Fee Disclosure Statement (FDS) is a crucial part of the advice process but can be a time-consuming process and the consequence of not meeting this obligation can be drastic.

VBP does various recurring tasks for clients and one of them is generating Fee Disclosure Statements. One of our financial planning assistants (FPA), Gelo, does this task for his client.

“I was trained to do Fee Disclosure Statement (FDS) tasks by one of our firm’s planners via online meeting. The Fee Disclosure Statement (FDS) is part of the Annual Progress Report that we send out to clients. The Progress Report is generated through XPlan with the complete details on the Fee Disclosure Statement (FDS) including the fees paid in the last 12 months which we generate from the AMP Portal and then a thorough explanation on the Fee Disclosure Statement (FDS) and who receives the fees.” Gelo said. They schedule this  task every 15th of the month.

Another FPA, Ann, does this recurring task for her client. She follows her own check list when creating and sending out Fee Disclosure Statements.

She does this task every month and uses Worksorted to automatically generate the document.

To this date, VBP provides support for this administrative task to over 20 clients/firms (each firm having multiple planners). Depending on their planners’ needs, our financial planning assistants generate Fee Disclosure Statements either daily, weekly, monthly or just when client reviews are due. They also either do it by bulk or individually per client review.

To generate FDS, our FPAs use different tools depending on what their practice uses. Some tools used include Worksorted, XPlan, PractiFI, COIN, AMP Portal and different adviser fund provider portals.

Most of our FPAs are trained by their respective clients in performing FDS tasks. But we can also provide training from our support team whenever needed. Check lists vary for each firm, some may not have any, but we always encourage our FPAs to have their own check list to ensure accuracy in fulfilling tasks.

If you are currently not getting us to help support you in FDS, you may want to consider this as an option.
If you are interested to add Fee Disclosure Statement (FDS) generation to the administrative tasks you want to outsource, contact your assigned Client Service Manager (CSM) now to arrange a discussion.