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Overview
Fee splits in AdviserLogic’s Digital Advice module allow you to define how advice fees are divided between the adviser and the AFSL. Setting these defaults ensures consistency across advice documents, improves compliance, and reduces the need for manual adjustments when preparing Statements of Advice (SoAs) or Records of Advice (RoAs).
These fees are categorized into three types: Adviser Fees, Practice Fees, and AFSL Fees. Adviser Fees represent the portion allocated directly to the adviser, Practice Fees are designated for the practice, and AFSL Fees are allocated to the Australian Financial Services Licensee.
By configuring fee splits at a settings level, you ensure that both upfront and ongoing fees are automatically applied with the correct allocation during the advice process.
Note that changes to fee splits require creating new scenarios to take effect, as copies of existing scenarios will not reflect updated settings.
Fee Splits
Split the fee in AFSL split & Practice split
Additionally, you can include Adviser fees in the split configuration to ensure a comprehensive allocation of all fee types.
From any client card, navigate to Digital Advice Settings in AdviserLogic. This is where you can configure fee splits and adjust percentage allocations for Adviser, Practice, and AFSL Fees.
From Fee Splits, select Change to update your Licensee fee split
For example, set the AFSL Fees to 40%, Practice Fee to 0%, and the remaining 60% will automatically apply to the Adviser Fee. Save your changes and create a new scenario for the changes to take effect.
e.g: AFSL Split: 10%, Practice Split: 20% - This will result in the remaining 70% being shown as paid directly to the Adviser.
Another example: Set the Practice Fee to 100% and AFSL Fee to 0%, ensuring the entire fee is allocated to the practice.
FAQs on Common Fee Split Scenarios Q: Can I allocate fees entirely to the Adviser Fee? A: Yes, you can set the Practice Fee and AFSL Fee to 0%, and the entire fee will be allocated to the Adviser Fee. Q: What happens if I don’t create a new scenario after changing fee splits? A: The changes will not apply to existing scenarios. Always create a new scenario to ensure the updated settings are reflected.
