AdvicePay hires new CEO to succeed Alan Moore

Fintech billing and payment platform AdvicePay has filled its chief executive vacancy with Alex Sauickie, a fintech veteran and New Jersey state assemblyman.

Sauickie, 52, who joins AdvicePay from Fidelity Information Services, where he served as global head of wealth and retirement services, replaces Alan Moore, who stepped down in February to become the full- time CEO of XY Planning Network.

“I’ve known AdvicePay for years as a company that solves problems for advisors,” Sauickie said. “The fee-for-service model offers an ability to create revenue in an efficient way. There is competition out there, but I believe AdvicePay in the leader in the space.”

AdvicePay, which is based in Bozeman, Montana, was co-founded in March 2016 by Moore and Michael Kitces.

At the time of Moore’s resignation, he said he was splitting his time between leadership roles at AdvicePay and XY Planning and that both deserved full-time CEOs.

Under Moore’s leadership over the past two years, AdvicePay experienced a 123% increase in advisors added to the platform, 153% growth in transaction volume and a 141% increase in annual recurring revenue. Additionally, the platform ranked 636^th among America’s fastest-growing private companies on the Inc. 5000 list in 2022 and ranked first in Montana.

“Alex was the best choice from a deep pool of highly qualified candidates,” Moore said. “He is a seasoned leader who brings a unique combination of strategic mindset, operational expertise, and a passion for the industry that aligns perfectly with AdvicePay’s core values. We are excited about the future under Alex’s leadership and have no doubt that he will steer AdvicePay to even greater success and further scale AdvicePay as the leading platform as the industry embraces fee-based financial planning. I look forward to supporting the company under my new role as Executive Chairman of the Board.”

In addition to Fidelity Information Services, where Sauickie worked for a year, he was president and CEO of CircleBlack, president and chief operating officer at Scivantage, and held leadership roles at Paytrust and Bulltrust.

“This opportunity came up and I couldn’t pass it up,” he said.

Sauickie said he will split his time between Bozeman and Jackson, New Jersey, where he’s running for reelection in November for his assemblyman seat.

Sauickie’s political career dates to November 2018, when he was elected as a councilman in his hometown. He was appointed to the assemblyman position in September 2022 when the seat opened up, then was elected to the seat during a special election that November.

A father of five, Sauickie said he’s always worked a full-time job while serving in the state government, which is considered a part-time job.

“I don’t know a member of the assembly who doesn’t have a private-sector job,” he said. “I’ve never had a problem in either role, and it fits well with AdvicePay’s culture of giving back to the community.”

AdvicePay has grown to 30 employees, about two-thirds of whom are based in Bozeman. The company has hired 10 people over the past year, and Sauickie said the growth mode will likely continue as the platform expands access to “enterprise clients,” including banks and broker-dealers.

“The product was originally built to go directly to financial advisors, but over the last couple of years AdvicePay has started to work with large financial institutions,” he said.

In terms of his initial plans for the platform, Sauickie said, “We want to continue to bring the product to advisors and make it efficient by making sure it’s intuitive. We want to make sure it doesn’t waste a lot of time for advisors. I don’t think it’s a problem now, but I think it’s something we always need to keep our eyes on, because you can always be more efficient.”

Related Topics: advicepay, Fintech, XY Planning Network