Service fee reviews at financial planning firms require manual tracking of contract dates, fee calculations, and client notifications across multiple systems. Manual coordination creates delays, calculation errors, and missed review deadlines.
Automation monitors contract anniversaries, calculates updated fees based on contract rules, generates client notifications, and updates all systems in real time. Clients receive timely notifications and fees stay current without manual intervention.
The full workflow, from trigger to completion.
The automation checks daily for contracts where the anniversary or review date has arrived. It pulls the contract list and compares dates.
The automation retrieves the full contract record, including client name, current fee, inflation adjustment percentage, and contract tier.
The automation applies the contract terms and any inflation adjustment to calculate the new fee amount. It documents the calculation logic for audit purposes.
The automation creates a new recurring invoice with the updated fee amount, effective date, and description. It links the invoice to the client contact.
The automation updates the client record with the new fee amount, contract renewal date, and a timestamped note of the change.
The automation sends a templated email to the client notifying them of the fee change, effective date, and next review date. The email includes contract terms.
The automation sends a message to the finance team channel confirming the fee update, client name, new amount, and next review date.
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