News and Updates
AdvicePay Launches New Fee-for-Service Billing and Net-of-Fees Performance Reporting Through Integration with Panoramix™
Comprehensive technology integration will streamline billing for fee-forservice client relationships that also include AUM fees, while providing transparent reporting that incorporates net of fees performance calculations.
EAGAN, Minn. and BOZEMAN, Mont., August. 25, 2022 -- AdvicePay, the leading fee-payment-processing platform designed exclusively for financial advisors, announced today a new technology integration with Panoramix, a leading billing and performance reporting solution, to streamline Fee-for-Service billing and net of fees performance reporting.
Through this new and innovative integration, advisors using Panoramix and AdvicePay can efficiently create invoices that clients pay using their preferred payment method as an alternative to withdrawing fees from accounts designated for long-term investment objectives. In addition, advisors can increase transparency by generating invoices that clearly communicate fee calculations, as well as produce investment reports that accurately reflect clients’ portfolio performance net of all fees paid.
“We are excited to expand AdvicePay’s partnerships with companies like Panoramix to support the needs of advisors delivering fee-for-service financial planning to their clients,” said Bill Winterberg, CFP®, Vice President of Financial Planning Growth at AdvicePay. “With our integration with Panoramix, advisors are able to generate invoices with detailed fee calculations, and update portfolio account activity with fee transactions for accurate net-of-fees performance reports for clients – all in one streamlined workflow.”
“We are seeing more and more advisors offer fee-for-service to their clients in addition to the traditional AUM-based billing,” said Chris Hastings, CEO of Panoramix. “Even with traditional AUM-based billing, we are seeing an uptick in the number of clients who would prefer to pay those fees out of pocket rather than have them deducted from their accounts. AdvicePay fits perfectly into this expanding market, and we are excited to partner with this leading solution to enhance payment processing in Panoramix.” Hastings continued, “What was also a compelling endorsement for AdvicePay was the ease of which we were able to implement the AdvicePay solution. AdvicePay’s technology and APIs were spot on, and we were able to seamlessly incorporate their solution into Panoramix billing in less than a month. With this partnership, we feel we are now able to handle direct billing and its performance implications better than anyone else.”
Established by well-known financial advisors Michael Kitces and Alan Moore, AdvicePay is the only billing and payment processing platform created specifically for fee-for-service financial planning. Financial advisors benefit from efficient invoicing and payment workflows designed exclusively to support their businesses, including up-to-date compliance and data security management. Users can issue agreements for client e-signature, accept ACH and credit cards, bill hourly or one-time fees, or establish recurring retainer or subscription billing compliantly – all through the AdvicePay system.
Sapphire Software Services inc., a custom software and business-to-business automation company founded in 2003, developed Panoramix® for financial advisors in 2013 and completes 16 planned releases per year to the product. Sapphire brings business applications to the web, provides consulting services with the best vendors and partnerships, and offers professional development capabilities to automate business processes. Sapphire specializes in business application software development for companies in the financial services sector. Panoramix, its award-winning flagship software tool for portfolio management for financial advisors, focuses on providing multi-custodial performance reporting and client billing, with a wide-ranging additional feature set. Sapphire markets under the name Panoramix Financial. For more information on Panoramix connect with us at www.panoramixfinancial.com.
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