we are now tracking those accounts where there are insufficient funds to cover the fees. In the future, should there be chronic shortfalls resulting in the duplication of efforts in fee collection, we will begin to assess penalty fees in accordance with the economics package.
  • If you are aware that a client has moved please ensure that the client’s address has been updated as accounts restricted for returned mail will also fail to bill.

If there are any special circumstances for this fee billing, please be sure to contact Alex Hossink or Mark Wabeke at billing@regalfin.com prior to December 23rd.

Pre-Billing Dashboard

In preparation of the 2020 Q1 Advisory Billing, the Regal Team is continuing the pre-billing best practice that was introduced for Q3, 2019. To provide for greater accuracy some additional “checks and balances” have been put in place. Regal implemented a pre-billing audit process to assist in ensuring the most accurate possible fee billing process. In addition to the internal audits that we now routinely perform, Regal is generating a Pre-Billing Dashboard for each advisor to review. This Dashboard shows all your advisory client accounts that Regal bills directly on our advisory custodians.

The Pre-Billing Dashboard includes: 

  • Amount the account was responsible for in the Q4 2019 billing (includes the aggregate amount billed from other accounts from one payment account)
  • Amount the account was billed in Q4 2019 (To provide an estimate for the upcoming billing, the actual billing will use the actual quarter-end market value)
    • Tamarac generated value based on billing definition, does not include manual adjustments or monthly proration
  • Fee Billing Rep Code (to show any split business)

Please pay close attention to:

  • Client billing definitions
  • Payment account details
  • Current cash available for fees — if there will not be enough cash available, please be sure sell orders are placed in advance of the quarterly billing

To ensure all corrections are addressed before the Q1 2020 billing occurs, please respond with any questions or concerns with the Pre-Billing Dashboard by Monday, December 23rd. All responses can be directed to Alex Hossink or Mark Wabeke at billing@regalfin.com. If there are any changes to the fee schedule, please complete a new CIAA and submit as a NA-Advisory work item in COMET.

Your personal Pre-Billing Dashboard will be distributed Monday, December 16.

Our intention is to help you provide the best client experience by identifying any billing concerns before client accounts are billed.

Thank you for your affiliation.

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