AdvicePay, a leading platform for managing billing, payments, and compliance in fee-for-service financial planning, has been awarded the 2024 ThinkAdvisor Luminaries Firm Award for Industry Disruption in financial planning. This recognition comes as a result of the company’s introduction of several new features and integrations that are reshaping the landscape of financial planning services.
The award acknowledges AdvicePay’s innovative additions, including the Reviewer role, which allows Home Office personnel to review deliverables and supporting documentation in a centralized location. Another notable feature is Attestations, which ensures that both advisors and reviewers adhere to a firm’s established processes when developing and approving deliverables. These tools are designed to streamline operations and enhance compliance within financial planning firms.
AdvicePay has also made significant strides in integration, recently partnering with eMoney to provide a single sign-in for advisors and improve navigation between the two platforms. This integration is part of a broader strategy that includes partnerships with other leading fintech providers such as DocuSign, Wealthbox, Salesforce, and Pontera, creating a more cohesive ecosystem for financial advisors.
Kelsey Lewis, President of AdvicePay, expressed pride in the company’s achievements, stating, ‘This award is a testament to our team’s dedication to our mission and to supporting our customers. We’re passionate about helping firms embrace fee-for-service planning, and a big part of that is making it easy for the back office to manage.’ Lewis emphasized that simplifying processes enables firms to prioritize the fee-for-service model, allowing advisors to be compensated for their expertise while focusing on delivering exceptional value to clients.
The impact of AdvicePay’s innovations is evident in the company’s growth statistics. Enterprise customers using all of AdvicePay’s modules, including eSignature, Online Check Deposit, and Deliverables, experienced a 36% increase in advisor numbers over the past year. Since its launch in 2018, AdvicePay has expanded its user base to over 11,000 and has processed more than 1.5 million transactions, totaling over $720 million in financial planning fees from more than 215,000 clients.
The 2024 ThinkAdvisor Luminaries awards, announced during the MarketCounsel Summit in Las Vegas, featured an expanded focus on fintech this year. Out of 242 finalist organizations, 85 winners were selected, highlighting the growing importance of technological innovation in the financial advisory sector.
AdvicePay’s recognition in this prestigious award program underscores the significant role that technology plays in modernizing financial planning services. By providing tools that enhance efficiency, compliance, and client service, AdvicePay is helping to drive the industry towards more transparent and client-centric fee structures.
The success of AdvicePay reflects a broader trend in the financial services industry towards fee-for-service models, which offer greater transparency and alignment of interests between advisors and clients. As more firms adopt this approach, platforms like AdvicePay are becoming increasingly critical in managing the operational aspects of financial planning practices.
For financial advisors and firms considering a transition to or expansion of fee-for-service offerings, AdvicePay’s award-winning platform presents a compelling solution to streamline operations and enhance compliance. The company’s continued innovation and integration efforts suggest that it will remain at the forefront of industry disruption, potentially shaping the future of how financial planning services are delivered and managed.
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