The biggest challenge (and frustration) for any FSP of any size is to manage commissions, ongoing fees, and other revenue. Each product provider has its own unique format for commission statements and even what they call different commissions. Commissions come in, commissions go out. Managing splits to advisors in the FSP or referral fees to outside professionals is a nightmare for most.
Managing the FSP’s finances is critical. Whether you are an independent working alone or whether you run an FSP with multiple advisors, each with their own unique agreement, a system to manage it all is a must.
Today we talk to Johan Vosloo, founder, and CEO of Commspace. We talk about how Commspace came about and their early day challenges.
Johan shares what makes Commspace unique and how they offer their White Glove Onboarding process to every new client and only once the client is happy then they start paying for the service.
We also discuss the use of technology in general and the importance of integration.
If you’ve been wondering how you can take control of your commission chaos or whether there are solutions available to manage and analyse commission… then this is the episode to listen to.