AdvicePay, MoneyGuide Partner To Help Clients Collect Pay

Fee-payment processing platform AdvicePay has teamed with Envestnet | MoneyGuide, the financial planning software, to help financial advisors collect B2B payments faster, according to a press release.

Advisors using MoneyGuide will now have access to AdvicePay, which the release says will allow a more comprehensive, complex platform, including tools such as fee-for-service billing arrangements like subscription models, retainers and one-time fees.

In addition, users will be able to save time, as advisors will be able to bill directly through MoneyGuide, directly accessing AdvicePay through the financial planning software platform, the release states.

Alan Moore, AdvicePay co-founder and CEO, said the partnership aims to make advisors’ lives easier and more profitable.

“This recent integration with MoneyGuide will provide needed efficiencies and time savings for advisors, enabling them to speed up the revenue collection process while engaged with the client in a financial planning relationship,” he said, according to the release.

Joe Miller, Envestnet | MoneyGuide’s chief operating officer, said the partnership would be a plus for everyone.

“As firms and advisors continue to build out fee for planning services, charging for the valuable advice that’s naturally part of the holistic planning process, the AdvicePay integration is another step in making the billing process more seamless for clients and advisors,” he said, according to the release.

Envestnet | Yodlee, another subsidiary, last year struck a partnership with J.P. Morgan for a data-sharing agreement. The move, according to PYMNTS, was able to boost the ability for millions of banking customers to manage spending and budgeting, along with connecting with thousands of other financial institutions to send data when needed.

In a PYMNTS interview, Envestnet President Stuart DePina said partnerships like his company’s are in line with the changing needs of customers going forward.

He predicted that, going forward, the financial services landscape will have room for many aggregators, with some focusing on wealth and investment management like Envestnet | Yodlee, while others could focus on different strengths instead.