[Account Owner] Best Practices: Deliverables

Intersted in learning more and want to implement but also learn the functions about Deliverables, check out this full article here.  First and foremost, if you're a firm that's just starting to formalize your tracking process, we recommend keeping it simple.

Head over to Firm Settings, Deliverables to set each template up, f you are using engagements there will also be a section for how you would like to trigger those deliverables as well on each engagement.

One time service or Engagement

For a one-time service, track it once. We recommend matching the Deliverable date with the service date in your agreement. 

For example, if you say in your agreement that services will be delivered within 12 months, then make your Deliverable due 12 months either after a document is signed, an invoice is paid, or (if applicable) a subscription is canceled. Note that these triggers to deliver the deliverable based on these is located on each engagement.

Select the desired evidence you would like advisors to submit and if you require approval or attestation.

Ongoing services or Engagements

For an ongoing service, track more frequently. We generally see every 5 - 6 months as an ideal frequency for clients who are paying via subscription. However this can differ depending on how your firm and compliance see fit.

For example, if the subscription is indefinite, then set up a deliverable with no end date you'll use the custom due date and the option for no end date. The following below that will also need to be adjuste for the types of evidence and if approval or attestation is needed.

If your service is being paid via subscription and does have an end date, then set up a Deliverable template with the future due dates and only having the deliverable with the deliverable trigger, and the  selected number of occurrences.

Some additional best practices:

• If the services provided to a client vary drastically from one another -- for instance, when evidence for Advisory Services is very different from 401k Planning -- then set up separate requirements for Deliverables evidence. This allows you to get more specific with what you need to see. 
• If you already have an internal form that you use for tracking deliverables, use our eSign option under Deliverables and attach the form as a template.
• Use Engagements to automatically open Deliverables for maximum efficiency. Or, if you’re looking to randomly audit advisors, use our Custom Due Date option when setting up the template.