BOZEMAN, Mont., March 18, 2021 /PRNewswire-PRWeb/ -- AdvicePay, the leading fee-payment-processing platform designed exclusively for financial advisors, announced today a new mobile check deposit capability for its enterprise clients. Now, companies supporting large numbers of financial advisors can empower their branch office staff to quickly and easily deposit financial planning checks into home office systems, avoiding any risk of triggering custody by holding client checks while eliminating the need for costly overnight mailing expenses.
Available via desktop and mobile devices, AdvicePay's mobile check deposit feature expedites check handling in a remote "work from home" environment due to the pandemic, enabling advisors and staff to deposit checks from anywhere. But in the longer term, it will enable financial advisor enterprises to get out of the paper check processing business altogether, delivering much quicker access to funds, while streamlining a manual, mail-based, and expensive workflow.
"Companies supporting multiple financial advisor branch locations that all deliver financial plans for fees can quickly rack up astonishing postage costs due to the requirement to overnight checks to the home office to avoid custody, and can quickly become bogged down in the staff time to process a large number of physical paper checks," said Alan Moore, CEO and co-founder of AdvicePay. "By enabling mobile, online deposit of paper checks, AdvicePay eliminates the need to overnight checks altogether, and consolidates separate workflows for credit card, ACH, other digital wallet payments, and paper check systems, into a single workflow environment that enables organizations to track, manage, and report on all payments for financial planning services in one convenient place, powered by modern technology."
"As AdvicePay becomes mission-critical for enterprise organizations supporting large numbers of financial advisors trying to reach next-generation clients with fee-for-service financial planning business models, we are excited to continue to invest in the platform to bring more and more workflow enhancements," said Michael Kitces, veteran financial advisor and AdvicePay co-founder. "Financial advisor and client demand is confirming that the future of financial planning advice will include a heavy component of fee-for-service clients alongside the traditional AUM model, making AdvicePay a strategic imperative for enterprise organizations looking to scale the billing and payments of fee-for-service as smoothly as their existing systems for AUM fees, while empowering their advisors with the latest technology efficiencies to engage clients with new fee models."
To learn more about mobile check deposit from AdvicePay, log onto https://info.advicepay.com/mobile-check-deposit-enterprise
Timothy Welsh, Nexus Strategy, 415-847-4874, [email protected]