To watch the video click here: https://loom.com/share/795ea797c1814aeeb2e04f678d67cc15
Step-by-Step Instructions
1. Introduction to Custom Fee Schedules 0:02
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Perseptiv allows the creation of custom fee schedules for:
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Advisory fees
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Recordkeeper fees
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TPA fees
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These schedules can be utilized in fee history.
2. Accessing Fee Schedule Settings 0:16
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Navigate to the Admin section.
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Select 'Fee Schedule' to begin creating a new schedule.
3. Creating an Advisory Fee Schedule 0:41
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Click 'Add a Fee Schedule'.
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Name the schedule (e.g., 'Standard Advisory Fee Schedule').
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Optionally apply it to specific teams or across the firm.
4. Building Fee Tiers 0:59
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Define tiers for the fee schedule:
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Tier 1: Up to $1 million at 50 basis points.
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Tier 2: From $1 million to $4 million at 25 basis points.
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Tier 3: Above $4 million at 5 basis points.
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Ensure the last tier captures all amounts above the defined thresholds.
5. Saving the Fee Schedule 2:06
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After defining the tiers, click 'Save' to store the advisory fee schedule.
6. Applying Fee Schedules to Plans 2:18
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Go to a specific plan and access 'Fee History'.
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Select the created advisory fee schedule to apply it.
7. Calculating Fees Based on Plan Size 2:45
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Example: For a $10 million plan:
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Calculate fees based on the defined tiers:
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Tier 1: $5,000 (50 basis points on $1 million)
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Tier 2: $10,000 (25 basis points on $4 million)
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Tier 3: $2,500 (5 basis points on $5 million)
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Total fees = $17,500.
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8. Custom Pricing Considerations 4:41
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Many plans today are custom priced.
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Custom fee schedules can be beneficial for recordkeepers or TPA with published pricing schedules