[Advisor] Best Practices: How to Bill AUM Fees on AdvicePay

AdvicePay makes fee-for-service billing a breeze, but did you know that you can also use your account to bill fees for AUM? Here's what we recommend!

Billing AUM fees through AdvicePay is best done by issuing one-time invoices. With this method you will calculate a client's fee outside of AdvicePay, then issue a one-time invoice each {month/quarter} for the exact amount owed. 

Want to be an efficiency wizard? We recommend requesting these one-time payments in bulk and enabling Upcoming Invoice Reminders! This approach allows you to quickly create multiple invoices for the next __ months. Clients will then receive automatic notifications and payment links for invoices as they come due.

Additionally, AUM fees can be be paid directly from a taxable brokerage account if desired! Provided that the custodian allows for it, there is typically a form they provide to fill out that activates ACH and assigns a special account and routing number to make online debits. 

In turn, clients can then use this to pay their invoices by manually entering in this information via our normal bank account option. (This would function the same as any checking account payment method on AdvicePay -- and we don't charge any special fees.)

Tip : Clients can choose whether to pay invoices without registering their AdvicePay account, or they can register by establishing a password anytime before or after they make a payment.  If clients do select to register their account (we recommend it!), we will keep their payment method accessible so they won't need to re-enter payment information each time an invoice comes due. They can simply login, click a couple of buttons to pay, and get on with their day. :)

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