We are thrilled to be releasing our newest feature release -- auto fee escalation. That's right, we have added the ability for you to effortlessly (and compliantly) increase your client's subscription fee each year by adding an automatic fee escalation!
As the end of the year approaches, it may be time to start thinking about adjusting your fees. Maybe you have a small client who doesn't generate enough revenue, or maybe you are doing more for your clients. Whatever the case may be, our newest feature makes it easy for you to automatically escalate your fees on an annual basis. Get all the details from Mary Moore, Product Owner, below.
Simply edit the existing subscription and enter in the fee escalation amount and start date.
Your client will receive an email notifying them of the change and they will simply approve it. Once your client clicks Accept, the escalation will be applied in the month/year you determined! Boom -- it really is that easy!
If your client clicks Decline, the escalation will not be applied and the subscription will continue billing at its existing amount.
You can also add a fee escalation when creating the new subscription. Simply enter in the subscription payment as normal and click Continue. From there, you will see an option to add a fee escalation.
When your client activates the subscription, they will see a message notifying them of the scheduled increase.
Since your client approved the increase as part of activating the subscription, no additional action is required by your client in order for this increase to be applied. Their payment method on file will be charged the increased fee on their next bill date!
Please note, that an email reminder to your client about an impending fee increase will also be sent out on the 20th of the preceding month that the escalation goes into effect. For instance, a client will receive a reminder on September 20th, 2020 for an October 2020 fee increase.
Questions on this feature? Check out our HelpDesk.
Fee escalation is only available on Professional and Enterprise plans. View our plan details here.
You may be wondering, "What is the best way for me to communicate my fee increase?" Stay tuned for more resources covering the best way for you to raise your advisory firm's fees.