Revenue & Remuneration

Clients

Make your revenue administration job easier with CoMetrix® RnR

What is CoMetrix RnR?

CoMetrix Revenue and Remuneration (RnR) is a comprehensive and robust solution for Financial Services licensees that face the complexity of managing and accurately distributing revenue from diverse fund managers, insurance companies and lending institutions to their authorised representatives.

Why CoMetrix RnR?

CoMetrix RnR was born from demand by our customers for a Revenue and Remuneration solution that:

CoMetrix RnR is the solution you have been waiting for!

Core Capabilities

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Security

Security

CoMetrix® RnR ensures the revenue administration functions are performed by the right people.

Collaborative System Driven by Role-based Security

CoMetrix RnR uses a sophisticated security model of roles and privileges that provides a different view of business data for each user. This ensures that each business function can only be performed by the individuals who are responsible.

For example, Compliance users can manage authorisation of advisers and maintain their bank account information.

Practice Management users can perform financial reporting functions, as can Finance users.

Revenue Management users can perform all of the administrative functions that are required to achieve the correct distribution of revenues.

Advisers can perform self-serve functions on demand.

Research users can manage the Approved Product List and track new business revenue.


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Data Administration

Clients

Make your revenue administration job easier with CoMetrix® RnR

Reduce Errors introduced by Manual Processing

The day to day administration of revenue information usually involves a significant number of manual steps, and this can be prone to errors, especially if the entire process is done manually. Even if a computer system is used to help with the process, errors can still occur, because the most commonly used systems actually require a large amount of manual effort. CoMetrix RnR helps to reduce errors because it can automate many tedious manual steps.

Productivity Tools

CoMetrix RnR provides a suite of productivity tools that help speed up the many steps involved in the processing of revenue information, providing an accurate, repeatable process that gives management confidence that this important business function is operating as it should.

Journals

Processing a payment period typically involves receipt of provider statements and manual fee for service invoices, and reconciling these with bank deposits from the providers and clients.

CoMetrix RnR utilises a series of journals to record provider statements, invoices, bank deposits, allowances and deductions (conference attendances, software licenses, etc), cheque deposits, payments, negative balances carried forward, and so on. The system incorporates accounting disciplines to ensure that posting state of each journal controls the processing steps that may be applied to it. For example, a payment journal can only be generated from posted and reconciled source journals.

Capture of Native Product Provider Statements

CoMetrix RnR allows Revenue Management users to accurately capture investment and insurance product provider statements, though its support for a large number of product provider statements in their native formats. Because the statements are deemed to be the source of truth of client information, CoMetrix RnR maintains this information “as supplied”, without modification. Product provider statement formats can be subject to change without notice, however the flexible design of CoMetrix RnR means that the system can be rapidly adapted, ensuring that the processing for a pay period is not interrupted.

Bank Reconciliation Tool

Revenue Management users can also upload native files produced by the bank, and use the CoMetrix RnR bank deposits reconciliation tool to reconcile payments with product provider statements and manual fee for service invoices. This productivity tool helps the user to quickly and accurately reconcile multiple payments with multiple commission statements, and saves significant time and manual effort, especially when there are a large number of commission statements.


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Operations

Operations

Make your revenue administration job easier with CoMetrix® RnR

Distribution Agreements

CoMetrix RnR allows you to implement your revenue allocation business rules, by establishing arbitrarily complex distribution agreements that can be placed at any point within your organisational hierarchy, including Licensee, Practice, Adviser or Client. Distribution agreements, which are negotiated by Practice Management, can apply to all products or a single platform, individual product, individual adviser provider account, or even individual financial metric.

The payment generation process provides for automatic inheritance by parties below the level at which a distribution agreement has been attached. Distribution agreements can involve up to four parties, allowing the system to support the most complex situations, including third party referrers. The system provides a tool that allows you to easily see which agreement(s) apply to a given practice.

Payment Processing

Once all of the data for the payment period has been gathered, reconciled and posted, it is a simple matter to complete the process.

The Payment Generation step combines all of the relevant journal information with the applicable distribution agreements for each adviser, and generates a payments journal, as well as journals to account for any negative balances carried forward. Although this is essentially a batch process, it can be done online, as it only takes a few minutes, even if there are hundreds of advisers.

The Generate Bank File step combines the above data and generates a bank file that can be uploaded to the bank for overnight deposit into the practices' accounts.

Payment Details provides a detailed view of the payments to each adviser. This gives the dealer group a detailed breakdown of the bank deposit for each practice. A separate view if available for each adviser, on demand.


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Self Service

Self Service

Advisers can login to the system to obtain all the information they need about their payments. For a payment period, they can obtain reports showing amounts itemised by client, product and provider, and income categories.

Advisers can see their own client details supplied by provider commission statements, including the provider account codes. They can link these codes to real "CoMetrix Clients", which represent a single record of a client across multiple platforms. "CoMetrix Clients" can also be created for the purposes of entering manual fee for service invoices (this would normally be done by Revenue Management users).

Advisers can also view details of their own distribution agreements including distribution rules for platforms and provider accounts, products and financial metrics, depending on the level of detail required. They can view all of their own provider accounts, and create meaningful "tags" that allow them to classify multiple "books of business"" that they wish to track and report on, for example, referred business, business subject to special split arrangements, or even client segments. Viewing can be achieved by provider, or by tags.


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Value Add

Clients

CoMetrix® RnR provides a lot of value add

Reporting CoMetrix RnR provides a range of reports to suit licensee management and advisers. Management reports, based upon gross revenues, include client/adviser income, inforce premium and FUM/flows, trend reports and income performance reports. Adviser-centric reports are based upon net revenues. Monitoring Client Payments

For example, advisers can track the trend of a client's payments, and detect points at which a client may have chosen a different adviser, or where the platform data might contain errors.

Client Segmentation

CoMetrix uses a "bottom-up" approach to let you define client segmentation schemes that are based on the platform data.

If you do not already have a segmentation model in place, you can use CoMetrix tools to help construct a client segmentation model based upon revenue contribution, allowing you to define and cost service offerings to each client segment. For example, a matrix of client contact frequency and type can be used to balance client segments across different servicing advisers.

Business Benchmarking

Business benchmarking involves comparing the performance of your business with the most profitable of your peers.

Data from CoMetrix RnR can be combined with expense data to enable you to benchmark your business against the most profitable businesses by EBIT Margin, and can help you to identify the opportunities for profit improvements.


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Implementation Assistance

Clients

We make your CoMetrix® RnR implementation easier

Cirrus Technologies has developed experience in providing implementation services, to help you migrate your data from your existing system. This helps to accelerate the implementation process and lower your project risk.

Our understanding of the data structures used by systems such as the DMS legacy system means that migration results in a CoMetrix RnR implementation that is familiar to all users, both advisers and AFS Licensee staff alike.


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