AdvicePay1 provides a simple and efficient solution that enables Investment Adviser Representatives (IARs) to offer clients the ability to pay for Financial Planning and Consulting Services electronically via bank draft, Mastercard or Visa2.
Using AdvicePay, clients can be sent a one-time invoice for Financial Planning and Consulting services provided by IARs based on a flat fee, hourly fee, or up-front fee. This provides a simple and convenient way for clients to pay electronically for those services.
With AdvicePay, recurring fees can be established on an on-going basis (monthly, quarterly, semi-annually, etc.). Once the initial set-up and recurring payment schedule is approved by the client, payments will be made automatically3.
AdvicePay takes the regulatory custody risk out of billing bank accounts and credit cards by using a system that prevents the IAR or Centaurus from having direct access to the clients’ billing information. AdvicePay also requires clients to approve any changes in payment amounts or frequency.
Client & IAR Portal
Clients have access to an AdvicePay portal which will allow them to maintain payment information and manage invoices. IARs also have access to an AdvicePay portal which will allow for the tracking of payments and activity for all clients using the service.
There are no direct costs to the client in order to utilize AdvicePay. The following fees below are billed directly to the IAR for clients that use the service:
- Monthly Fee: $45 per IAR
- Bank Draft Transaction Fee: 1.5% per transaction
- Credit Card Transaction Fee: 3.5% + $0.30 per
To utilize AdvicePay, when completing the Financial Planning and Consulting Services Agreement, simply check the “AdvicePay Electronic Payments” box located on Schedule A of the agreement and include the clients valid e-mail address. Upon receipt of the completed agreement, Centaurus and AdvicePay will handle the rest!
If using the service for the first time, IARs will receive an e-mail from AdvicePay in order to register and establish online access to the portal.
Clients will be sent an e-mail from AdvicePay with a link to a secure website in order to set-up the desired payment information via bank draft, credit card, or both. Once a client has established their account, the payment of any fee invoices can be made electronically. IARs will also receive copies of any e-mail communications sent to the client.
For any questions regarding AdvicePay, please contact the billing team in the Centaurus Wealth Management Department at firstname.lastname@example.org.
1AdvicePay and Centaurus Financial, Inc. are not affiliated companies.
2American Express is not currently an accepted form of payment.
3With recurring payments established, the Centaurus Order Form 4 is no longer necessary for any subsequent fee payments received.