Answer: Per the terms of the Advisory Agreement (See Schedule B (Advisory Fee)), Mutual will provide systems and reports for the purposes of calculating the program AUM. These billing details and associated invoice data are referred to as the “Quarterly Invoice Backup.” The fee found in the advisory agreement will be used to calculate the quarterly fee.
Note – No fees shall be calculated and/or paid until the advisory agreement has been in effect for one full calendar quarter period. Payment amounts are heavily dependent upon the speed in which paperwork is returned as well as when the transfer is effected during a calendar quarter and how that aligns with a product company’s reporting to Mutual. As a result, a full AUM accounting can often take 3 calendar quarters before being complete.
Answer: Mutual will provide the Quarterly Invoice Backup to an RIA via the Evolve Client Portal no later than the end of the month following the end of a calendar-quarter period.
Answer: Invoices, once submitted to Mutual following production of the Quarterly Invoice Backup, will be paid within 5 business days.
Answer: Mutual will remit payment directly to the Registered Investment Advisor (RIA). Mutual will set up bank instructions to send payment electronically to the bank account in the name of the RIA.