Rep Renewal Fees

Managing Rep Renewals can be daunting, but we have you covered. Our system can help you get the job done, but we will need you to make some decisions. The rest of this page covers the procedure.

If you have questions or need help, be sure to reach out to our Support Team.

1) First, find out from the client whether their Renewal Fee’s will include Fee’s such as FINRA, OSJ, NON OSJ, Bond, etc. If they do want those fees included, take the following steps.

 

a) Go to Code Files, Miscellaneous, State Codes. Then, add codes for those fees. Example: FINRA fee: Code: NSD Description: FINRA FEE. We recommend, using the following codes and Descriptions for these common additions.

 

Code:           Description:

NSD              FINRA FEE

OSJ                OSJ FEE

NOS              NON OSJ FEE

After all codes (if any) have been added to the State Code File proceed to step 2.

 

2) Next, go to Utilities, Setup and License Fee setup. This is the area where the Fee Amount is setup for each state in the State Code Files. You may need to modify these amounts as they may no longer be accurate. Also, you will also notice that if you followed the recommendation above, that the NSD, OSJ, and NOS State Fee’s should already be included in this Setup. After reviewing the Renewal Fee Setup, and making any corrections, proceed to the next step.

3) Next, go to Reps, and the License Tab. Make sure your Reps are properly licensed in every state, with the correct license type. If you have licensed the WebCRD.exe, you will want to pull your “Rep roster” file and update your FINRA licenses and state registrations.

 

4) At this point, (if applicable) you will need to add licenses for the FINRA Fee, OSJ Fee, NON OSJ Fee, etc. To set up these licenses take the following steps in the appropriate Rep’s record.

 

a) Click on Add License.

 

b) Choose the State of License. Example: FINRA FEE.

 

c) Choose Type of License.

This needs to be either 06~, 07~, 22~ or 62~ (these are the only License Types that a Rep will receive Renewal Fee’s for). When you have reviewed the licenses for all your Rep’s you will be ready to proceed to the next step.

5) Now you need to make a few decisions. Do you wish to create Renewal Fee Statements, to send to your Reps? If so, then you will need to run the 2000Renewal.SRW Shazam Report (please contact Techmate if you need this report). This will produce a Statement (with Page Break between Reps) indicating the State and the Fee Amount due from that Rep (includes a total for each Rep). Print the Statements.

 

Now decide if you want to automatically create Deductions, for each Rep, in the total amount due from their Renewals. If so, you will first need to create a Deduction Product in the Deduction Product Family. We recommend calling it something like “Deduction for Renewal Fees”. Next, go to Utilities, and Renewal Fee’s. Select the “Deduction for Renewal Fees” Product using the browse function, and then click “Create Fees”. A negative Deduction will be created for each rep that has Renewal Fee’s due.

If you have questions or need help, be sure to reach out to our Support Team.