This is an overview of how to create and update an Affiliation.
Before adding an affiliation, it is essential to create an agency first, as agencies serve as the contact records for the affiliations.
Why are Affiliations Important?
Affiliations are important in Core for several reasons:
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Organizational Structure: Affiliations help create a clear organizational hierarchy by grouping agents and agencies according to their reporting lines or business relationships.
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Reporting and Data Analysis: By associating agents and agencies with specific affiliations, Core allows for insights at different hierarchy levels, from individual agents to larger groups.
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Commission Management: Affiliations are used to define commission structures and payout rules.
Creating an Affiliation
When creating an affiliation, only two fields are required: Name and Distribution Channel.
Additionally, you should add the parent affiliation first to establish its position in the hierarchy and repeat the process to add each child affiliation as needed.
- When creating a recruiter affiliation, keep it as a parent hierarchy. You can attach both a Level 1 affiliation and a recruiter as a second Level 1 affiliation to an agency or agent record.
- Even though the commission module isn't built yet, indicate that the affiliation is commissionable if it applies.
- The system will automatically enable the affiliation with the Listing Enabled checkbox.
- Ensure you mark the affiliation as applicable to agents.
- It is strongly recommended to include an agency party in the affiliation.
I have an Independent Agent
You will need to create an Independent affiliation for agents who are independent because Core uses affiliations as an organizational structure for contracting and commissions.
Using a clear and visually distinct name, such as "*Independent Affiliation" or "*Indep Agents," can make it easier to identify and manage these agents in the system.
This naming convention ensures that the independent nature of the affiliation is immediately recognizable, simplifying navigation and reporting.
Important Terms
Affiliation: Connect agents with similar reporting interests, creating a structured hierarchy for comprehensive reporting at multiple levels, including the highest parent level. This hierarchy is essential for effective contracting and commission processes, ensuring each agent or agency is linked correctly. Affiliations also define specific restrictions for agent profiles, including rules of engagement and commission payout structures for each group of advisors.
Parent/Level 1 Affiliation: The highest level in the affiliation hierarchy within Core. It represents the primary organizational entity or top-level grouping to which multiple agents or agencies are connected.
Child Affiliation/Subordinate Affiliation: The subordinate level(s) representing a subset of agents or agencies under the management or supervision of a parent affiliation.
Distribution Channel: Every affiliation must be linked to a distribution channel, which could be a broker-dealer, bank, independent account, or similar entity.
Recruiter: In Core, a recruiter serves as a Level 1 affiliation within the distribution channel hierarchy.