AdvicePay Expands Billing and Payments Platform with New Fee Calculator

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Advisors are able to streamline, standardize and automate their fee-for-service billing processes through innovative fee calculation engine

The AdvicePay Fee Calculator will be a powerful efficiency, productivity, and compliance tool for fee-for-service payments.

AdvicePay, the only financial planning fee-for-service billing and payment platform designed exclusively for financial advisors, announced today the launch of a new fee calculator that simply and easily calculates the amount of fees that are due based on various client-fee schedules and scenarios, while automatically creating accompanying invoices for compliance purposes and to implement the actual billing process.

The new AdvicePay Fee Calculator eliminates the manual steps advisors previously used in their billing processes, both saving time and eliminating errors, and providing a compliance and regulatory audit trail to document why and how the client’s fee was determined.

“Advisors have been seeking out fee calculation capabilities and automation that are integrated into their billing and payments technology,” said AdvicePay Co-founder Alan Moore. “The AdvicePay Fee Calculator will be a powerful efficiency, productivity, and compliance tool for fee-for-service payments.”

As the fee-for-service movement in financial planning gains momentum, more and more advisors are working with clients by directly charging for their advice outside of or alongside an asset management fee for portfolio management or a commission for product implementation, from monthly subscription fees to income-and-net-worth retainer fees and more.

“The challenge of the fee-for-service model is that for the first time ever, advisors are entirely on their own to determine what fee to charge in the first place,” said AdvicePay co-founder Michael Kitces. “The significance of AdvicePay’s Fee Calculator isn’t just that it is critical from a workflow automation perspective to standardize the fees that advisory firms charge across the business, but it will also provide a visual means for advisors to show and discuss how they set their fees with clients, and to justify and validate why the advisor is charging the fee that they do for the value they provide.”

AdvicePay is an innovative payment processing system that advisors can incorporate to expand their business models to charge minimum advice fees, ongoing monthly subscription fees, quarterly or annual retainer fees, along with standalone planning fees – all innovative ways to work with clients and then bill them directly through technology, avoiding paper checks, invoices, and manual processes. This new technology solution enables advisors to open up new markets of clients, who simply want to pay for financial planning advice directly from a checking account or credit card.

“We’ve had an excellent response from the industry for AdvicePay, particularly amongst large RIAs and hybrid broker-dealers looking to expand from the fee-based and AUM models into the fee-for-service model, and look forward to continuing to enhance the platform with important features and functionality such as our new Fee Calculator to make AdvicePay even more useful to advisors and to help them maximize their technology investments,” Moore said.


About AdvicePay

Established by well-known financial advisors Michael Kitces and Alan Moore, AdvicePay is the only billing and payment processing platform created specifically for fee-for-service financial planning. Financial advisors benefit from efficient invoicing and payment workflows designed exclusively to support their businesses, including up-to-date compliance and data security management. Users can issue agreements for client e-signature, accept ACH and credit cards, bill hourly or one-time fees, or establish recurring retainer or subscription billing compliantly – all through the AdvicePay system.

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Timothy Welsh
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