ADP Brokerage Services Group (ADP), a division of Automatic Data Processing, Inc. (NYSE: ADP), announced today the launch of its Fee Management System (FMS), a new tool designed to handle the most complex fee arrangements and increase operational efficiency.
ADP's Fee Management System features a variety of fee options and allows clients to implement their fee-based strategy seamlessly. FMS can be integrated into ADP's Brokerage Processing Services (BPS) back office system and includes the ability to update fee schedules, set minimums and maximums, prorate fees over multiple accounts and apply discounts. The system's flexibility enables clients to customize their fee structure to complement the way they do business.
The system is also designed to calculate the most complex fee arrangements including managed account fees, administrative, custody and trustee fees. Fees can be processed monthly, quarterly, annually and semi-annually. In addition, a comprehensive audit trail monitors all fee calculations and facilitates easier record-retrieval. Moreover, the system's broad functionality consolidates fee calculation processes and helps clients manage their business and relationships more effectively.
"We are committed to providing the best end-to-end solution for back office processing as evidenced by the addition of the Fee Management System to our suite of products," said Marianne Brown, Senior Vice President and General Manager of ADP Brokerage Processing Services. "The system automates the fee calculation process and allows our clients to focus on their core competencies and growing their business."
ADP's Brokerage Processing Service supports real-time processing of North American equities, options, mutual funds and fixed-income securities. BPS handles everything from order management to clearance and settlement, regulatory reporting and other back office requirements.