[Advisor] Using the Fee Calculator
Please note: the fee calculator does not allow negative numbers
Use the fee calculator within AdvicePay to calculate your fees when sending invoices to clients!
Fee Calculator Setup
1. To begin, navigate to Tools and click on Fee Calculator in the sidebar.
2. Select one of our starting templates to use or modify as needed. Alternatively, click Start from scratch to build your own from the ground up!
3. Give your calculator a Name and Description (optional). If desired you can set an Annual Minimum/Maximum fee (if set and a calculation for a client falls below/above the annual values, it will recalculate using your min/max amount instead).
You can also toggle the Permissions button on to allow other firm advisors on your AdvicePay account to see and use the calculator. Since you created this calculator, they will not be able to edit it!
4. Configure the calculator.
Example: If clients pay 2.0% of income plus 0.5% of net worth, your setup will look like this:
Click Add Variable to add more field types, or click the X button next to a line item to remove it.
📍 Here are 4 common ways to calculate fees, plus how to set them up in the fee calculator!
Did you know? Under Name, any label desired can be applied by typing within the field box!
We also provide a basic list of options as suggestions for easy selection:
Net Worth
Income
AUM
Marital status
Family Considerations
Number of Kids
Schedule A
Schedule C
Schedule E
Schedule F
Partnerships
Amendments
Single Stocks
Options
Number of qualified accounts
Number of unqualified accounts
Investable Assets
Schedule C Income
Schedule E + C + F Income
Total Non-Schedule C Income
Number of W2s
Years until retirement
Student Loans
Consumer Debt
Real Estate Holding
Own a Home
Rental properties
Non-Complex AGI
Base Financial Planning Fee
Equity Based Compensation
Tax Sensitive Securities
Business Owner
5. Click the Preview button to see the calculator in action and verify that your configuration is correct. Enter sample values in the Income and Net Worth fields, then select the Frequency of the billing. The calculation breakdown will display on the right:
6. Select Save Calculator when finished.
Now you're ready to begin using the calculator during the invoice creation process to easily calculate your clients' one-time, monthly, quarterly, or semi-annual fees. 🎉
Using a Calculator When Requesting Payment
After creating and saving a calculator, you can use it to calculate a client's fee when you're requesting a payment from them in AdvicePay!
❗️By default a breakdown of the fee calculation will be shown on all invoices when a fee calculator is used during a payment request. To disable this so that clients do not see the calculation on their invoices, go to Firm Settings > Invoice and toggle Fee Calculation off:
Now let's get started calculating fees!
1. On Step 2 of the invoice setup process, click on the blue Use Fee Calculator link to help you calculate the invoice amount:
2. Select the calculator you want to use for your client from the drop down menu.
3. Enter values/select options for the required fields:
4. Click on View Breakdown to see how the fee was calculated, or click Edit to manually adjust the fee if desired.
If you adjust the fee, a note for the adjustment is required.
If you set a Minimum/Maximum fee when configuring your calculator, you will not be able to adjust the fee below or above that amount.
5. Select Use Amount
6. Finish creating your invoice!
You can always see the calculation used on a subscription or one-time invoice by selecting View Details > View Fee Calculation:
When the fee calculation breakdown is displayed on invoices, it looks like this:
