Smartr365 Firm Reporting - v4.0 Release Notes

Smartr365 Firm Reporting

v4.0 Release Notes

What is New?

Smartr365 Fees and Reconciliation Power BI reports will contain our version 4.0 of reports which is focused on financial reporting that will help advisers and firms to

1. Know what fees are outstanding on Mortgage and Protection cases.
2. Reconcile against the invoices and payments received from clients, lenders, and providers.
3. Bulk update on which cases are paid in the system.
4. Report on which fees can be paid out to each adviser.

As part of this release, we are releasing two power BI reports in our new reports’ version 4.0:

• Fees & Reconciliation report
• Commission Statements report

• Working and Definitions

Data for these reports are coming from Smartr365 Platform. Once any field is updated on the cases for either Mortgages or Protection, it will reflect on the Power BI reports in an hour when the report is refreshed.

Cases: Cases are actual financial products which have entered the Smartr365 sales pipeline and have been assigned to mortgage or protection advisers. 

Submitted Cases are products which exist in the Smartr365 Sales pipeline, and which have, within the period being reported upon, reached either Pre-Offer-Processing (Mortgage Cases) or Submitted-To-Underwriters (Protection Cases).

A Completed Case is either a Mortgage or Protection Case which has reached the Completed status in Smartr365 during the period being reported upon.

Fees can be either Paid or Unpaid. If they are Paid, then their respective payment date falls within the period being reported upon. If they are Unpaid, then they have not been marked as paid at any date in Smartr365.

Fees & Reconciliation Report

Overview and Benefits

This report will provide an overview of incoming revenue for the business. The main benefits are:

• View Payment Status (Paid or not) and will aid in reconciliation across the business.
• Enter or bulk update the cases on the platform with fee information.

See below a snapshot for the Fees & Reconciliation Power BI Report.

Report Filters

1. [Product Type]: Allows selection of either Mortgage or Protection by click on button.
2. [Date Type]: Date types can be 'Submitted' 'Offered' and 'Completed’ for Mortgages and ‘Submitted’ and ‘Completed for Protection

Mortgages:

• ‘Submitted’ is the date entered on the Mortgage Case on the platform on 'Submission to Lender Date’.
• ‘Offered’ is the date entered on the Mortgage Case on the platform on 'Offer Issue Date' (New field added to the platform) 
• ‘Completed’ is the date entered on the Mortgage Case on the platform on 'Completion Date’.

Protection:

• ‘Submitted’ is the date entered on the Protection Case on the platform on 'Application Date’. 
• ‘Completed’ is the date entered on the Protection Case on the platform on the 'Date Live’.
• [Date Range]: Pulls the date range on the basis of ‘Date Type’ filter selected and shows 2 values ie ‘Start Date’ and ‘End Date’. 
  • Start Date: Earliest Date from the possible values of Date selected for all cases across the selected Product Type
  • End Date: Latest Date from the possible values of Date selected for all cases across the selected Product Type

For Mortgage Selected:

1. If ‘Date Type’ selected is ‘Submitted’, then Date Range shows for – Submission Date i.e., 'Submission to Lender Date’ captured on Platform

If ‘Date Type’ selected is ‘Completed, then Date Range shows for – ‘Completion Date’ captured on Platform

If ‘Date Type’ selected is ‘Offered’, then Date Range shows for – ‘Offer Issue Date’ captured on Platform

For Protection Selected:

If ‘Date Type’ selected is ‘Submitted’, then Date Range shows for – ‘Application Date’ captured on Platform

If ‘Date Type’ selected is ‘Completed’, then Date Range shows for – ‘Completion Date’ ie Date Live on Platform

You can use the date fields to select/change your start and end date range by either:

1. Using the Slider to choose the dates shown in the date fields as shown below, or

Note: When the Date Filter shows Green colour on it as shown above, this means you can slide in that direction to retrieve more results. This is applicable for all the Date Filters used across Power BI report

      2. Select the Date from the Calendar drop-down which appears when you click on both the Start and        End Dates.

This field is related to the Date Range, which is based on Date Type Filter selected, and once you have filtered by this Date Range, then this will affect the drop-down options of several other filters.

1. [Adviser] – Allows you to multi-select and search on the list of Advisers when clicking on the dropdown and this selection will filter the data in report. Once you have filtered by this Date Range, then this will affect the drop-down options of several other filters.

       2. [Fee Type] : Allows multi Select on Fee type values shown in dropdown as shown below. The fee type values showing in dropdown will be affected by any other filters selected and if there is any data present for the fee type based on other filter criteria. 

For Mortgage:  Procuration Claim Fee

            Client Fee

                        Miscellaneous Fee

            Solicitor Fee

           

For Protection: Commission Fee

                        Client Fee

[Fee Paid]: This filter selection will allow you to select the Paid Status for the Fee Types selected, which can True or False. This will filter the data based on selection and based on any other filters applied.

         

[Include NPW] – This filter selection will allow you to select the Not Proceeding With Cases if included, which can True or False. This will filter the data based on selection and based on any other filters applied.

Total Results on Report: 

1. Show the ‘Total Cases’, which is a count of all cases returned based on all the filters selected. 
2. If ‘Fee Paid’ filter selected is True

Show the ‘Total Fees Paid’, which is a sum of all fees paid within the Date range selected as well as other filters selected on the report. 

If ‘Fee Paid’ filter selected is False

Show the ‘Total Fees Not Paid’, which is a sum of all fees paid within the Date range selected as well as other filters selected on the report. 

