It may seem easy to lean on this widely-used payment platform, but using this platform to charge for financial planning services is in direct violation of PayPal’s Acceptable Use Policy. Advisors using this system for billing and payment risk being kicked off of the platform without notice, losing their data and creating chaos for their practice and their clients.
Beyond the risk of Acceptable Use violation, this platform is not designed for financial services billing and payment. For example, it doesn’t provide the various types of client notification communication surrounding payment and invoices that some state regulators require.
AdvicePay was created specifically for financial planning services. We understand SEC and state compliance regulations and constantly improve our system to keep our users compliant. Client notifications can be customized and set to your preference, but are sent automatically by the AdvicePay system, in keeping with regulatory best practices.
Additionally, in a rare move among software companies, AdvicePay issues monthly system updates to ensure our system is on-point and providing the value our users expect. When regulations change, we adjust quickly. Subscribe to our blog to receive Release Notes on AdvicePay improvements.