LPL Financial, LLC, a leading retail investment advisory firm, RIA custodian and independent broker-dealer, has announced that LPL advisors now have access to AdvicePay, a leading fee-payment-processing platform designed specifically for financial advisors. Advisors using the platform will be able to invoice clients directly for financial planning services, as well as accept online payments, to make it easier for advisors and their clients.

“More advisors are adopting planning in their practices to be able to expand their value with clients, by providing a holistic view and solving their clients’ more complicated problems. With an expanded role comes an even greater need for technology to drive their practices. To date, we have expanded the choice of integrated planning solutions available in ClientWorks, and now we can offer advisors access to AdvicePay, which provides a flexible and convenient solution to bill for those planning services,” said Rob Pettman, LPL Financial executive vice president, Investor and Investment Solutions.

Established by veteran financial advisors Michael Kitces and Alan Moore, AdvicePay is the only billing and payment processing platform created specifically to facilitate fee-for-service financial planning. The platform simplifies and eliminates manual and paper workflows, with the ability to issue agreements for client e-signatures, accept ACH and credit card payments, bill hourly or one-time fees, and establish recurring retainer or subscription billing, all with up-to-date compliance and data security management processes. In addition, advisors have the ability to manage all of their client billing information in one place via technology integration.

“Over the last few years, rapid technology innovation has begun to facilitate a dramatic shift in how investors are able to pay for and thus access financial advice,” said AdvicePay co-founder, Michael Kitces. “As a result, financial advisors have a new opportunity to expand the reach of their services via alternative pricing models, such as subscription models, retainers, or hourly arrangements. Which in the midst of recent market and economic volatility, is especially compelling as a way for financial advisors to ensure they can be properly compensated for all the advice they are providing. AdvicePay was specifically designed to support this approach, and we are thrilled to be working with the industry’s largest independent broker-dealer, LPL, and its nearly 17,000 advisors.”