If you want to understand why organic growth in wealth management has slowed to a crawl, look no further than market saturation. The reality is, only a small fraction of Americans have half a million or more in investable assets—and even fewer are willing to fully delegate to an advisor. Most of those who want an advisor already have one. For the rest, the industry’s standard AUM playbook simply doesn’t fit.

This isn’t a client problem; it’s a business model problem. When I launched my own firm, people asked how I’d find baby boomer millionaires. The answer was simple: I wouldn’t. I didn’t know any. But I did know my peers—young professionals with income, ambition, and complex financial lives, but not enough assets to support an AUM fee. They didn’t need less advice; they needed a new way to access it.

That’s where the idea for AdvicePay was born. In 2016, fee-for-service financial planning was still a niche, but the demand was real. Advisors were frustrated by the lack of compliant, scalable billing solutions for clients who wanted to pay for advice out of cash flow, not assets. We reached out to every major payment processor, but the answer was always the same: “Financial planning isn’t a big enough market to bother.”

We saw things differently. We believed that with the right technology, advisors could profitably serve the millions of Americans who fall outside the AUM model. By 2018, fee-for-service was gaining momentum, and more advisors and firms were asking us for additional features around workflows, oversight, and integrations. We listened, and AdvicePay evolved from a simple payment processor into a comprehensive platform for managing the entire fee-for-service lifecycle.

Today, the numbers speak for themselves. We’ve processed over $1 billion in advisory fees, supporting more than two million transactions. But the real story is what’s happening inside the firms we serve. RIAs and broker-dealers are discovering that fee-for-service isn’t just a way to reach new clients—it’s a strategic lever for growth, advisor recruitment, and operational efficiency.

As we’ve partnered with these forward-thinking firms, several key lessons have emerged about what it takes to succeed with this business model at scale:

• Scalability is Non-Negotiable:
  What works for a handful of advisors quickly breaks down at scale. Manual check processing, spreadsheet reconciliations, and ad hoc compliance reviews simply can’t keep up when you’re processing thousands of invoices a month. AdvicePay automates the entire workflow, from agreement to payment to deliverable, ensuring every engagement is compliant, auditable, and efficient.
  
  
• Compliance is a Growth Enabler: 
  Regulators are paying closer attention to fee-for-service models. Our platform was purpose-built to address these challenges, giving firms the confidence to scale without fear of compliance missteps. When you can prove every client has a signed contract, every payment is for services rendered, and every process is documented, you unlock the freedom to grow.
  
  
• Technology is a Talent Magnet: 
  The next generation of advisors wants to work at firms that empower them to serve their peers, build their own books, and get paid for their expertise. Fee-for-service models, supported by modern, integrated technology, are a key differentiator in attracting and retaining top young talent.

The future of financial planning is about meeting clients where they are—whether they’re just starting out or managing generational wealth. It’s about giving advisors the tools to build sustainable, client-centric businesses. And it’s about equipping executive leaders with the infrastructure to scale, adapt, and thrive in a changing market.

At AdvicePay, we’re proud to be the platform that’s powering this transformation. We didn’t set out to build just another fintech company. We set out to solve a business model problem that was holding our industry back. As we celebrate the milestone of $1 billion in advisory fees processed, we’re more convinced than ever: the firms that embrace technology and new ways of serving clients will define the next era of growth in financial advice.

Alan Moore is Co-Founder and CEO of AdvicePay, the leading platform for managing billing, payments, and compliance of fee-for-service financial planning.

See how we went from $1 to $1 billion.