Latest news with #AdvicePay
Finextra
06-05-2025
- Business
- Finextra
AdvicePay acquires AdvisorBOB
AdvicePay, the industry-leading platform for managing billing, payments, and compliance of fee-for-service financial planning, today announced the acquisition of AdvisorBOB, the leading independent advisor compensation software company. 0 This marks AdvicePay's first acquisition and a strategic step forward to support the full revenue lifecycle for advisory firms, from billing clients to paying advisors. The transaction reflects AdvicePay's continued focus on strategic, customer-driven growth. It was completed without the need for outside capital, a reflection of the company's strong financial foundation and disciplined approach to expansion. AdvisorBOB adds complementary functionality to AdvicePay's offering, enabling firms to automate advisor compensation and eliminate manual spreadsheet-based processes. 'AdvicePay was created to solve the pain points around billing and compliance for fee-for-service financial planning. Expanding into compensation is a natural extension of that mission,' said Alan Moore, AdvicePay Co-Founder and Chief Executive Officer. 'We consistently hear from firms that comp is a major operational headache. This isn't about replacing software - it's about replacing spreadsheets. It becomes a critical need the moment you have variable comp. You need a system that gets it right, down to the penny.' AdvisorBOB automates complex advisor compensation calculations and payout tracking, offering transparency, line-item detail, and time-saving efficiencies for back-office teams. Firms using both platforms will be positioned to ensure clients are billed properly and advisors are paid accurately, without the manual burden. 'Our origin story is very similar to that of AdvicePay, as we are both advisor-founded technology companies built because there weren't products that fit our needs,' said James Spinelli, Founder of AdvisorBOB and Chief Executive Officer of Great Valley Advisor Group. 'AdvisorBOB joining AdvicePay allows us to help even more firms simplify operations and scale with confidence.' AdvisorBOB's team, including Chief Executive Officer Colton Pence, will join AdvicePay and continue to operate from its offices in Berwyn, PA. 'With this acquisition, AdvicePay is validating the contributions AdvisorBOB has made to advisor practices,' Pence said. 'Together, we're well-positioned to help firms grow with the operational infrastructure they need.' This move aligns with AdvicePay's long-term vision: to support the full advisor revenue flow—from invoice to payout—with modern tools and actionable data. While both platforms will continue to operate independently for now, the future potential of their combined capabilities opens the door to deeper insights and better back-office experiences for firms. 'We're not shifting to an M&A strategy,' added Moore. 'This was an opportunity that aligned perfectly with our roadmap and values. AdvisorBOB and AdvicePay are powerful on their own—but together, they make the back office smarter, faster, and more scalable.' AdvicePay was advised by Cooley LLP as legal counsel, with financial advisory support provided by Turkey Hill Management, LLC. AdvisorBOB's legal counsel was provided by Stradley Ronon.
Yahoo
23-04-2025
- Business
- Yahoo
AdvicePay Releases Third Annual Trend Report, Revealing Growth in Subscription-Based Financial Planning
Growth in fee-for-service models signals a strategic opportunity for broker-dealers and RIAs to build stable revenue streams. BOZEMAN, MT / / April 23, 2025 / AdvicePay, the industry-leading platform for managing billing, payments, and compliance of fee-for-service financial planning, released its third annual Fee-for-Service Industry Trend Report. The findings, based on over 461,000 transactions processed in 2024, highlight a growing trend in subscription-based models - an increasingly popular choice for advisors seeking stable and predictable revenue streams amid volatile markets. The report reveals that subscription-based models continue to dominate the fee-for-service landscape. In 2024, a substantial 85% of all invoices were subscription-based, up from 83% the previous year. This shift marks a continued rise in the popularity of monthly and quarterly subscriptions, as well as a notable increase in the fees charged for these services. Specifically, advisors raised their average monthly subscription fees to $278, up 4.9% from $265 in 2023, while quarterly subscriptions saw a 1.4% increase, and one-time fees grew by 2.9%. The trend toward higher subscription fees and a preference for digital payments also reflects broader changes in client behavior. In 2024, over half (53.4%) of all transactions were completed using credit or debit cards, while 45.9% were processed through ACH transfers. These findings underscore the growing adoption of subscription-based models across the industry. Despite common misconceptions, the report highlights that fee-for-service planning is not replacing assets under management (AUM) fees, but rather providing a complementary revenue stream. In times of market volatility, fee-for-service financial planning offers advisors a more stable and predictable income, akin to a "bond" in an advisor's income portfolio. As AUM fees fluctuate with market conditions, advisors are leveraging fee-for-service models to reach new, underserved demographics and secure steady cash flow. "Adoption of the fee-for-service model is no longer a niche trend, it's a strategic necessity for broker-dealers and RIAs aiming to remain resilient and competitive in recruitment and retention of both advisors and clients," said Alan Moore, Co-Founder and CEO of AdvicePay. "The sustained growth across key metrics signals that subscription-based planning is becoming a core part of financial advisory firms' revenue strategies. It allows firms to expand their client base, offer flexible pricing, and mitigate the risk of market volatility." The increasing popularity of fee-for-service planning is further evidenced by the growth in transactions on the AdvicePay platform, which processed 461,000 transactions in 2024, up from 380,000 the previous year. Since its public launch in 2018, AdvicePay has processed over $838 million in financial planning fees, firmly establishing fee-for-service financial planning as a mainstream and essential business model. Released just last week, the 2025 Trend Report already has over 400 downloads to date. To receive a copy of the full report, which includes analysis of over two million data points, please visit About AdvicePay AdvicePay is the industry-leading platform for overseeing the compliance, delivery, and payment processing of fee-for-service financial planning. Financial services firms and their advisors benefit from efficient workflows designed exclusively to support their fee-for-service financial planning revenue, including up-to-date compliance and data security management, all in one unified platform. Contact Details Shannon Beck+1 406-412-2047media@ Company Website SOURCE: AdvicePay View the original press release on ACCESS Newswire Sign in to access your portfolio
