Guardian Life’s Park Avenue Securities Selects AdvicePay to Automate Fee-for-Service Financial Planning Billing Processes

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AdvicePay’s Innovative payment processing technology to power Park Avenue Securities’ financial planning subscriptions strategy

As part of this seminal agreement, AdvicePay will automate the billing for financial planning services so that Park Avenue Securities advisors will be able to charge by the hour, monthly, or on a retainer basis, while eliminating the manual, paper-based process of collecting and overnighting checks.

AdvicePay, the leading fee-payment-processing platform designed exclusively for financial advisors, announced today that Park Avenue Securities, a wholly-owned subsidiary of The Guardian Life Company, has selected AdvicePay to help financial professionals who are transitioning their advice strategy to a fee-for-service, financial planning model.

As part of this seminal agreement, AdvicePay will automate the billing for financial planning services so that Park Avenue Securities advisors will be able to charge by the hour, monthly, or on a retainer basis, while eliminating the manual, paper-based process of collecting and overnighting checks. Additionally, AdvicePay will provide business model transition support and guidance from a dedicated Enterprise Relationship Manager skilled in the many nuances involved in rolling out and gaining adoption with fee-for-service financial planning business models.

“Every day there are more and more traditional financial services enterprises making the move from the industry’s product-based roots to fee-for-service financial planning,” said veteran financial advisor and AdvicePay co-founder, Michael Kitces. “Monthly subscription models, retainers, and hourly arrangements, all create significant opportunities to expand financial planning advice to new markets, but only if it is supported by scalable billing technology to handle a high volume of financial planning fee payments efficiently. AdvicePay was specifically designed to support the financial services industry making this historic business model shift, with the necessary business workflows and compliance support tools, and we are thrilled to be working with Guardian Life and Park Avenue Securities as the advisory industry continues this movement.”

As fee-for-service in financial planning gains momentum, more and more financial advisors are working with clients by directly charging for their advice time and expertise, outside of or alongside an asset management or product solution fee. This approach better aligns the value advisors provide with the fees they charge, which is winning with clients. AdvicePay will help enable a new era for Park Avenue Securities to exponentially expand into this new environment.

“AdvicePay for the Enterprise continues to be a change-agent in the large financial services sector,” noted Alan Moore, CEO and co-founder of AdvicePay. “Larger firms have been looking for a purpose-built technology solution to support their ability to scale a high volume of fee payments as their advisors evolve to provide more personalized and flexible planning-based solutions to clients. We are excited to partner with Guardian Life and Park Avenue Securities to bring the needed efficiencies, productivity, and compliance support needed in this ever-changing industry.”

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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