Statements from RIAs

5 replies [Last post]
peacock's picture
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Joined: 2004-12-09

Do any of the RIA firms here send a quarterly billing statement showing how much was billed from their client accounts (separate from the custodian statement).   I know some firms do that but I'm not sure it's required.  My clients know they're being billed, but it's like real estate taxes.  I escrow for them with my mortgage payment and don't really care until I get my assessment in the mail.  If someone could let me know of direct me somewhere for some concrete information, I would appreciate it.  Thanks guys and girls.  

Moraen's picture
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Joined: 2009-01-22

I do. They get a statement showing what they were billed. They know how much they paid for "advice" and such. You don't have to (as far as I know), but I do.

maxy's picture
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Joined: 2009-07-13

peac*** wrote:Do any of the RIA firms here send a quarterly billing statement showing how much was billed from their client accounts (separate from the custodian statement).   I know some firms do that but I'm not sure it's required.  My clients know they're being billed, but it's like real estate taxes.  I escrow for them with my mortgage payment and don't really care until I get my assessment in the mail.  If someone could let me know of direct me somewhere for some concrete information, I would appreciate it.  Thanks guys and girls.  
Are you SEC or state registered?

peacock's picture
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Joined: 2004-12-09

right now I'm state, but in the process of getting SEC registered. 

CALI123's picture
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Joined: 2009-01-30

When I was state, we had to send a separate billing statement that showed  the calculation and the fee. If you fall under SEC, they only require that you use a custodian that shows the fee coming out.Some people say that you should send the billing statement as a way to touch the client. I prefer to send something informative, then the bill. Nobody likes getting a bill in the mail.

san fran broker's picture
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Joined: 2006-02-25

We incorporate it in the quarterly report.

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