The Scottsdale, AZ-based fintech firm has announced a new fee management solution that supports periodic fee calculations associated with managed account programs (MAP).
Available immediately, the new capabilities simplify the process for plan recordkeepers to determine monthly or quarterly billings on behalf of plan advisors and MAP partners, according to the firm’s announcement.
Fee calculations that often can take days to compile and produce manually or that require significant programming investment to support the fees of a single MAP partner can now be produced instantly for one or more partners in iJoin.
Upon its first release, the functionality produces a report delineating any combination of flat fees or basis point fees due for the prior period, typically the prior month or quarter. Fee schedules may be comprised of fees due to the recordkeeper, advisor, MAP technology provider, investment manager, or other partner and may be assigned to a single plan or group of plans.
In a subsequent 2023 release, expanded functionality is planned to help automate recordkeeper fee transactions, the announcement further notes.
“Calculating and managing fees inside of managed account programs has long been a huge point of friction in the market” notes iJoin CEO Steve McCoy. “It’s been either a costly technology build or a really undesirable manual process. Given the time, cost, and burden, it’s no wonder so many recordkeepers limited their offering to a single managed account program.”
“With this functionality, recordkeepers can afford to be more flexible and offer a range of risk and investment methodologies that appeal to their advisor partners and the unique needs of their clients. We think it’s a game changer,” adds McCoy.
iJoin’s MAP Marketplace supports innovative technology and investment management providers whose investment risk and investment allocation methodologies leverage iJoin’s core goals-based, personalized user experience. MAP partners include LeafHouse Financial, Franklin Templeton, iGPS and others.