AdvicePay Financial Advisor Community Blog

Our Top 10 Blogs of 2020

January 14, 2021 By Shannon Beck
Shannon Beck

In 2020, we covered a lot on our blog —fee-for-service tactics, marketing strategies, virtual work tips, pricing strategies, and more!

As we jump into a new year, let's review our top 10 most-read blog posts of 2020.

1. How to Market Yourself Virtually As a Financial Advisor

It is no secret that 2020 has pushed many advisors into going virtual. It is also no secret that people need financial advice now more than ever. So, as a financial advisor, how do you sell and market yourself to prospective clients virtually? Check out these tips for marketing yourself virtually and expanding your reach as a financial advisor. Keep reading. >>


2. Success Stories: Valmark Financial Group®

For three generations, Valmark Financial Group® has been at the forefront of the financial services industry, working exclusively with successful entrepreneurial wealth transfer and wealth management firms to meet the unique and changing needs of clients.

Valmark has come to trust and rely on AdvicePay as its electronic billing solution. We got the opportunity to sit down with Jessica Rorar, CFP®, Director, Investments & Financial Technology, and understand more about Valmark's business and their use of AdvicePay in particular. Read on to see what she had to say. >>


3. How 3 Firms Successfully Structure Their Pricing

There are endless ways to calculate your fees when operating under the fee-for-service model. While no single approach is the solution for every firm, trends in payment calculations have begun to appear among financial planners. If you're still trying to determine the best method for you and your business, these three examples may help provide guidance. Keep reading. >>


4. How to Justify the Fee-For-Service Model to Clients

As fee-for-service financial planning continues to be a growing trend in the financial industry, it’s hard not to compare it to Assets Under Management (AUM), especially when working with pre-retirees and retirees. While AUM is based on growing and maintaining a client’s assets, financial advice was often an add-on that didn’t receive much attention. In recent years, as clients have begun seeking more advice and not just asset management, advisors have shifted to advice-giving, but their pricing model doesn’t often reflect this change. Keep reading. >>


5. How to Work From Home: Tips From the AdvicePay Team

Many professionals around the globe are working from home to prevent the spread of the novel coronavirus (COVID-19). In the era of social distancing, working from home can feel lonely and overwhelming. For many, it is a big adjustment, and developing a rhythm for working from home can seem like a challenge, but it doesn't have to be!

At AdvicePay, we are big advocates of working from home. In fact, since AdvicePay's inception, we have always had a policy in place that allows team members to work from home and some even work remotely 100% of the time. Since we consider remote work to be part of our everyday culture, we have compiled a bunch of work-at-home tips that you can implement now so that you can achieve productivity, keep your sanity, and most importantly, feel a little more "normal." Keep reading. >>


6. Presenting a Financial Plan Virtually

As working from home becomes the new norm and social distancing recommendations are being extended further out, it’s a great time to prepare yourself to present financial plans virtually. Meeting via web-conferencing software, especially if it’s not your norm, can seem a little bit daunting, but we’re here to help! Here are our best tips for making this transition as smooth as possible. Keep reading. >>


7. Using Tiered Service Offerings For Fee-For-Service Financial Planning

It’s no secret that there are a few ways to price your fee-for-service offerings. One potential solution for your practice is to offer different service tiers that align with clients’ goals, needs, and budgets.

Tiered offerings work by packaging together services that appeal to clients at different stages of their financial journey. A basic tier may include more narrowly scoped services like budgeting advice and a risk analysis. As financial needs become more complex, tiers can expand to include more advanced planning like portfolio rebalancing, college planning, distribution strategies, or estate planning needs analysis. 

Tiers can help increase clients’ confidence in their financial plan by allowing them a choice in what services they receive. Of course, when structured well, you’ll know which services would be most impactful and can help clients make the best decision. For clients who are new to financial planning, they may opt for the most basic services, but as you help them progress towards their financial goals, you’ll build trust. As their needs change and potentially become more complex, it’s simple to move them to the next suitable tier. Keep reading. >>


8. Who Is the Fee-For-Service Client? (and Why You Want Them at Your Practice) 

While younger generations have become the face of fee-for-service clients, they aren’t the only folks who can benefit from this unique model. Advisors are having great success in working with various clients of all ages, financial situations, and backgrounds. So, who really is a fee-for-service client? Keep reading. >>


9. How Often Should I Bill My Clients?

AdvicePay may make it easy for your clients to make automatic recurring payments, but you’ll still need to decide what frequency -- monthly, quarterly, or semi-annual -- works best for you and your clients. While it’s certainly important to take your clients wishes into account, here are a few common cases where each frequency makes the most sense. Keep reading. >>


10. Conveying the Value of Financial Planning to Prospects

In our modern world, financial planning clients are drawn more and more to transparency. With the advent of the virtual firm, you’re no longer competing with advisors in just your geographical area, but an array of financial planners across the country. With so many options, it’s more important than ever to be able to communicate the value you bring to the table. 

When thinking through how you can share your unique value to potential clients, ask yourself these three questions:

  • Who do you serve?
  • What problems do you solve?
  • What does it look like to work with you?

Keep reading. >>

As you can see, 2020 was a busy year for us. We can’t wait to continue providing more insights, information, and tips on our blog in 2021!

Ready to try AdvicePay? 



Posted by Shannon Beck

In her role, Shannon oversees all aspects of AdvicePay’s marketing and brand communications. Her experience in marketing for continuing education and tech companies means that she’s both a learner and a teacher through her work. When she’s not using her creative skills to help folks learn about AdvicePay and how to get the most out of it, you can find her kayaking, camping, and trying out new recipes with her husband. Born in Baltimore, she’s still an avid Raven’s fan, cheering from Montana.

Topics: Marketing, Practice Management, Fee-For-Service, Client Relationships