Maestro is, first and foremost, a robust compensation system capable of paying your reps/advisers according to any number of parameters and permutations. Maestro allows for countless possibilities using the most flexible commission package interface available.
If you are looking to generate:
- Crisp, accurate, and smartly designed pay statements
- Fast and easy reruns of all or some rep/adviser statement calculations
- EFT files each period to facilitate electronic payment via direct deposit
- 1099 reporting along with electronic submission to the IRS
then you really need to take a close look under Maestro's hood.
COMPENSATION Plan Setups
Perhaps your firm has a single compensation schedule that applies to all reps/advisers, or maybe each has their own compensation plan. More likely, your firm falls somewhere in between. This makes the task of delivering complete and accurate pay statements a real challenge – especially using spreadsheets or other manual methods. No matter how your firm's compensation setups vary, Maestro can quickly and accurately process your firm’s payout items and deliver clear, concise and professional statement output to your reps/advisers.
In today’s competitive BD/RIA environment, firms are constantly looking for ways to evolve their edge by updating compensation plans with new enhancements, without having to reprogram the commission system.
Maestro opens the door to being able to offer new and varying ways to pay your reps – quickly and painlessly! Using Maestro's Compensation Package Setup screens, new plans can be created in a flash, then assigned individually or throughout your organization. Changes to any of the commission packages automatically propagate to the assigned reps/advi. Try doing that with a spreadsheet!
Every payout period, Maestro calculates each payees' current year-to-date 1099 total and displays it on the commission statement. This allows the rep/adviser to stay abreast of their tax status throughout the year, and lays the groundwork for a smooth tax reporting season.
Maestro also generates the actual 1099-Miscellaneous paper forms (both rep and IRS copies), along with reports of any adjustment items that may qualify to be included on the payee's Schedule C. For firms who submit their information to the IRS electronically, there is an option to prepare an upload file containing the 1099 data.