Important updates to Quovo procedures
- Quovo accounts that are billed on need to be currently aggregating by the end of the quarter in order for Dynamic to process bills.
- Quovo accounts that are not currently aggregating (whether due to failed credentials, or missing or inaccurate data feeds) will be not be billed until aggregation is corrected. In certain instances, this may impact the bills for related household accounts if the assets in the Quovo accounts are tied to a tiered or blend fee schedule for other accounts. We strongly recommend using a separate fee schedule for accounts that are aggregated using Quovo, so that billing of related household accounts is not affected by failed data feeds.
Quovo account balances and transactions are processed based upon data feeds from third parties and may not be accurate at all times. Consequently, Wealth360 reports may not reflect the same activity or values as are represented on client account statements from the source of the account data. While Dynamic monitors data feeds and oversees account activity, in most cases we don’t have access to the source account data. Consequently, it is a best practice for advisors to review Quovo accounts periodically and before the end of the quarter to ensure the balances look correct.
- If you discover a discrepancy in values after billing, please immediately send a Service Request so the bill can be corrected.
- If accounts are active in Quovo, Dynamic and Advisors are charged Quovo fee, even if the account balance is zero. To avoid charges for closed or terminated Quovo accounts, please submit a termination Service Request.