AdvicePay, a flat-fee billing and payments platform founded by Alan Moore and Michael Kitces, will now be made available to LPL Financial’s advisors.

According to a Tuesday announcement from both companies, integrating AdvicePay with LPL’s advisory platform will enable LPL advisors to invoice directly for financial advice and accept online payments.

“Over the last few years, rapid technology innovation has begun to facilitate a dramatic shift in how investors are able to pay for and thus access financial advice,” said Kitces in comments released on Tuesday. “As a result, financial advisors have a new opportunity to expand the reach of their services via alternative pricing models, such as subscription models, retainers, or hourly arrangements. Which in the midst of recent market and economic volatility, is especially compelling as a way for financial advisors to ensure they can be properly compensated for all the advice they are providing. AdvicePay was specifically designed to support this approach, and we are thrilled to be working with the industry’s largest independent broker-dealer, LPL, and its nearly 17,000 advisors.”

AdvicePay was established by Moore and Kitces as the first billing and payment system designed to handle advisory fees independent from assets under management. This enables advisors working on an hourly, subscription or retainer basis, as well as those charging one-time fees, to use an automated process for billing their clients that minimizes paper.

AdvicePay accepts ACH and credit card payments, and allows advisors to manage all client billing information in one centralized location.

“More advisors are adopting planning in their practices to be able to expand their value with clients, by providing a holistic view and solving their clients’ more complicated problems,” said Rob Pettman, LPL Financial executive vice president, Investor and Investment Solutions. “With an expanded role comes an even greater need for technology to drive their practices. To date, we have expanded the choice of integrated planning solutions available in ClientWorks, and now we can offer advisors access to AdvicePay, which provides a flexible and convenient solution to bill for those planning services.”

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