AdvicePay Creates Payment Solution for Fee-Only Advisers

Clients can issue payments via a credit card or bank account.

AdvicePay has created a payment solution for fee-only advisers whereby their clients can send them payments via a credit card or bank account. The solution includes a portal for clients where they can review invoices and payments.

“As financial planning looks to expand its reach beyond traditional affluent clientele that pay for services via assets under management (AUM) and towards a fee-for-service model to reach new markets, advisers need a payment processor that can facilitate getting paid financial planning fees in a compliant manner,” says Michael Kitces, co-founder of AdvicePay. “In addition, advisers in the past have struggled to compete with the AUM [assets under management] model when using retainer fees, due to the lack of payment automation and the hassle of asking clients to write paper checks. AdvicePay provides an easy alternative solution.”

All financial information in the system is encrypted. More information about the system is available here.