How does AdvicePay avoid custody?

Unlike other payment processors, AdvicePay was built to keep advisors compliant:

  • AdvicePay does not give an advisor the ability to withdraw client funds without the client’s approval.
  • When an advisor requests payment from a client, the client approves or denies the payment request in the client portal.
  • If it is a subscription payment, the client only has to approve the request once and the remaining payments are automatically billed, however, if an advisor makes changes to the subscription the client must approve the change. This is different than other payment processors where the advisor doesn’t need client approval to withdraw their funds.
  • Advisors never see clients’ banking or credit card information because clients enter that themselves on their client portal.