AdvicePay Surpasses 1 Million Transactions on its Fee-for-Service Platform

BOZEMAN, MT. NOVEMBER  14, 2023

AdvicePay, the industry-leading platform for processing payments and overseeing compliance of fee-for-service financial planning, announced today that its fee-for-service solution surpassed its one-millionth financial planning fee transaction with consumers since its public launch in 2018.

The milestone reflects the dramatic shift in alternative non-AUM advisor fee models and the growing popularity and growth of AdvicePay as the preferred solution for advisors, RIAs, and Broker-Dealers looking for a complete, compliant partner for fee-for-service planning.

Over the past two years alone, AdvicePay has experienced a 102% increase in advisors added to the platform and a 193% growth in transaction volume. For the second straight year in 2023, AdvicePay was named one of America’s fastest-growing private companies on the prestigious Inc. 5000 list.

AdvicePay was launched to the public in 2018, driven by the vision of co-founders Alan Moore and Michael Kitces. They identified a glaring gap in billing and compliance systems, ill-suited for billing recurring planning fees within financial firms and advisor practices.

“At the time of AdvicePay’s launch, financial advisors didn’t engage in subscription fee models because they couldn’t; collecting a high volume of paper checks simply wasn’t scalable, and gathering clients’ bank account information to bill them directly triggered custody issues. So we built AdvicePay to specifically solve for that problem: how to efficiently, compliantly, and scaleably expand their financial planning fees with recurring revenue beyond AUM. In a similar manner to how the technology platform pioneered by Schwab Advisor Services enabled independent RIAs to be able to scalably bill AUM fees for the first time in the 1990s, catalyzing an entire shift in industry business models, AdvicePay is uniquely positioned to drive the next industry-wide business model shift to fee-for-service financial planning,” said Michael Kitces, co-founder of AdvicePay.

As the industry undergoes a fundamental shift from a simple assets-under-management fee structure to a hybrid system, most existing billing systems remain inadequate. AdvicePay allows advisory firms to efficiently expand their business models, offering the flexibility to charge minimum advice fees, ongoing subscription fees, and standalone planning fees. This not only enhances profitably with existing clients but also opens up new markets to clients who don’t have assets to manage or need to purchase a product and simply want to pay for financial planning advice directly.

To learn more about the AdvicePay platform, log onto www.AdvicePay.com.

About AdvicePay
Established by well-known financial advisors Michael Kitces and Alan Moore, AdvicePay is the industry-leading billing and payment workflow solution created specifically for fee-for-service financial planning. Financial services firms and their advisors benefit from efficient workflows designed exclusively to support their fee-for-service financial planning revenue, including up-to-date compliance and data security management, all in one unified platform.

Media Inquiries:
AdvicePay
Shannon Beck
406-412-2047
media@advicepay.com