Get paid every cent you are due

Did you know that, in Australia, most financial-services businesses are short-paid by at least $500 every month and, for some franchise offices or larger firms, this can be $1500 per month? The amount may vary where you are, or in your precise field of finance, but our experience has shown that for those who are rewarded by commission, there is rarely a "bank error in your favour" (as Monopoly calls it).  Invariably it's the banks or other institutions (such as aggregators or franchise groups) that benefit from the seemingly very tardy commission systems that appear to exist out there.

You can confirm these figures by asking your group how much they have in their orphan commission account - and why. (It's not unusual for the figures to be in the millions of dollars.) This is money that rightfully belongs to brokers and advisers like you but has not been paid out for some reason.

Fortunately, LinxCRM makes it easy to find every cent of your commission, month in and month out, with very little effort - both for upfronts and trails. And many users find that the recovered funds more that cover the entire cost of the software and the small investment in time required.

Automatically calculate your income

Every time you create a new sale in LinxCRM - such as a loan, insurance policy or a professional service like financial planning - your commission is calculated automatically for you. Once you tell it the rate of upfront and trail that you get for that provider, everything else is automatic.

You can, of course, over-ride the default if you have a special commission rate applicable to an individual loan, policy or product.

Stepped trails

With many lenders paying stepped trails - increasing from year 1 to year 5 - it can be a nightmare to keep up with how much you are owed. Rather than trust the banks to remember when to increase your rate, LinxCRM does it all for you with the TrailLifter^TM module - applying the correct trail rate based on the age of the loan.

Fees & Rewards

You can see here that LinxCRM also looks after fees from clients as well as reward payments (cash and non-cash) to team members and external parties.

Electronic processing

The LinxECP^TM module makes light work of processing incoming finance commission files from all the major lenders, aggregators and franchise groups. Banks include ANZ, CBA, NAB, St George and Westpac, franchise groups include Aussie Home Loans, RAMS and RESI, and aggregators include AFG, Choice,  FAST, NZFSG, PLAN and many others, including second-tier lenders. Over 40 standard formats are included, without you having to manipulate or "map" fields each time.

It takes less than two minutes to process most import files and you get an instant "traffic-light" indication (red, amber or green) of whether the payment is suspect, borderline or OK (based on tolerances you set), for both upfronts and trails.

Even if your provider is not covered by LinxECP, and for insurance and other non-finance sales, all your expected income is still calculated, with a very simple checking process, making very light work of both upfronts and trails.

Making a claim

When it's time for the fun bit, claiming your arrears is not only a pleasure, it's a breeze. Simply press a button and all your arrears appear on a list, whether for finance, insurance or anything else. And if your provider requires claims in Excel format, just click the export button. Many users of LinxCRM find their claims are paid promptly and often without dispute, since the evidence is so compelling and well-presented.

Pay third-parties with confidence

LinxCRM Professional also goes to the next step. If you need to pay commissions to consultants, or third-parties like referrers, for finance sales then the LinxSplitx^TM module will help you do this with a minimum of work.

Simply set up the splits you want when you create the loan and, on pay-day, press the button to generate commission statements. You can also relax in the knowledge that LinxCRM will not pay out commission in cases where you are not fully satisfied with the corresponding incoming commission.

LinxSplitx will automatically calculate both upfronts and trail for all loans, and even allow you to add adjustments for other sales commission types (such as insurance) or deduct charges such as clawbacks or other fees.

A professional statement is produced (called an "RCTI" in Australia) which can be printed or emailed to the recipient as a PDF or Excel file.

 

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