Cambridge Investment Research and AdvicePay are working together to improve fee-for-service capabilities and expand alternative pricing models at the firm, according to an announcement. Cambridge is in the midst of a beta program with AdvicePay this month and expects to fully launch the new capabilities early next year.
Payment technology firm AdvicePay, founded by Alan Moore and Michael Kitces, has seen a major expansion in partnerships over the past two years. The firm originally launched in 2016 to provide a systemized way to handle payments for monthly retainer fees for members of the XY Planning Network. Since then, an enterprise version of the service has expanded to larger clients, like Cetera Financial Group and LPL, as well as being integrated with Envestnet | MoneyGuide.
The most recent partnership with Cambridge is about financial planning, said Valarie Vest, VP of fiduciary services at the firm, in a statement. “The financial planning business model is the way forward for financial professionals to directly meet client expectations and to fulfill their financial needs. Our partnership with AdvicePay will allow our independent financial professionals to expand their payment model and enhance the client experience.”
“We look forward to helping [Cambridge] apply our payment processing technology for financial planning services as a key component of the overall financial planning strategy,” AdvicePay CEO Moore said in a statement.
AdvicePay has been building customizations into the tool to expand financial planning into new markets, added Kitces. “We are experiencing a true transformation in financial planning, with the ability to help financial professionals work with clients in new ways—outside of an AUM or commission model.”
