The truth is, if you’re a financial advisor offering fee-for-service planning, there is no other platform designed specifically for your needs. Some financial advisors are using other billing and payment systems for their business, but there are definite risks (and extra work) involved in doing so.
Here’s a quick overview of billing and payment platform alternatives being used by financial planners, and reasons why AdvicePay may be the better choice for your practice.
While this platform can process payments, it could also trigger custody since advisor can enter credit card or ACH information in their gateway. Additionally, on a recurring invoice, the advisor can update the billing amount without the client’s approval — a definite trigger for compliance.
In AdvicePay, your clients enter their own credit card and/or ACH information into the secure AdvicePay client portal; advisors don’t handle payment information. Our eSignature feature even allows client and payment agreements to be signed within AdvicePay, ensuring that the handling of all documentation, billing amounts, and payment information avoids custody.
