AdvicePay

AdvicePay is a compliant billing and payment processor created specifically for financial advisors.

With AdvicePay you can handle billing and payment for all of your fee-for-service clients in one system, customized with your logo and brand messaging for the optimal client experience. AdvicePay integrates the evolving field of financial planning beyond assets under management and helps to simplify billing by allowing for subscription billing while remaining compliant with custody regulations. Through AdvicePay, you can bill your clients monthly via credit card or ACH.

AdvicePay is the only billing and payment processing platform created specifically for fee-for-service financial planning. Financial advisors benefit from efficient invoicing and payment workflows designed exclusively to support their businesses, including up-to-date compliance and data security management.

Users can issue agreements for client e-signature, accept ACH and credit cards, bill hourly or one-time fees, or establish recurring retainer or subscription billing compliantly – all through the AdvicePay system.

Benefit Breakdown

As a member of XY Planning Network, we are excited to offer you a free subscription of AdvicePay by using the referral code XYPN when signing up. 

Retail:

• ($50/mo/user) + (ACH fee of 1.5% per ACH transaction, minimum of $0.30) + (Credit Card fee of 3.5% + $0.30 per credit card transaction).

XYPN Member Cost:

• ($0/mo/user) + (ACH fee of 1% per ACH transaction, minimum of $0.30) + (Credit Card fee of 2.9% + $0.30 per credit card transaction).

Account Management

New user? Let's get you signed up!

1. You can conveniently sign up for AdvicePay from your Member Portal.
2. Once there, click the blue Get Started button, and we’ll send you to the AdvicePay signup page.
3. Follow the steps to create your advisor account, ensuring that when you reach the AdvicePay Billing page, the referral code box displays “XYPN” (as shown in the image below). If the XYPN code is not already present, please be sure to add it. 

Important: The referral code is crucial, as it entitles you to a free subscription. If you don’t enter the code, AdvicePay will not be able to provide you a refund. 

4. That’s it! Please allow 1 - 3 days for AdvicePay to vet your account. While your account is pending verification, you can modify your settings, but the ability to create an invoice will be disabled. No worries, though! Once AdvicePay finishes vetting your account, you will receive a confirmation email that your brand-new AdvicePay account is all set and ready for billing!
5. Your XYPN portal will update at the end of the month that you sign up, reflecting you are an active AdvicePay user through XYPN!

Existing user? Let's transfer that account!

1. You can conveniently transfer your account from your Member Portal.
2. Once there, fill out the applicable information and click the blue Request Transfer button.
3. That's it! Your transfer is underway. Please allow 1-3 days for AdvicePay to confirm this transfer.
4. Your XYPN portal will update at the end of the month that you sign up, reflecting you are an active AdvicePay user through XYPN!

You can also reach out to support@advicepay.com and share your email associated with AdvicePay and they will add the XYPN referral code to make your existing account free moving forward.

Managing multiple AdvicePay accounts

• As an XYPN member with an AdvicePay account, you can create a second, standalone AdvicePay account under your name (e.g., if you have two businesses), and that second account is eligible for a discount of $25 per month, making the cost to you only $25 per month for the Professional Plan. 
• Please note that this discount is NOT automatically applied when you create your second AdvicePay account. Email AdvicePay at support@advicepay.com immediately after you create your second account so that AdvicePay can apply the discount. In your email, please provide the email address associated with the new account to facilitate the application of the discount.

Adding other XYPN members to your account

• As an XYPN member, you can add other XYPN member advisors to your existing AdvicePay account at no cost. 
• Please note that this discount isn't automatically activated when you're adding an XYPN member advisor to your account. To ensure you're not billed for these additional users, promptly get in touch with AdvicePay via email at support@advicepay.com immediately after incorporating the XYPN member advisor(s) to your account. Please provide the member’s name and email in your email for verification purposes.

Adding Non-XYPN advisors to your account

• As an XYPN member, if you choose to include non-XYPN advisors in your AdvicePay account, it's important to note that the standard rate of $50 per month will apply for each non-XYPN advisor.
• You can do this right from your AdvicePay account to invite an advisor.

Removing licenses

• You can edit and remove licenses right from your AdvicePay account.
• Refer to your AdvicePay account and AdvicePay customer service to ensure that any user access for removed licenses has been updated as necessary and to avoid any incorrect charges on your account.

Closing your account

1. To cancel your account, head to your Member Portal and click Close Account.
2. Confirm the cancellation request and click that red button that says Close Account.
3. You can also find a walkthrough on how to do this from your AdvicePay account here: Delete Your Account.

4. Your XYPN portal will update at the end of the month of closing your AdvicePay account.

   

Leaving XYPN?

• Your AdvicePay discount as an XYPN member will end when your membership ends. Be sure to connect with AdvicePay directly for the next steps on account access, data transfer, and how to develop a retail relationship with them.

Billing

• Any billing will be done directly through AdvicePay.

Helpful Resources

• Need help getting started? Visit this step-by-step tutorial!
• For other how-to’s and tips on using AdvicePay, visit their Help Desk!
• Looking to help your clients navigate AdvicePay? Check out the Client Help Desk.
• Check out these other great resources on Best Practices and General FAQs.
• For additional insights, tips, and tricks, be sure to dive into the AdvicePay blog.
• How AdvicePay Keeps Payment Information Secure

Contact

Vendor Data Security

Last updated: October 2024

• Annual SOC 2 Type II Audit Summary Report
• AdvicePay Security Overview
• AdvicePay Business Continuity Plan (Table of Contents Only)
• AdvicePay Business Recovery Plan (Table of Contents Only)
• AdvicePay Team Member Security Policy (Table of Contents Only)
• AdvicePay Technology and Security Operations Policy (Table of Contents Only)
• AdvicePay Software Development Life Cycle (Table of Contents Only)
• AdvicePay Incident Management Policy (Table of Contents Only)
• AdvicePay Privacy Policy
• AdvicePay Terms of Use
• W9

If you have any questions or need any documents not listed above, please reach out to Support@advicepay.com.