AdvicePay Financial Advisor Community Blog

New Feature Release: Fee Calculator

July 25, 2019 By Mary Moore
Mary Moore

At AdvicePay, we realize that having confidence in how fees are calculated is a top priority for financial advisors. That is why we are so excited to be launching our newest feature -- our fee calculator! This powerful, new tool allows you to easily calculate your fees for one-time and on-going clients for your fee-for-service billing.

Our product and development teams put a lot of love into this feature (even doing a round of beta testing to perfect the tool), so we hope you are as excited as we are! Get all the details from Mary Moore, Product Owner below.


Benefits of using the fee calculator:

  • Standardize Fees at Your Firm: Is your pricing for clients currently all over the place? Implement a standardized process for calculating your client fees with our fee calculator! We have even added some calculator templates to help you get started.

    Additionally, when you use our fee calculator, you are able to hand off some of your fee calculation tasks. We've made it easy for you to create fee calculator templates and then share them with other members of your firm. Other advisors, admins, heck — even your great-aunt can easily use your pre-built calculator templates.

  • Transparency with Regulators: Some regulators have expressed that they want your clients to have transparency into how their fees are calculated. So, you have the option to add the fee calculation to their invoices so both your clients and advisors can have peace of mind!

  • Increase your sales:  Sometimes it can be intimidating telling a prospect what your fee is. With the fee calculator, you will have confidence in your process for calculating fees. Knowing you have a standardized way to calculate your fees makes it a lot easier to tell your client, "Hey, this is specifically why your fee would be this amount and here are all of my services."

  • Efficient Workflows: Calculate your fees and invoice your clients all in one, easy workflow. Maybe you already have an existing method to calculate your fees? By adding your existing calculator to AdvicePay, you're able to calculate your fees in the same system that you're invoicing them! Simply create the calculator once, and when you're invoicing the client use the fee calculator to quickly generate their fee and invoice them.

If you already have an AdvicePay account, no action is needed from you to add this tool to your account. Get detailed instructions on how to use the fee calculator here.

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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