Chapter 9 - Revenue Management
Understand our fee collection process.
What fee types can i charge, and how can i collect the fees from my clients.
General Obligations
Ensure that when charging a fee, the client understands:
the cost of the services offered before they commit to paying the fees;
how much the fees are and when they are payable;
any conflicts of interest that may arise.
2. Disclose all remuneration attributable to your advice in your advice documents.
3. When entering into either and Ongoing Service Agreement or Annual Advice Agreement, all relevant parties must sign either an Ongoing Service Agreement or Fixed Term Agreement. Refer to the Fixed Term Agreement Policy & Ongoing Fee Arrangements Policies.
Under no circumstances are you to receive a fee directly from a client. All revenue must be collected by the licensee.
Fee Types:
Fees For Service include:
Plan preparation fees.
Implementation fees.
Initial consultation fees.
Fees for service must be disclosed and consented in your Engagement Letter and Statement of Advice.
2. Ongoing Advice and Fixed Term Arrangements:
Ongoing Advice and Fixed Term Arrangements must be entered into in a formal agreement.
Ongoing Fees are an arrangement which extends more than 12 months.
Fixed Term Fees are an arrangement which is 12 months or less.
Fees Collected Via Platforms:
Fees For Service and Ongoing/Fixed Term fees may be collected via a platform.
The platform will deduct the fee from the client account and distribute the funds to the licensee.
The platform will deduct the fee from the client account and distribute it to the licensee the following month. You will receive the fee in the next fortnightly pay run.
Fees For Service Paid Directly By The Client:
The adviser must issue an invoice for any Fees For Service charged directly to the client.
You must provide an invoice to the client generated from the iC2 Revenue App and retain a copy in the iC2 Revenue App invoicing section.
IIP will collect the fee and distribute the funds on your next fortnightly ray run cycle.
Ongoing or Fixed Term Fees Paid Directly By The Client:
The adviser must enter into a fee arrangement with the client/s.
Ongoing and Fixed Term Fees can be deducted via a direct debit using the licensees ezidebit service. Ezidebit Direct Debits are to be set up using the iC2 Revenue Integration with Ezidebit.
Clients are not to credit fees directly to the licensees bank account.