Cambridge Investment Research, Inc. Selects AdvicePay to Propel Fee for Service Financial Planning Strategy

Innovative payment processing platform opens up new markets for Cambridge’s thousands of financial professionals while providing workflow efficiencies

Bozeman, MT and Fairfield, IA – November 19, 2020 – AdvicePay, the leading fee-payment-processing platform designed exclusively for financial professionals, and Cambridge, a leading financial solutions firm, announced today a fee-for-service technology partnership to enhance and expand Cambridge’s alternative pricing models, providing financial professionals with flexible solutions as they integrate planning in their practices.

As part of the agreement, Cambridge’s independent financial professionals will have access to AdvicePay’s advanced technology to enable alternative payment approaches more attune to today’s modern world, including subscription models, flat fee-for-service, or hourly arrangements. AdvicePay’s technology enables financial professionals to charge fees directly for their financial planning services, and accept online payments via credit card or through a bank account using ACH. This technology solution will simplify workflows for both financial professionals and their clients, eliminate manual and paper processes, while also providing compliance oversight.

As of November 2020, Cambridge’s financial professionals who are participating in the beta rollout of AdvicePay have access to a dedicated Enterprise Relationship Manager for training on best practices for leveraging the software and working with clients in a fee-for-service model. A full launch to Cambridge financial professionals is expected for early 2021.

“The financial planning business model is the way forward for financial professionals to directly meet client expectations and to fulfill their financial needs,” said Valarie Vest, Vice President of Fiduciary Services at Cambridge. “Our partnership with AdvicePay will allow our independent financial professionals to expand their payment model and enhance the client experience – providing management of electronic invoicing, automatic client notifications, and online reoccurring payments in one centralized location.” 

“We are experiencing a true transformation in financial planning with the emergence of fee-for-service business models that allow financial professionals to work with clients in new ways, outside of the AUM or commission approaches,” said veteran financial advisor and AdvicePay co-founder Michael Kitces. “This not only helps align the financial professional’s value with how the client pays, supporting the client relationship but also creates significant opportunities to expand financial planning advice to new markets that don’t fit traditional models. We’ve been investing aggressively to customize AdvicePay to meet the unique compliance, security and operational efficiency needs of the enterprise financial professional segment, and are very excited to be working with Cambridge to expand the reach of who their financial professionals can serve.”

Alan Moore, CEO and co-founder of AdvicePay noted, “Cambridge is pushing the industry forward by providing financial professionals with the tools they need to grow and compete in a much more competitive and challenging industry. We look forward to helping them apply our payment processing technology for financial planning services as a key component of the overall financial planning strategy at Cambridge.” 

About AdvicePay

Established by well-known financial advisors Michael Kitces and Alan Moore, AdvicePay is the

only billing and payment processing platform created specifically for fee-for-service financial

planning. Financial professionals benefit from efficient invoicing and payment workflows designed exclusively to support their businesses, including up-to-date compliance and data security management. Users can issue agreements for client e-signature, accept ACH and credit cards bill hourly or one-time fees, or establish recurring retainer or subscription billing compliantly – all through the AdvicePay system.

About Cambridge
Cambridge Investment Group, Inc. is a financial solutions firm focused on serving fee only and fee focused independent financial professionals and their investing clients while preserving its private control. Cambridge offers a broad range of choice for independent financial professionals regarding solutions for advice, growth, technology, and independence. Every journey is important, and driven by feedback from financial professionals and the needs of their businesses, Cambridge is continually expanding digital solutions to allow financial professionals to do more on a digitized basis to increase productivity for their business. Cambridge’s national reach includes a large corporate RIA and independent broker-dealer that is among the largest privately controlled independent broker-dealers in the country. Cambridge continues to be a multi-year honoree as a top workplace1 and broker dealer2 of the year. Member FINRA/SIPC

1The Top Workplace in Iowa, 2020 – 2011, recognition is determined by associate feedback through an anonymous survey conducted by Energage, an independent research company.

 2Investment Advisor magazine, 2020, 2019, 2018, 2017, 2016, 2015, 2014, 2013, 2012, 2010, 2008, 2007, Division IV; 2003, Division III.

Securities offered through Cambridge Investment Research, Inc., a broker-dealer, member FINRA/SIPC, and investment advisory services offered through Cambridge Investment Research Advisors, Inc., a Registered Investment Adviser. Both are wholly owned subsidiaries of Cambridge Investment Group, Inc.