Business model for retainer services

Financial Planning Fees & Clients

Charging for Retainers

Best Clients for Retainer Fees

Compliance and Retainers

Billing for Recurring Fees

Combining Retainer Fees & AUM

Broker-Dealer Compliance & Retainers

Compliance and Payment Processing

Compliance and payment processing financial advisor fees

The monthly retainer model is appropriate for Gen X and Y customers on so many levels, it’s sometimes easy to overlook that it comes with some disadvantages. Perhaps the greatest of these is that payment processing for financial advisor fees is not so simple. It may seem like an easy task to set up a system that allows you to charge directly every month, but the reality is that “compliant” and “billing solutions” are not always compatible terms in the retainer model.

To bring these two ideas together in a fruitful way, AdvicePay created a payment solution. AdvicePay ensures that the client stays in control of their own funds, something which is at the heart of the financial services regulation compliance. It allows you to charge your clients using credit cards or ACH without diminishing the client’s agency. Your client has the choice to make this a once-off or recurring payment. Obviously, the choice of the recurring payment is favourable when it comes to the retainer model, but allowing your client the option keeps the ball consistently in their court. They also have the option to cancel their subscription at any time. In addition, there is full disclosure of their payment records at all times, including past invoices and upcoming payments.

AdvicePay is currently the only compliant payment processor for financial advisors, and was created so that you have peace of mind when shifting to the retainer model while maintaining compliance.