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Review and report on every plan
Compliance teams can design templates and workflows to meet regulatory requirements with automatic due dates, reminders, and approval triggers to ensure advisors adhere to your firm’s policies every step of the way. And with all fee-for-service agreements, invoices, subscriptions, and deliverables in one system, AdvicePay centralizes oversight to make it quick and easy for compliance managers to review every plan, not just a spot check of a small sample.
When an audit is requested, AdvicePay has your organization covered. Simply download records like invoices, activity logs, and email logs to report on all actions taken by advisors, back office staff, and clients.
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Synchronize contracts and invoices
Firms can manage client agreements and prevent data errors by activating AdvicePay’s complimentary eSignature service or using one of our other eSignature integrations. Compliance and legal teams can assign specific contract templates to specific types of client engagements and include having the client sign them as a required step in the billing process. Plus your team will feel confident knowing that invoice amounts and other key information are automatically pulled into the contract, so there’s never a data mismatch that results in client refunds or compliance headaches.
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Avoid triggering 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, upwards of $10,000 or more.
AdvicePay guards against custody by ensuring that clients always enter their own payment information and that advisors cannot view a client’s bank account or credit card information. AdvicePay also documents client approval prior to billing, payment, and any billing or payment changes (like a fee increase). All these records are downloadable, so you’re prepared in the event of an audit.
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Automatically request and track deliverables
Include one-time or recurring deliverables as a required step in your fee-for-service workflow to provide validation that plans were delivered for the fees charged to the client. Advisors can upload documents or screenshots along with a digital attestation to verify that the firm’s policies and procedures were followed. Designated reviewers can approve or reject deliverables and effortlessly track all open, past-due, and completed deliverables.
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Easily adapt to regulatory changes
Regulators frequently issue rulings and preferences that change the way financial advisors do business. Because AdvicePay is dedicated to financial planning, we respond quickly to regulatory changes from the SEC, FINRA, or state regulatory bodies.
A few of the changes we’ve made to adhere to new regulatory requirements and preferences include allowing clients to cancel subscription payments through their portal, without having to contact their advisor (Utah), including date ranges on subscription invoices (Washington), and the ability to download invoices for compliance records (multiple states).
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Keep information secure
At AdvicePay, we take data security very seriously. Our platform has robust security measures to safeguard sensitive financial information. We only use encrypted communication and – unlike other payment platforms – client payment information is never stored in our databases.
We also perform an annual SOC 2 Type II audit – this Attestation of Compliance is widely known as the industry benchmark for SaaS businesses and the most stringent examination of an organization’s security controls, policies, and procedures.
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Ensuring Ironclad Security: A Closer Look at How AdvicePay Keeps Your Data Secure
Evaluating Your Billing & Payment Solution: Key Questions to Ask As a Financial Advisor
