Welcome to CommCentral
CommCentral releases FoFA enabled Web Based Revenue Management software
A specially developed remuneration solution for advisers and dealer groups to conveniently and efficiently
manage their revenue and FoFA requirements.
This is available as separate product or bundled with the outsourcing services of CommCentral providing a comprehensive solution with all work performed by CommCentral but allowing web access to the business intelligence and practice tools appropriate for the user.
Revex is an essential solution for all financial planning practices and AFS Licence holders.
Commission and revenue management
- CommCentral provides administrative services to Australian Financial Serivices License holders in relation to commission and revenue management.
- CommCentral is a highly scaleable business approach utilising resources from people with significant experience in both revenue processing and importantly in software support for the Financial Planning industry.
- CommCentral takes on the responsibility of management of revenue and the subsequent distribution of payments to representatives, business partners and referrals and importantly the management and business information essential in operating a successful financial planning business.
- CommCentral removes the single point sensitivity of key staff within the business and allows other staff to be redeployed onto more productive and income generating activities.
- With Commcentral, financial planning practices have the ability to totally outsource their commission and revenue management needs.
The necessary tasks associated with commission and revenue management are handled
by CommCentral and cover:
- Encompasses the complete collection, management, payment, reconciliation and reporting of all revenue activity for the Licensee from fund managers and insurance companies and other product providers.
- Processing of fees received from clients.
- Payment to advisers and licensees by electronic transfer.
- Preparation of Commission Statements and Recipient Created Tax Invoices and Tax Invoices for charges and deductions.
- Online access for the Licensee to obtain documentation and Licensee level reporting. (Depends on software platform adopted).
- Online access for the Representatives to obtain documentation and files and representative level reporting. (Depends on software platform adopted).
- Your in-house management and effort virtually disappears except for management overview.
- CommCentral is able to use any of the main stream commission software packages available.
- Since we use industry standard commission platforms you have flexibility to take the management in-house with no disruption.
The benefits for using CommCentral in totally outsourcing your commission processing
- The people behind CommCentral have been involved in commission management for over a decade and therefore understand the challenges and issues involved.
- It’s a specialist area. Unless a person has been involved in processing commissions previously it can be difficult area to understand.
- The solution is scalable, as the business grows it does not cause more infrastructure and can achieve greater relative costs savings.
- It ensures that practices stay focused on their core activities of servicing clients.
- It reduces key person risk, i.e. if a person goes on holidays, sick etc. practices don’t need to be concerned that their commissions will be interrupted.
- The cost of processing commissions in house is generally more expensive both in direct dollars and particularly opportunity costs.
- Enables practices to track commissions, which in some cases has been more the cost of the service. This is particularly import in the early stages when practices get their own licensee as this is often when most commission is lost.
- By better management processes, assists practices in valuing their business and thus allow them to better manage succession planning issues.
- The peace of mind knowing that the system is fully serviced with ready access to our support team.