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This guide shows you where to read your firm's commission terms on a fund, the fees and conditions locked on each investor you submit, and the commission payments the fund owes your firm after a closing.
Note
This guide is for representatives at broker-dealer (BD) and registered investment adviser (RIA) firms in a fund's selling group, and for managing broker-dealers (MBDs). Before you start, your firm must have accepted its invitation to the fund. You see only your own firm's terms, submissions and payments, never another firm's. If the fund doesn't appear in your broker portal yet, see Get started in the broker portal.
Warning
Covercy will never ask you to share your password, two-factor codes, or banking credentials by email, text, or phone. Covercy One doesn't collect bank details from placement firms, and commissions are paid to your firm outside Covercy One. Treat any message that asks for your firm's bank details or offers to release a commission through a link as suspicious, and always open Covercy directly rather than following links in unexpected messages.
Where your commission information lives
- The fund's terms. The Commissions card and your firm's row in Selling Group show the terms that apply to your firm on that round. They're read-only for you.
- Each submission. The Fees & Conditions card in an investor's drawer shows the figures for that one investor.
- Payments after a closing. The Closings & Payments tab lists the commission payments addressed to your firm and their status.
Review your firm's commission terms
- Sign in to Covercy and open your firm's broker portal.
- Select the fund. If your firm is invited to more than one round of it, pick the round from the round switcher. Each round has its own terms.
- Open the fund's Commissions card to read the fund's commission terms, any custom commission rules with the party each one is payable to, and the Additional Conditions (gross-up and bonus) the fund makes available.
- Open Selling Group and find your firm's row. It shows the terms that apply to your firm, each labelled with where it comes from: the fund's default or an override for your firm.
Note
As a broker, you can't change these terms. The fund manager sets them, and a managing broker-dealer can also adjust firm and investor terms on the rounds it manages. If a term looks wrong, raise it with the fund manager or your managing broker-dealer before you submit.
Read the fees and conditions on a submission
- In the fund, open Opportunities or Funnel and select the investor to open their drawer.
- Find the Fees & Conditions card, between the documents and the Review card. Its header shows the submission's total commissions and net to fund, even while the card is collapsed.
- Expand the card to see the full breakdown: the amount the investor remits, any gross-up or bonus applied, the subscription amount, each commission line with its payee and a badge naming where its rate came from (the fund's default, the firm's override, or an override for this investor), and the totals.
- Hover over or focus a line to see how that figure was worked out.
The card is labelled Snapshot — locked at submission: the terms are captured when the investor is submitted, so later changes to the fund's setup don't silently change them. There are two exceptions, and both are visible to you:
- The fund manager changes commission terms. Submissions whose positions aren't booked yet are re-priced on the new terms and go back to every reviewer for approval again. The re-price appears in the submission's Changes on the Review card, for example as Commission terms changed or Firm commission override.
- A gross-up or bonus opt-in is corrected. You or a reviewer can change the opt-in on the Fees & Conditions card until the position is booked. Covercy warns you first that this re-prices the submission and sends it back to every reviewer. See Submit an investor to an offering.
Tip
Once the investor's position is booked at a closing, the submission's figures are final. A later change to the fund's terms never changes a booked investor or a closing that has already been executed.
Note
On a fund sold only directly to investors, there's no Fees & Conditions card. If a submission has no committed amount yet, the card says there's nothing to price rather than showing zero figures.
Follow your commission payments
When the fund executes a closing, Covercy One creates a pending commission payment for each firm the fund pays at that closing. You'll find them on the Closings & Payments tab of the fund.
- In the fund, open Closings & Payments. Each closing has a row, and its payment-status summary tells you when payments are still pending.
- Open a closing's details by selecting its payment-status summary, or View details from the row's ⋯ menu.
- Find your firm's payment. It shows its status and lists the investors whose commission it carries.
- Expand the closing's row to see the investors in that closing, each with the firm that placed them.
- Pending: the payment is due to your firm and hasn't been recorded as paid yet.
- Paid: the fund recorded that it paid your firm.
- Rejected: the fund declined the payment. Contact the fund manager to understand why.
Warning
Covercy One doesn't move commission money. The fund pays your firm outside the platform, and the fund manager or fund administrator who executes the fund's closings then records it with Mark paid. A payment that reads Paid means the fund recorded the payment, so check your own records to confirm the money arrived. You can't change a payment's status yourself, and a status can go back to Pending if the fund reopens it.
Verify and get help
You're reading the right figures when the Fees & Conditions card on a submission shows the terms you agreed for that round, and each closing your investors were booked in shows your firm's payment with its current status. If a payment you expect is missing, check that you're in the right round, and ask the fund manager or your managing broker-dealer how commission on that round is paid. For a question about a figure, comment on the investor's Review card or contact the fund manager. If you're still stuck, contact Covercy support, and always start from Covercy directly rather than from a link in an unexpected message.
- Can I change my firm's commission terms?
- No. The fund's terms and your firm's row in Selling Group are read-only for a broker. The fund manager sets them, and a managing broker-dealer can adjust firm and investor terms on the rounds it manages. Raise any change with the fund manager or your managing broker-dealer.
- Why did the figures on my submission change after I submitted it?
- Either the fund manager changed the commission terms, which re-prices every submission that isn't booked yet, or someone corrected the investor's gross-up or bonus opt-in. Both send the submission back to every reviewer. Open Changes on the Review card to see what happened.
- Does Covercy pay my firm's commission?
- No. The fund pays your firm outside Covercy One. Covercy One records the payment's status once the fund marks it paid, and never asks your firm for bank details.
- Why don't I see a payment for a closing my investor was in?
- Closings & Payments lists only payments addressed to your firm. Payments are created when the closing is executed, so a closing that hasn't been executed has none yet. If the closing was executed and you still don't see your firm's payment, ask the fund manager or your managing broker-dealer.
- Can my investors see the commissions?
- No. Investors can see your firm's name on their investment, but never commission figures.
- Can I see other firms' commissions on the same fund?
- No. You see only your own firm's terms, submissions and payments.