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.
Many small businesses have turned to this platform for accepting payment, but it is not a good choice for financial advisors. Square also states that financial services are excluded from their Acceptable Use policy, and so, advisors using this system risk having their account terminated without notice.
Like other alternative platforms, Square also does not provide adequate client billing and payment confirmation communications to avoid compliance risks. But perhaps most concerning is that this system does store client payment information which is a data security risk. Always ask your payment processor: who stores the data.
Since our platform is made for financial advisors, our communications are designed around the types of interactions and agreements you need to execute with your clients, and maintains a record of these communications for you. With AdvicePay Professional or Enterprise, you can even customize your communications with your own logo and messaging to support your brand.
As for data security, AdvicePay utilizes only the leading data security solutions. Get a full overview of our data security measures, as well as our security policy. We take data security very seriously and are working continuously to adjust to emerging threats, while also taking proactive measures to test and tweak our systems. Can your payment processor say that?