 
Case Summary Table results

Columns: 

• Case ID
• Product Type
• Adviser Name
• Client names (Shows both client names if its joint applicant) 
• Mortgage Type (For Mortgage)
• Buyer Type (For Mortgage)
• Policy Type (For Protection)
• Premium (For Protection)
• Provider Name (For Protection)
• Workflow Status of the case
• Fee Type
• Fee Amount 
• Fee Paid Status
• Fee Paid Date
• Fee Reference

Based on corresponding fee type, its show the values on the basis of mapping as mentioned below:

• Proc Fee: Lender Reference
• Client fee: Invoice number (mortgages) 
• Commission Fee: Policy Reference
• Miscellaneous fee: Miscellaneous Fee Type 
• Solicitor fee: Solicitor Name 

Fig.2: Mortgage Cases Table

Fig.2: Protection Cases Table

The data in the Case Summary table is filtered based on filters selection on the report.

Additional Highlights:

• When you hover over the rightmost top corner on the Case Summary Table, click on the 3 dots and you will see a dropdown which will allow you to perform multiple actions when click on
  
  
• Export data: Can be exported to Excel file which you can use to analyse the entire table data and use it for uploading it to platform

• Sort by: Allows you to sort the Table columns in ascending or descending order.

1. When you hover over any row in the table, it allows you to see the entire row data grouped together of the Case Summary table on Tooltip for each row.

1. You can also export the Report as PDF, or Analyze in Excel, embed for Power BI presentations when you click on Export button.

Commission Statements report

Overview and Benefits

This report will display a view of all payments that should be made out of the business. It is a breakdown of the payments the business has to make to Advisers and Introducers. Some of the benefits include:

The platform already has the capability to set up fee percentage per introducer company and split fees per case per adviser, both for mortgages and protection cases.

This report will provide:

• The breakdown based on the gross revenue generated which will not include any top of house splits.

See below the snapshot for the Commission Statement Report.

Fig 2: Commission Statement Report.

Report Filters:

1. [Product Type]: Allows selection of either Mortgage or Protection by click on button.
2. [Paid Date]: Pulls the date range from Paid dates and shows 2 values i.e. ‘From Date’ and ‘To Date’. Date Range endpoints for these 2 date fields are:
   • From Date: Earliest Date from the possible values of Paid Date for all fee types across a Product Type
   • To Date: Latest Date from the possible values of Paid Date for all fee types across a Product Type

Allows you to access and change the date range by either:

1. Moving the Slider on the date range, or
2. Selecting the Date from Calendar which appears when you hover over the Dates.

Important Note: If the Paid Date filter on Commission Statements does not show any of the ranges or both range or even if the slider is disabled as shown below, this means that “No fees is Paid” across the different Fee Types for the selected Product Type 

[Adviser Name] – Allows to multi-select and search on the list of Advisers in the dropdown and filter the report.

       2. [Split Adviser Name] – Allows to multi-select and search on the list of Split Advisers in dropdown          and filter the report. 

     This list shows those advisers for whom there is a split on Proc Fee (for Mortgages) or Commission          Fee (for Protection)

1. [Introducer Company] - Allows to multi-select and search on the list of Introducer Company and Introducer Branch presented in the form of hierarchy dropdown as shown below. Based on the selection, you can filter the report

In above screenshot: 

Introducer Company is Zippy Cloth

And Introducer Branch is Advisers

[Include NPW] – True or False selection.

Total results on Report: 

1. Show the ‘Total Cases’, which is a count of all cases returned based on all the filters selection. 
2. Show the ‘Total Fees’ for different Fee Types, which is Paid within the ‘Paid Date’ range filter selected. 

If ‘Product Type’ is Mortgage, report shows:

• Total Proc Fees
• Total Client Fees
• Total Solicitor Fees
• Total Miscellaneous Fees

If ‘Product Type’ is Protection, Report shows:

• Total Commission Fees
• Total Client Fees

Case Summary Table results

Columns (For Mortgage): 

• Case ID
• Product Type
• Adviser Name
• Client names (Shows both client names if its joint applicant) 
• Mortgage Type 
• Buyer Type 
• Workflow Status of the case
• Gross Proc Fee
• Client fee
• Solicitor Fee 
• Miscellaneous Fee
• Total Mortgage Fee ( Proc Fee + Client Fee + Solicitor Fee + Miscellaneous Fee )
• Adviser Commission (In case of Split -> [Gross Proc Fee-Split Proc Fee] Else-> [Gross Proc Fee] )
• Introducer Company
• Introducer Fee
• Is Split Adviser
• Split Adviser Name
• Split Proc Fee

Columns (For Protection): 

• Case ID
• Product Type
• Adviser Name
• Client names (Shows both client names if its joint applicant) 
• Policy Type (For Protection)
• Premium (For Protection)
• Provider Name (For Protection)
• Workflow Status of the case
• Client fee
• Commission Fee
• Clawback Fee
• Total Protection Fee (Client Fee + Commission Fee - Clawback Fee)
• Introducer Company
• Introducer Fee
• Is Split Adviser
• Split Adviser Name
• Split Commission Fee

The data in the Case Summary table is filtered based on filters selection on the report.

Additional Highlights

• When you hover over the rightmost top corner on the Case Summary Table, click on the 3 dots and you will see a dropdown which will allow you to perform multiple actions when click on
  
  
• Export data: Can be exported to Excel file which you can use to analyse the entire table data and use it for uploading it to platform.

• Sort by: This allows you to sort the Table columns in ascending or descending order.

When you hover over any row in the table, it allows you to see the entire row data grouped together of the Case Summary table on Tooltip for each row.

For any further assistance, please drop a mail to [e-mail] or for any Usage concerns [e-mail]