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AdvicePay vs Other Platforms

Here’s a quick overview of billing and payment platform alternatives being used by financial planners, and reasons why AdvicePay may be the better choice for your practice.

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11,000+ advisors across the country are growing their business with AdvicePay

Limitations of Generic Payments Platforms

Compliance Risks

It may seem easy to lean on widely used payment platforms like PayPal, Square, Quickbooks, PaySimple, Bill.com, and Wave. But none of these platforms are designed for financial services providers – they often require workarounds and expose your firm to compliance complications.

PaySimple

Has no safeguards to prevent an advisor from changing a client’s fees without first getting their approval.

Quickbooks

Lacks an option for clients to decline or cancel an ongoing or recurring invoice within the platform.

PayPal

Won’t provide the client communication about invoices or payments required by some state regulators.

Square

Stores client payment information which poses a data security risk and may trigger extra compliance requirements.

Acceptable Use Policies

Many of these vendors also prohibit use by financial services businesses in their Acceptable Use policies (like PayPal, Square, Quickbooks, and Wave). By using these payment services, you’re risking being kicked off the platform without warning – losing your data and cash flow in the process.

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Dedicated to Fee-For-Service Financial Planners

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With AdvicePay, our sole focus is serving fee-for-service financial planners. That means no extra effort to “make it work” for your business because we’ve designed our tools and capabilities to meet compliance requirements from the jump. Plus if anything in the regulatory landscape changes, you can rest assured that our team is making the necessary product updates to satisfy the new rules.

What should you know before choosing a platform?

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The Other Options

Add-On Payments Tools

As the fee-for-service model grows in popularity, you may find that another platform you use (like RightPay or Envestnet) offers a payment capability in its product lineup. Even though these tools generally carry an additional cost to your monthly subscription, this can be a tempting option as it doesn’t introduce a new vendor relationship into the mix. 

But choosing a built-in payment tool also locks your firm, and all your advisors doing fee-for-service financial planning, into using only that platform. It robs your advisors of the freedom to choose the tech that works best for them and their clients, and it makes it more difficult to make changes in your tech stack down the road.

 

Empowering Advisors with Flexible, Connected Tools

As a standalone platform, AdvicePay gives advisors flexibility while also providing a centralized hub for fee-for-service oversight to the home office.

Our integrations with the industry’s most-used applications offer a streamlined user experience, and ensure that future changes to your tech stack won’t disrupt operations.

Rapid Implementation, 4x Faster Than Custom Solutions

When you choose AdvicePay, you get Stripe’s industry-leading payment processing technology plus all the benefits of our robust and compliant fee-for-service enablement platform.

Our configurable modules and robust API mean you can be up and running 4x faster than a custom solution, and you’ll have a dedicated customer success team who understands the nuances of the financial planning industry.

Build It Yourself

If your firm has developers, you might consider “cutting out the middle man” and building a custom solution on top of Stripe or another payment gateway. Doing it yourself sounds like an economical choice at first – but when calculating the time and expenses associated with in-house development, maintenance, and support, the costs are generally 5x (or more) of what you’d spend on AdvicePay. Check out our Build or Buy Guide to learn more.

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How AdvicePay’s Platform is Different

At AdvicePay, helping advisors get paid for financial planning is our only priority, not just another industry on an ever-growing list of our “target audience.” Our whole team is dedicated to creating new features, integrations, and resources that make life easier for everyone at your firm.

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Efficient

Get work done quickly and realize immediate value with configurable workflows and built-in compliance and oversight tools

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Best-of-Breed

Balance flexibility and control with a purpose-built platform that integrates with the tools your team already uses and loves

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Proven Partner

Have confidence knowing our industry-tested solution and industry-expert team are here to support you every day

What’s the ROI for AdvicePay?

Based on our annual trend report and customer analysis, firms using AdvicePay see these kinds of results within their first 2 years.

457%

growth in subscription-based financial planning revenue

3.2x

net new asset growth achieved for advisors efficiently using AdvicePay

27%

less paperwork when client delivering documents with AdvicePay

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AdvicePay: The Best Platform for Fee-for-Service Planning

AdvicePay is the industry-leading solution for processing payments and overseeing compliance of fee-for-service financial planning. Our singular focus is providing firms – no matter how big or small – the tools they need to launch and scale their fee-based services model with convenience, compliance, and confidence.

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