AdvicePay, an industry-leading platform for processing payments and managing compliance in fee-for-service financial planning, has announced a collaboration aimed at simplifying the payment process for advisors.
The fintech firm has partnered with eMoney Advisor, a top provider of technological solutions facilitating financial conversations, to enhance operational efficiencies for advisors using both services.
“As the industry shifts toward a model where financial planning becomes the primary service offering, integrating fee billing capabilities directly into financial planning software is a logical step,” said financial planning thought leader Michael Kitces, who’s also a co-founder of AdvicePay.
Under the partnership, the two financial technology companies are integrating their platforms, allowing users to directly transfer AdvicePay-generated documents into their clients’ eMoney vault.
The result is a streamlined workflow that eliminates friction from repetitive tasks, such as logging into multiple platforms or creating separate client profiles for each service.
Highlighting the “opportunity to join another leader in this space,” Kitces said the partnership will help advisors capitalize on consumers’ demand to pay for advice on a one-time or ongoing subscription basis.
The collaboration – designed to benefit both new and longstanding eMoney advisors – was also spurred by direct feedback from AdvicePay clients seeking a seamless connection between the payment and planning platforms.
“We look forward to helping advisors simplify and streamline their workflow so they can more easily get paid fees for their value and spend their time doing what matters most: working with their clients to plan for the future,” said Ricky Illigasch, vice president for product management at eMoney.
"Shares of alternative assets managers have lagged this year as investors grow wary of private-credit exposure."
The fintech platform is touting a new AI-free Planning Observations feature, which draws on IRS tax records to uncover opportunities for advisors.
The Omaha, Nebraska-based RIA's latest acquisition expands its Rocky Mountain footprint after two prior Colorado deals last year.
Operational drag between an advisor signing and accounts going live is emerging as a competitive liability for wealth management firms.
Bain says companies face a "winner's paradox" as AI transformation collides with complex integrations.
Dan Biagini of American Equity says the steady decline of pensions, longer lifespans and a reset in interest rates are rewriting how advisors build retirement income
Direct indexing is on pace to outgrow ETFs and mutual funds. Northern Trust's Ken Lassner explains why the advisors who get it wish they had started sooner.
