OPERATIONS NEWSFLASHES
ADP Creates New Fee Management System (FMS) for Complex Fee Arrangements
ADP (Automatic Data Processing) Brokerage Services Group has launched a new tool designed to handle complex fee arrangements and increase operational efficiency. Called the Fee Management System (FMS), the tool enables clients to customize their fee structure to complement the way they do business. The system provides many options and can be integrated into ADP's Brokerage Processing Services back-office system and "includes the ability to update fee schedules, set minimums and maximums, and prorate fees over multiple accounts and apply discounts," according to a press release.
The system was also designed to calculate things such as managed-account fees; and administrative, custody and trustee fees. A comprehensive audit trail monitors all fee calculations and facilitates easier record-retrieval. Marianne Brown, senior vice president and general manager of ADP Brokerage Processing Services, states in the press release that "The system automates the fee calculation process and allows our clients to focus on their core competencies and growing their business."
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