AdvicePay Financial Advisor Community Blog

Are You Using the Technology You Need to Succeed As a Financial Advisor?

March 11, 2021 By Lana Dalton
Lana Dalton

With 2020 finally behind us, we can’t ignore the fact that we experienced a transformative era in the rise of technology. We saw many aspects of business, meetings, and transactions all come online and in a virtual format. It gave most workplaces an opportunity to evaluate their current software platforms and determine what is needed to keep up with an ever-changing environment.

Billing & Payment Processing

For an advisor who offers fee-for-service planning, having a digital solution to collect payment is essential to keep up with the current and future generations of clients. Not only does AdvicePay serve as a quick and convenient way for your clients to pay their invoices, but it also avoids any kind of risk and adheres to compliance requirements. While there are products on the market such as PayPal, Square, and Quickbooks, just to name a few, they lack the features to remain compliant with custody regulations. One of the main advantages of AdvicePay is that it was designed specifically for financial advisors. Other payment processors will be unlikely to meet your requirements as a financial advisor, or even fail to be permissible for use by financial advisors due to state and SEC regulations.

Quickbooks is one example of a well-known service you might consider. Their bookkeeping services are definitely useful, but you can’t use their merchant account services to transfer money for your clients without facing a host of problems. Quickbooks’ Terms of Services agreement expressly states that financial advisors may not use their Intuit merchant account. Using Quickbooks in that capacity creates the potential for you to be kicked off the Quickbooks system and risk having your account deleted even if you have been a long-time user.

Check out this AdvicePay User Success Story from a firm who was kicked off Quickbooks without warning.

With AdvicePay, clients have the ability to accept or decline a payment request or subscription, can manage their own bank account information, and advisors are unable to pull funds from a client’s bank account without approval. Additionally, AdvicePay issues monthly system updates to ensure that our platform keeps up with regulatory changes and best practices. While some financial advisors use alternative billing and payment systems, AdvicePay is paving the way for financial advisors to run their fee-for-service business efficiently and scale with the growing use of technological platforms.

Download our overview of billing and payment platform alternatives being used by financial planners, and reasons why AdvicePay may be the better choice for your practice.


As you start to evaluate the software your firm needs, it is also important to have platforms that integrate with one another to set up a seamless flow of client information. This creates an improved experience for you and your clients, which will only grow your business.


We live in a digital age and our world is increasingly moving away from paper and pens to the convenience of applying signatures via screens and technology. The process of gathering signatures is a common productivity killer -- why waste time printing and sending paper contracts to your clients when you could collect a signature instantly, anytime, anywhere?! AdvicePay’s HelloSign and DocuSign integrations both allow you to directly send agreements and get paid through one, simple workflow. 


Furthermore, if your firm is utilizing a CRM to gather and store client information, you also have the ability to set up integrations with a multitude of products including Wealthbox, Redtail, PreciseFP, and Salesforce/XLR8. Having these integrations in place before introducing AdvicePay to your clients will create a simplified onboarding experience for your client and will end up saving you time and money in the long term. 

Attracting and Retaining Clients

Lastly, updating your tech stack will also help you attract and retain new clients. AdvicePay offers your clients an intuitive online portal to manage their payments. Being able to introduce a user-friendly way for your clients to set up their banking information, access invoices, and view their subscriptions at the start of your advising journey, will ensure a long lasting relationship. Having the ability to incorporate branding elements into your client’s portal such as placing your logo on invoices and in the emails they receive, creates a customized experience and reassures your clients that they are in the right spot to submit their payments. Integrating your brand into your billing software not only gives your clients a personalized experience but will contribute to the longevity of your relationship.

Learn more about the benefits of the AdvicePay Client Portal.

In a rapidly changing world where paper checks are becoming antiquated and, mobile payment methods are gaining popularity, it’s important to make sure that your firm and clients are prepared with the appropriate technology in place. Having these tools integrated into your firm will help pave the way to lead you to success. 

Are you ready to see how AdvicePay can help you succeed?



Posted by Lana Dalton

Lana is a Happiness Champion (aka Relationship Manager) at AdvicePay and loves helping enterprise users implement and optimize the AdvicePay platform. After graduating from the University of Washington in Seattle, Lana spent the past three years working in the tech industry, helping organizations implement software, create training content, and establish onboarding processes. When she’s not helping our enterprise users, you can find Lana trail running, backcountry skiing, and cooking different types of cuisine.

Topics: Practice Management