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.
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.
Topics: Retainer Model
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.
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.