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.
Like others, the Acceptable Use policy for this platform also restricts against use by financial services businesses. While it may seem convenient initially to keep everything in Quickbooks, know that you’re risking eviction from the platform if found in violation of this policy.
Beyond Acceptable Use risks, Quickbooks Merchant also places advisors at risk for compliance violations. The system does not restrict advisors from increasing a recurring invoice without notification to the client and clients do not have the ability to decline or cancel an invoice. The audit won’t be quick if this is your billing and payment provider for your financial planning practice.
AdvicePay acts as a third party, protective layer between advisors and their clients when it comes to handling billing and payment information and permissions. Our workflow is designed to keep regulators happy so that if the audit comes, our users can simply download reports of their client transactions and know they have avoided custody in these areas.
AdvicePay is created by financial planners for financial planners.
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