LPL Financial Selects AdvicePay to Drive Advisors’ Fee-for-Service Financial Planning Strategies
BOZEMAN, Mont., May 19, 2020/ PRNewswire-PRWeb/– AdvicePay, the leading fee-payment-processing platform created solely for monetary advisors, revealed today the largest enterprise agreement in the company’s history. LPL Financial, the country’s biggest independent broker-dealer and a leading retail investment advisory company and RIA custodian, will offer its advisors a business service for “charge for service” billing for one-time and continuous monetary preparation.
As part of the agreement, LPL advisors will be able to charge costs directly for their financial planning services, and accept online payments via credit card or through a checking account utilizing ACH. This technology solution will streamline workflows for both consultants and their customers, remove handbook and paper processes and pricey physical check processing, while also providing compliance oversight.
” A significant shift is underway in how customers are accessing and spending for financial planning, progressively separating item sales or handling assets from merely paying a cost for a standalone financial consultant,” said veteran financial consultant and AdvicePay co-founder, Michael Kitces. “The altering charge environment, including membership models, retainers or hourly arrangements, produces significant opportunities to expand monetary preparation recommendations to brand-new markets, however necessitates brand-new technology to make sure that alternative fee models can be billed and spent for scalably and efficiently. AdvicePay was specifically created to support this method, and we are happy to be working with LPL as the advisory industry continues its transformation.”
As the fee-for-service motion in financial preparation gains momentum, more and more consultants are dealing with customers by directly charging for their advice, outside of or together with a property management charge for portfolio management or settlement for implementing an item solution. LPL consultants dealing with their clients in a fee-for-service design will be able to simplify how payment will be invoiced, processed or represented – AdvicePay’s powerful automation tools enhance all of those processes, releasing consultants as much as be more efficient.
” With access to AdvicePay, LPL consultants have even more resources and support to be able to efficiently and successfully deliver customized financial preparation services to their clients,” stated Rob Pettman, LPL executive vice president, Financier and Investment Solutions. “Our company believe innovation is an integral part of helping consultants thrive, and AdvicePay has the ability to automate a workflow in the advisor’s business so they can acquire efficiency and scale in their practice.”
AdvicePay Business offers dedicated tools constructed particularly for companies that support big numbers of consultants, and need to be able to perform alternative fee designs scalably, in addition to handling key oversight and compliance requirements. AdvicePay Business abilities include a devoted office website enabling firms to centrally manage and manage billing and payment processing, while allowing for regional versatility at the advisor level. Additionally, AdvicePay Enterprise satisfies the specialized compliance and security requirements of bigger monetary services organizations, along with provides dedicated relationship managers to help with onboarding of new advisors, training and continuous assistance.
” Our Business platform has actually seen explosive development considering that launching simply one year back,” kept in mind Alan Moore, CEO and co-founder of AdvicePay. “Large banks have been looking for a purpose-built technology solution to support their ability to scale a high volume of fee payments. We are extremely thrilled to be dealing with LPL as our biggest Business client, and eagerly anticipate continuing to boost the platform to make billing for monetary preparation services simple, compliant, and secure.”
Developed by popular monetary advisors Michael Kitces and Alan Moore, AdvicePay is the only billing and payment processing platform created particularly for fee-for-service financial planning. Financial advisors gain from effective invoicing and payment workflows designed exclusively to support their companies, including up-to-date compliance and data security management. Users can provide contracts for client e-signature, accept ACH and credit cards, bill hourly or one-time costs, or establish recurring retainer or membership billing compliantly – all through the AdvicePay system.