AdvicePay Financial Advisor Community Blog

Feature Release: Auto Fee Escalation

October 17, 2019 By Mary Moore
Mary Moore

We are thrilled to be releasing our newest feature release -- auto fee escalation. That's right, we have added the ability for you to effortlessly (and compliantly) increase your client's subscription fee each year by adding an automatic fee escalation!  

As the end of the year approaches, it may be time to start thinking about adjusting your fees. Maybe you have a small client who doesn't generate enough revenue, or maybe you are doing more for your clients. Whatever the case may be, our newest feature makes it easy for you to automatically escalate your fees on an annual basis. Get all the details from Mary Moore, Product Owner, below.

New Feature  Fee Escalation

Whats new?

Add a fee escalation to an actively billing subscription

Simply edit the existing subscription and enter in the fee escalation amount and start date. 

Fee escalation 1

Your client will receive an email notifying them of the change and they will simply approve it. Once your client clicks Accept, the escalation will be applied in the month/year you determined! Boom -- it really is that easy! 

Fee escalation email

 

If your client clicks Decline, the escalation will not be applied and the subscription will continue billing at its existing amount.

 

Add an annual fee escalation when creating a new subscription

You can also add a fee escalation when creating the new subscription. Simply enter in the subscription payment as normal and click Continue. From there, you will see an option to add a fee escalation. 

 

add fee escalation

 

When your client activates the subscription, they will see a message notifying them of the scheduled increase.

client fee escalation

Since your client approved the increase as part of activating the subscription, no additional action is required by your client in order for this increase to be applied. Their payment method on file will be charged the increased fee on their next bill date! 

Please note, that an email reminder to your client about an impending fee increase will also be sent out on the 20th of the preceding month that the escalation goes into effect. For instance, a client will receive a reminder on September 20th, 2020 for an October 2020 fee increase.  


Questions on this feature? Check out our HelpDesk.

Fee escalation is only available on Professional and Enterprise plans. View our plan details here.


Coming Soon: More Fee Escalation Resources

You may be wondering, "What is the best way for me to communicate my fee increase?" Stay tuned for more resources covering the best way for you to raise your advisory firm's fees. 


 

Posted by Mary Moore

Mary leads the ongoing product development of AdvicePay. Since she holds a degree in Financial Planning from the University of Illinois, grew up on a farm, claims to have an inner Pioneer Woman, and now is a passionate remodeler of her 1910’s craftsman house, Mary is pretty much the perfect person to make everything-AdvicePay better. When she’s not changing the world through billing and payment solutions, Mary can be found at her favorite PureBarre class or sipping drinks in a local spot, dreaming of her one-day vacation to Bora Bora.

Topics: Feature Releases