Common Setup Issues with Fixed Term Agreements in Morningstar AdviserLogic, and Their Resolutions
Fixed Term Agreements in Morningstar AdviserLogic are a critical component of managing fee disclosure and client consent processes. Below, we discuss two common setup issues users might encounter and provide steps to address them effectively.
Issue 1: Limited Options in 'Services Providing for Proposed Term'
Problem
When setting up a Fixed Term Agreement, users sometimes find that the only option available in the 'Services Providing for Proposed Term' dropdown is 'Test Service Package'.
Cause
This issue occurs because the FOFA Fees Structure under the Tools menu has not been properly configured. AdviserLogic relies on the completion of this configuration to populate additional service options in the dropdown field.
Resolution
Navigate to the Tools section within AdviserLogic.
Locate the 'FOFA Fees Structure' settings.
Ensure that all necessary details are entered and saved.
Once the FOFA Fees Structure is set up fully, revisit the Fixed Term Agreement setup, and the relevant options should now be visible.
Issue 2: Inability to Edit the Fee Field
Problem
Users may be unable to edit the fee field when preparing a Fixed Term Agreement for a client.
Cause
This typically happens when no portfolio account has been linked to the client’s agreement. AdviserLogic requires a portfolio account to define where the fees will be deducted from before allowing fee field edits.
Resolution
Add a portfolio account for the client in AdviserLogic: - Navigate to the client’s profile. - Go to the applicable section to link or create a portfolio account.
Once the portfolio account is added, return to the Fixed Term Agreement.
The fee field should now be editable, allowing you to input the appropriate details for the agreement.
Related Topics
Setting Up FOFA Fees Structure
Managing Portfolio Accounts in AdviserLogic
Fee Disclosure and Consent Processes in AdviserLogic
By following these guidelines, AdviserLogic users can navigate common issues in Fixed Term Agreement setup and ensure smoother operations.