Advisors working with TD Ameritrade Institutional can now streamline and automate their advice billing processes in order to get paid faster
Bozeman Montana | November 01, 2018
AdvicePay, a leading payment-processing platform designed exclusively for financial advisors, announced today a new technology integration with TD Ameritrade Institutional’s Veo One workstation. Through this tight integration, the over 6,000 advisors working with TD Ameritrade Institutional will be able to access AdvicePay via a single sign on within the TD Ameritrade Institutional portal, saving advisors valuable time, creating efficiencies and speeding up the revenue collection process so that they get paid faster.
“As the fee for service movement gains momentum, more and more advisors are working with clients by directly charging for advice outside of an asset management fee,” said AdvicePay Co-Founder and CEO Alan Moore. “However, current billing systems are not flexible enough to avoid compliance issues around custody – until now with AdvicePay.”
AdvicePay is an innovative payment processing system advisory firms can leverage to expand their business models to include minimum advice fees, ongoing retainer fees, and standalone planning fees – all innovative ways to work with clients and then bill them directly through technology, avoiding paper checks, invoices and manual processes. This new technology solution enables advisors to more profitably serve their existing clients as well as open up new markets of clients who simply want to pay for financial planning advice directly from a checking account or credit card.
The new integration with TD Ameritrade Institutional’s Veo One workstation allows advisors to process their advice-based billings directly within Veo One providing valuable time savings, creating efficiencies, while enhancing the service they provide to clients.
“We are excited to be a key provider with leading custodians such as TD Ameritrade Institutional to simplify and expedite the payment processing for financial planning firms through our new technology solution,” Moore said. “TD Ameritrade Institutional is known as being on the fore-front in helping advisors achieve operational efficiencies through their award-winning integration approach and we look forward to continuing to invest in joint solutions.”
Established by well-known, experienced advisors Michael Kitces and Alan Moore, AdvicePay is a leading payment processing platform for financial advisors designed to help advisors bill their hourly, retainer, subscription, and other financial planning and advice fees while complying with custody regulations, keeping client data secure, and providing efficient ways to manage fee-for-service billing. Users can accept ACH and credit cards, bill one-time payments, and establish recurrent retainer or subscription billing compliantly – all through the AdvicePay system.