AdvicePay is a Bozeman, Mont.-based payment-processing platform designed exclusively for financial advisors. It enables advisors to bill hourly, retainer, subscription, and other financial planning and advice fees while complying with custody regulations and keeping client data secure. Users can accept ACH and credit cards, process one-time payments, and set up recurring retainer or subscription billing within the AdvicePay system. The company was established by Michael Kitces and Alan Moore. AdvicePay raised a $2M extension seed round crowdfunded from within the advisor community to support growth. The funds will be used in part to launch a new enterprise version to meet demand from hybrid independent broker-dealer and large RIA marketplaces. AdvicePay provides a compliant payment-processing platform built specifically for financial advisors to facilitate fee-for-service financial planning billing. The platform lets advisors bill and collect fees via credit card or ACH while providing a client portal for entering and managing payment information, reviewing invoices and confirming billing changes. The product is designed to limit advisors’ access to private payment information to comply with RIA custody regulations and avoid triggering custody audits. AdvicePay is in live-beta with over 250 active users processing financial planning fees and is onboarding additional advisors from a waiting list. The company plans to use the new funding to build out development and customer support teams and expand the solution beyond XY Planning Network members. AdvicePay was co‑founded by Alan Moore and Michael Kitces and is based in Bozeman, Mont.

Total raised

$3M

Funding rounds

2

Latest round

Seed

Latest activity

Jan 2019