Valmark Financial Group Enhances Client and Advisor Experience with AdvicePay

For over three generations, Valmark Financial Group has specialized in providing innovative financial services to entrepreneurial wealth management firms. By leveraging technology, Valmark has consistently met the evolving needs of its clients. In 2019, the firm adopted AdvicePay to enhance its billing processes, enabling a more efficient fee-for-service model.

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The Challenge

Valmark faced significant operational challenges in processing fee-based payments. Advisors were required to collect checks from clients, which involved a cumbersome ten-day turnaround for check processing and shipping to the home office. This outdated method was increasingly inconvenient, especially as clients relied less on physical checks and more on modern payment options like credit cards and mobile payment services.

The Solution

After a thorough selection process, Valmark chose AdvicePay for its electronic billing capabilities. The platform met essential criteria, including avoiding custody of client funds, enabling eSignature on agreements, and providing a secure payment processing system. Jessica Rorar spearheaded the implementation, focusing on the platform’s benefits for clients, advisors, and Valmark as a whole.

START YOUR STORY

Jessica Rorar, CFP®

"If your process today is collecting physical checks for fee-for-service OR if you are thinking of starting a fee-for-service model, AdvicePay is the answer from both a convenience and efficiency standpoint."

The Results

Since implementing AdvicePay, Valmark has seen a transformation in their billing processes.

Efficiency Boost

Back-office processing times have decreased significantly, allowing for faster service delivery

Increased Adoption

More advisors are utilizing the fee-for-service model and introducing subscription-based payment options

Client Experience

Clients are offered more convenience and can eSign agreements and make payments in under 2 minutes

Advisor Satisfaction

Advisors enjoy not having the hassle of physical check collection, saving time and costs related to shipping

Key Takeaways

Efficiency Drives Success

Automating billing processes through AdvicePay has led to significant time savings and reduced operational costs for Valmark

Efficiency Drives Success Automating billing processes through AdvicePay has led to significant time savings and reduced operational costs for Valmark

Client-Centric Approach

AdvicePay enables Valmark to offer a modern, digital payment experience that meets clients’ needs for convenience and speed, improving overall satisfaction and engagement

Client-Centric Approach AdvicePay enables Valmark to offer a modern, digital payment experience that meets clients’ needs for convenience and speed, improving overall satisfaction and engagement

Subscription Model Implementation

The platform facilitates a shift from annual fees to subscription-based models, enhancing revenue predictability

Subscription Model Implementation The platform facilitates a shift from annual fees to subscription-based models, enhancing revenue predictability