AdvicePay, a fee-payment-processing platform designed exclusively for financial advisors, announced today the launch of a new powerful management and administration capability, Offices, to enable Enterprises to centrally manage groupings of advisors, by providing more flexibility and customizable administrative tools.
Through AdvicePay Offices, larger wealth management firms with multiple advisor offices will now be able to customize user settings at the local level to group advisors into segments based on offices, geographic location as well as other management needs, while enabling branches to better execute local billing and invoicing processes. This powerful feature will provide Enterprises with added central control for administrative and compliance requirements, while at the same time providing local flexibility in how those processes are implemented.
“As the usage of AdvicePay has grown quickly in the Enterprise wealth management space, we’re constantly looking for new and improved ways to enhance the platform to meet the unique needs and solve the problems of firms delivering advice at scale,” said AdvicePay co-founder and CEO Alan Moore. “With Offices, we’re providing a powerful tool to enable system administrators and operational professionals to better match the AdvicePay technology to how they are organizing and managing home office accounting functions with multiple branch office locations billing and invoicing clients locally.”
AdvicePay Offices provides the capability for firms to group advisors into manageable segments, while maintaining control and oversight. Through new Offices settings in AdvicePay, firms can enable local branches to customize displays and access based on groupings of advisors. For example, advisor and firm branding can be seamlessly managed by enabling local advisors to upload their logos through Offices to appear on invoices and billing documents if that is a policy for the organization. At the same time, firms who prefer advisors to operate under the company’s branding for billing processes, AdvicePay Offices can limit their ability to upload logos through administrative settings.
Additionally, Offices creates the ability for branches to enable or restrict access based on user roles, including a new management setting for Office Managers. Office Managers can set local, customizable settings for disclosures, invoice details, logos, addresses, invoice details, and more.
“As the demand for fee-for-service billing continues to increase, we are seeing broad-based adoption of AdvicePay in the Enterprise wealth management segment,” said Moore. “Offices is another example of how adaptable the AdvicePay technology platform is at providing central control with local flexibility. We’re extremely pleased with the industry’s reception of AdvicePay’s fee-for-service billing capabilities and we will continue to invest to make the platform even more useful going forward.”
Established by well-known financial advisors Michael Kitces and Alan Moore, AdvicePay is the only billing and payment processing platform created specifically for fee-for-service financial planning. Financial advisors benefit from efficient invoicing and payment workflows designed exclusively to support their businesses, including up-to-date compliance and data security management. Users can issue agreements for client e-signature, accept ACH and credit cards, bill hourly or one-time fees, or establish recurring retainer or subscription billing compliantly – all through the AdvicePay system.