Maestro is, first and foremost, a robust commission system capable of paying your reps 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 rep statements
- Fast and easy reruns of all or some rep statement calculations
- EFT files each period to pay your reps electronically
- 1099 reporting along with electronic submission to the IRS
then you really need to take a close look under Maestro's hood.
Commission Plan Setups
Perhaps your firm has a single compensation schedule that applies to all reps, or maybe each individual rep has their own commission plan. More likely, your firm falls somewhere in between. This makes the task of delivering complete and accurate rep statements a real challenge – especially using spreadsheets or other manual methods. No matter how your firm's commission setups vary, Maestro can quickly and accurately process your firm’s commission items and deliver clear, concise and professional statement output to your reps.
In today’s competitive broker-dealer 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 Commission Package Setup, new plans can be created in a flash, then assigned on a per-rep basis or throughout your organization. Changes to any of the commission packages automatically propagate to the assigned reps. Try doing that with a spreadsheet!
Every commission period, Maestro calculates each reps' current year-to-date 1099 total and displays it on the commission statement. This allows the rep to stay abreast of his tax status throughout the year, and lays the groundwork for a smooth reporting season.
Maestro also generates the actual 1099-Miscellaneous paper forms (both rep and IRS copies), along with per-rep reports of any items that may qualify to be included on the rep'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.