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Definition: Payee
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The party designated to receive a payout distribution. Payees can be any of the following types:
Users: Employees of the firm, such as financial advisors, who receive revenue when an account is billed. You set up which users are available as payees in User Management.
Other: Other parties who receive some revenue when an account is billed. For example, you might add the custodian or an SMA manager as Other.
Firm: The firm is assumed to receive 100% of revenue, and does not need to be designated as receiving a percentage of the payout.
Payees and payout distributions are reported on the Firm Revenue Report.