Portfolio Fees is where a user, with the appropriate access, can create the required fee schedules and generate fees for associated portfolios. Portfolio Fees supports Fixed and Tiered Percentage, as well as Fixed Dollar fee types. Fixed and Tiered Percentage fee schedules are calculated based on the values of the Holding Accounts marked as Funds Under Advice (FUA).

An Excel file is created when generating a fee. The data in the output file can then be used to charge fees via external processes.

Prerequisites

• The user has Access Controller or Administrator access to the business. 
• Portfolio or fund is active

How Portfolio Fees work

Navigate to business level >  Business > Portfolio Fees

Portfolio Fees is comprised of three components which are different tabs:

When in the Portfolio Fees site, the process to create a report of calculated fees is as follows:

1. Create a fee schedule under the Schedules page
2. Go to the Portfolios tab to configure which portfolios you would like to assign the fee schedules to
3. Go to the Fees tab and generate the fees for all linked portfolios for a specified date range
4. Once a fee has been generated it can be viewed or the file can be downloaded for processing. Class has provided the outputted data in two file formats that can be used if fee extraction and collection is via the Macquarie Adviser site.

This process is easily repeatable, by simply generating a selected Fee for a newly defined date range.

Schedules tab

The Schedules tab consists of one screen, where you can create, edit, and delete a Fee. You can create three different fee types:

• Annual Fixed Fee
• Annual Fixed Percentage
• Annual Tiered Percentage

This tab shows the number of fee schedules that have been created for your business and how many portfolios are linked with each fee. In the screenshot below, you can see that three Portfolios are attached to the schedule called ‘Flat Fee’, and the total number of fee schedules created for this business is two.

1. Name of Fee Schedule
2. An internal description of Fee Schedule
3. Type of Fee that will be charged
4. The number of Portfolios that are using this fee

Adding a Fee Schedule - Annual Fixed $ or %

Click on the New button found on the Fee Schedule page: 

1. Enter the Name of Fee Schedule
2. Enter an internal Description of Fee Schedule
3. Enter Client Narrative, text to display in client’s bank account
4. Select Fee Type using the drop-down; select from 'Annual Fixed $' or 'Annual Fixed %'
5. Enter Annual Fixed $, amount of the fee in AUD
6. Select GST Calculation using the drop-down; select from 'Calculate GST', 'Exclude GST' or 'Include GST'
   
   
7. Click Save

Adding a Fee Schedule - Annual Tiered %

Similar to the above, you can create an Annual Tiered Percentage fee schedule by clicking on the New button found on the Fee Schedule page and choosing the Fee type to be 'Annual Tiered Percentage':

1. Enter the Name of Fee Schedule
2. Enter an internal Description of Fee Schedule
3. Enter Client Narrative, text to display in client’s bank account
4. Select Fee Type using the drop-down; select 'Annual Tiered %'
5. Select Fund Under Advice using the drop-down list, default is 'Average over the reporting period'. Otherwise, select 'Last day of the report period'
6. Enter amount (s) of the fee in percentage for each Tier. Tier 1 You would enter the FUA till which a certain percentage in fees is charged, Tier 2 You can enter the next FUA Limit for which the additional percentage is charged and so on. If you have only one fixed percentage after a certain Tier, you can apply it in that field.
7. Select GST Calculation using the drop-down; select from 'Calculate GST', 'Exclude GST' or 'Include GST'
   
8. Click Save
   
   

Portfolios tab

This tab automatically displays a list of Portfolios (Funds) that you have access to in a Business as shown below:

1. Fund code from Class
2. Description from Class
3. Entity type; SMSF, Personal, Trust or Company
4. Name of the fee schedule linked to this portfolio
5. Do not bill before Date
6. Do not bill after Date
7. Nominated bank account for billing
   
   

Click on the portfolio you wish to update. Then, the Portfolio Fee Settings screen will open for that entity. It consists of four tabs:

Fees tab

All fee schedules set up will appear in the list. To add this portfolio to desired fee schedule select the checkbox and click Save:

Exclusions tab

All holding accounts for the portfolio are considered under advice by default. In the instance where certain holding accounts need to be excluded from the schedule for a particular client, you can use the Exclusions tab to choose which holding accounts to exclude.

You can exclude accounts by 

1. Market Type
2. Feeds 
3. Holding Accounts

If you exclude by Market Type or Feeds this will automatically update the Holding Account to be excluded. The Exclusions tab also shows users their total value of Funds under Management and well as Total Value of all their holding accounts.

The Total Value of Holdings and the Funds Under Management will take into account any holding accounts with a negative balance.

You will find these values at the bottom of the screen as shown below:

Billing Dates tab

You can use the options in this tab to stop your client from being billed prior to or after a certain date.

When a fee is being generated across all your portfolios for a certain time period, it will take into consideration any dates entered here:

Bank Account tab

This section allows you to choose a bank account from the fund for billing purposes. If the fund has a default bank account set up, you can choose the 'use default account' option.

If the default bank account option is selected, any changes to the default bank account in the portfolio will be automatically reflected.

If you would like to add a new bank account to use for fees, add a new Bank Account the usual way (see Bank Account), then mark as not under advice on the Exclusions tab.

Fees tab

On this tab, any fee files which have been generated will appear automatically as per the example below:

1. Displays the date and time when fee generation occurred 
2. Name of the file
3. Name of Fee Schedule 
4. Type of Fee used in the schedule
5. Start date of fee generation
6. End date of fee generation
7. Count of portfolios attached to the Fee that has been generated
8. Sum of fees generated
9. ‘In Progress’ whilst running or ‘Successful’ when completed
10. Click on arrow to download the file
    
    

Creating a Fee Generation file

To create a fee generation file, simply click on the New button. The Fee Generation page will be displayed as below:

1. Enter Start Date of the fee generation
2. Enter End Date of the fee generation
3. Select from the drop down menu which fee schedule to run
4. Default File Name will automatically populate
5. Click Generate
   
   

 

To view the details of a Generated Fees, select an item on the File Name column. This will open the Fees Details page:

Export Fee Schedule 

The detail of a Fee Generation can be exported from Class Fees after you have clicked Download in the step above.

The report will be displayed in excel format, and consist of 5 tabs. Below are sample screenshots of a fee schedule export:

Summary

Detail

Macquarie .csv

Macquarie .txt data

Macquarie .txt export