Advisor Group is launching a brand new monetary planning-focused platform, eQuipt for Monetary Planning, that might show to be a competitor to Alan Moore and Michael Kitces’ fee-for-service fee platform, AdvicePay. The brand new system integrates with Advisor Group’s digital automated account onboarding platform, eQuipt.
The brand new service, eQuipt FP, emphasizes the necessity advisors have for fee-model flexibility. Constructed on Microsoft expertise, key options of the platform embody a contracting system that helps digital signatures for monetary planning or consulting companies, built-in compliance instruments—like plan storage, disclosure supply and a consolidated test log—and a brand new fee platform that offers advisors extra choices for methods to obtain fee for his or her companies. The platform additionally comes with third-party elements from Stripe and Influence Monetary Techniques.
Nevertheless it’s the assist for a greater variety of charge fashions that stands out. One-time, periodically recurring or ongoing situations of consumer service will all be enabled by a Stripe-powered fee platform that may course of credit score and debit playing cards, in addition to test funds.
Advisor Group’s launch of eQuipt FP comes as advisors are experimenting with charge fashions and income-based charges are being revisited. Flexibility in funds construction has even led to new startups, like AdvicePay, a fee-for-service fee platform that’s already added a number of new enterprise shoppers since its launch in January, together with impartial dealer/vendor Cetera.
Advisor Group didn't touch upon whether or not eQuipt FP was designed to compete with AdvicePay.
Recognizing that advisors are demanding extra advisor-centric expertise, Matthew Schlueter, Advisor Group’s president of wealth administration options, stated the agency is dedicated to investing in new expertise. “We re-examined the consumer life cycle, integrated advisor suggestions and re-imagined the expertise to dramatically enhance the end-to-end course of for each shoppers and advisors,” he stated. “The methods through which monetary recommendation is delivered are always enhancing.”
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