AdvicePay offers a payment processing platform tailored for compliant retainer billing in the financial advisory sector, enabling advisors to accept ACH and credit card payments while ensuring adherence to regulatory standards. The platform automates billing workflows and centralizes compliance oversight, enhancing cash flow management for financial planners and their clients.
Funding
$3.1M raised to dateRaised to date based on public sources. This may differ from the amount the company actually raised and is based only on what is publicly available on the internet.
Founders
Product
Problem
Financial advisors often struggle with the complexities of compliant billing and payment processing, especially when offering fee-for-service financial planning. Managing retainers, invoices, and various payment methods while adhering to regulatory standards can be time-consuming and increase administrative overhead. This can hinder growth and limit accessibility for clients preferring modern payment options.
Solution
AdvicePay provides a payment processing and compliance platform tailored for fee-for-service financial advisors. The platform enables advisors to compliantly accept ACH and credit card payments, automate billing workflows, and centralize compliance oversight. By integrating billing, payments, e-signatures, and engagement workflows, AdvicePay streamlines back-office processes and enhances cash flow management. The platform offers configurable permissions, settings, and approval processes to align with a firm's specific requirements, while also providing integrations with popular tools like RedTail, Wealthbox, and Salesforce to synchronize client information and enable single sign-on.
Target Audience
AdvicePay primarily serves financial advisors, RIAs, and broker-dealers offering fee-for-service financial planning.
Features
- Compliant payment processing for ACH and credit card transactions
- Automated recurring billing and invoicing
- Integrated e-signature functionality for invoices and subscriptions
- Centralized platform for financial plan oversight and reporting
- Customizable workflows to enforce quality standards and compliance
- Integrations with CRM systems like Redtail, Wealthbox, and Salesforce for data synchronization
- API access for custom integrations
- Client payment portal for easy invoice payments