Commission Manager
From automated daily downloading of trade data to periodic reconciliation and payout processing, Xtiva’s Commission Manager provides streamlined, error-free compensation processing for all types and sizes of financial services firms. Commission Manager allows business users to design, model and implement all types of compensation rules and process-specific workflows that meet your specific requirements without any involvement from your IT department. You can create payout and transaction fee rules and assign them to one of more reps, accounts, product types, issuers, branches, transaction sources and more, with a click of a button. Your rules can be as simple or as complex as you need. Payout grids that are incremental or retroactive, month-to-date, quarter-to-date or year-to-date based, rolling three, six or twelve month moving averages, Commission Manager’s easy to use rules engine gives your business users complete control and flexibility. All key business rules are effective date based for optimal efficiency. All of these compensation plan modeling capabilities can be product or transaction source specific to match the way you do business.
Commission Manager's intuitive user interface enables users to handle all types of compensation and plan rules outside of payout specific policies including minimum ticket rules, discount sharing, rep groups and splits, region, branch, product specific and referring rep overrides, loans, draws and advances, and can include all types of charges that are one-time or recurring and deducted from gross or net compensation. Additionally, since data is imported and calculated on a daily basis, your commission is always “Good to Pay” each day, freeing you from static processes or period-end crunches.
Commission Manager boasts the ability to integrate with third party and proprietary systems very easily from a data perspective, for a more streamlined compensation processing solution. This allows Xtiva’s customers to offer their reps a holistic view of all of their transactions in one place as well as management reporting that includes all revenue sources.
With Commission Manager, you can create as many regions, territories, branches or sub-branches as you need, with an unlimited number of sub-levels. These organizational structures can match the way you payout, the way you want to report, or your compliance structures.
CommissionWeb
Using a sophisticated analytical processing system, CommissionWeb delivers compensation and incentive information and powerful analytics to all members of the organization including firm management, regional and branch managers as well as reps all from a standard Web browser.
Firm management can view production across all regions/branches with the ability to view who is generating the most commissions each day, month, quarter, or any custom date range -- by account, by security, by product type and more. Rep ranking views can be generated to compare performance and the availability of historical production information enables visualization of trends. All of this information can be viewed every day, within seconds so that managers can make better, more informed, and timelier decisions.
The 4th quarter release of CommissionWeb consolidates all reporting into a single, user-specific and user-definable web-based reporting tool. CommissionWeb provides extended drill-through reports, graphs and charts, as well as comprehensive ad-hoc and user-defined reporting capabilities. Publishing to PDF, Excel, HTML and other text formats are also incorporated, as well as the ability to archive reports and scheduled email delivery of reports.
By eliminating the need to print, stuff and mail hundreds or thousands of pages of reports or commission statements each month you can dramatically decrease your monthly operating costs. In addition, by giving your sales force this kind of transparency, you will increase trust from your revenue generators and your compensation team will receive significantly fewer calls from reps asking what they got paid and why.
Enterprise Incentive Manager
Commission Manager’s Enterprise Incentive Management module provides you with a full breadth of modeling capabilities for bonus/incentive payments. Each financial advisor or any individual for that matter can have one or more incentive plans in place at any time. Progress versus rep goals can be tracked online by the reps themselves using CommissionWeb, Xtiva’s reporting portal.
Incentives can be paid in whole or in part, periodically or all at once. They can be based on total production or production credits, for one product or all. Many more options and filters are available and easily modified by your business users.
License Manager
License Manager allows a firm to easily monitor and manage representatives’ FINRA licenses, state registrations and continuing education requirements, as well as insurance appointments and state insurance licenses. Both regulatory and firm element continuing education requirements can be administered and managed efficiently. License Manager allows you to define any number of firm level continuing education requirements, each having a number of custom-defined properties.
You can import data directly from FINRA’s WebCRD. Having all the data in one place enables you to eliminate use of WebCRD for standard inquiries and reporting. Import FINRA’s year-end billing file, reconcile, print reports, export to Excel or transfer as adjustments to Commission Manager for automatic debiting on the reps’ next commission statements.
Most importantly, you can prevent transactions which contain violations of FINRA or insurance rules from being paid. For example, if a rep is not licensed for a particular product/state, or not appointed by a carrier, he/she will not be paid on any of those transactions. The License Manager database is directly linked to the payout processing engine of Commission Manager.