AdvicePay Financial Advisor Blog

Independent Payment Processing is Good For Financial Advisor Client Protection

May 24, 2018 By: AdvicePay

Everyone knows trust must be at the core of every good relationship, and this is even more true when money is involved. As a general rule, nobody likes to worry about money, but it remains a top concern in our highly technological world due to the ever-present risks of credit card fraud, phishing, spyware, and identity theft.

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Topics: Compliance

Fee-for-Service Financial Advisor Model

May 22, 2018 By: Alan Moore

The financial advisory industry is currently going through tremendous changes. Getting paid as an advisor used to be easy. Advisors simply either got paid a commission or charged an asset management fee.   

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Topics: Retainer Model, Marketing

Why Pricing Shouldn’t Be an Issue with AdvicePay

May 17, 2018 By: Alan Moore

Lately we’ve noticed a trend of more and more advisors moving to a fee-for-service model, and often once they try it out, they find it is the best solution for their business. Removing the monthly time investment required to process invoices and payments can be a huge advantage with this type of service. That is why companies choose to utilize a platform like AdvicePay that can be leveraged to accept and manage payments easily and seamlessly, while still remaining compliant. With more time freed up, you can focus on getting more work done for your clients.

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Topics: Retainer Model

Why Can’t I Just Use Quickbooks or PaySimple?

May 15, 2018 By: Alan Moore

There are many payment processor options out there, and when evaluating the best solution for your business, the differences aren’t always immediately apparent. As you compare AdvicePay with other systems, you may notice that some have lower monthly fees or transaction costs. However, while they all functionally can move money from point A to point B, there are distinct differences to consider.

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Topics: Compliance

Are clients involved when Triggering Payments Each Month/Quarter?

May 11, 2018 By: Alan Moore

One of the major advantages of AdvicePay is subscription payment functionality. Once you have set up a subscription payment for a client — whether it be monthly or quarterly — the client will approve that payment and those payments will then be made automatically moving forward. Clients are notified seven days before the money is deducted in order to meet various state regulations and the SEC's rule on annual disclosures of fees to avoid inadvertent custody. This happens automatically with each payment instead of once a year, but it will allow you to meet the requirements.

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Topics: Compliance

April Release Notes

May 04, 2018 By: AdvicePay

APRIL RELEASE NOTES SUMMARY:

  • Emails to clients include the advisor email address
  • Add Additional Admin Users on Professional and Enterprise
  • Cancel Unpaid/Inactive Invoices Without Notifying Clients
  • Enterprise Firm Managers Can Delete Advisors
  • Sorted Data Tables
  • Optimization of Tables on Mobile
  • Manage AdvicePay plan

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Topics: Release Notes

March Release Notes

April 30, 2018 By: AdvicePay

March Release Notes Summary:

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Topics: Release Notes

What Makes AdvicePay Compliant

April 26, 2018 By: Alan Moore

We understand that as an advisor, compliance is always top of mind, and avoiding custody is a priority for almost all firms. You’re probably asking yourself what about AdvicePay makes it compliant? There are three main “buckets” of features we have built into AdvicePay to keep your firm compliant. One of the major differences between AdvicePay and other payment processors is that we are specifically designed for financial advisors!

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Topics: Compliance

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