The round was led by Goodworks Ventures and Front Street Capital.
The company intends to use the funds to build out development and customer support teams and to expand the payment processing solution to all financial advisors beyond just XY Planning Network (XYPN) members.
Co-founded by financial planning entrepreneurs and industry influencers Alan Moore and Michael Kitces, AdvicePay gives advisors the ability to bill and collect financial planning fees directly from a client’s credit card, or bank account via Automated Clearinghouse (ACH). To ensure compliance with RIA custody regulations and avoid triggering custody audit requirements, the company also provides a portal for clients to directly enter and manage their payment information, review invoices and payments, and confirm any billing changes, while limiting advisors’ access to private payment information.
AdvicePay is currently in live-beta mode, with over 250 active users already on the platform processing financial planning fees, and is in the process of onboarding additional financial advisors from a waiting list.
Yves-Marc Courtines, partner at BCM LLC, will join the Board of Directors.
FinSMEs
08/11/2017