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Minimize the Work of Managing Compliance

Making sure your billing software satisfies compliance requirements now and in the future can be tough to manage when you’re busy marketing your services, growing your practice, and — most importantly — providing value to your clients.

AdvicePay is built to address the unique compliance issues financial planners face when utilizing a fee-for-service model as part of their business.

The Big Win: Avoiding Custody

A 2013 SEC Risk Alert noted that having online access to client accounts can trigger custody, if the online access includes the ability to withdraw funds or transfer funds to another account. While it’s not illegal for financial advisors to have custody, those who do are subject to substantial, additional compliance oversight requirements, including the obligation to arrange for an annual “surprise” audit — costing advisors time and money, costing at least $10,000 or more.

How AdvicePay avoids custody:

• Clients enter their own credit card or bank account information into the AdvicePay Client Portal.
• Advisors cannot view any client bank account or credit card information in AdvicePay.
• Advisors cannot bill clients without their permission — which is documented in the AdvicePay system.
• Advisors cannot withdraw client funds without client approval. Invoices are set up and issued to the client by the AdvicePay system.
• Advisors cannot make any payment or billing changes without client approval. Each change is documented — and downloadable — on every action in every client account. If an audit occurs, your records are ready.

When Regulations Change, So Does AdvicePay

Regulators frequently issue rulings and preferences that change the way financial advisors do business. AdvicePay is the only billing and payment solution that is responsive to financial planning regulatory changes.

Examples of system changes we’ve already made in response to regulators:

• Utah Requirement Met: Ability for clients to cancel subscription payments through their portal, without having to contact their advisor.
• Washington Requirement Met: Including date ranges on subscription invoices.
• Multiple States’ Requirement Met: Ability to download invoices to maintain compliant records.

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Have an idea for AdvicePay?

At AdvicePay, we help financial advisors adapt to changing regulations and accepted practices with efficient system updates designed to reduce your burden in managing compliance. Don’t see a change that you need? We love receiving system enhancement requests from our customers. Easily submit a feature idea online anytime.