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7 Billing Software Options for Financial Advisors

Byline profile imageWritten by Rebecca Lake, CEPF®
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Byline profile imageEdited by Marie White, CEPF®
Byline profile imageEdited by Arturo Conde, CEPF®
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A well-rounded tech stack keeps your firm running smoothly and helps you maintain a competitive edge. Your choice of billing software is essential, not only for managing the books, but also for ensuring that your clients receive accurate, error-free statements. Knowing how to compare financial advisor billing software can help you choose the right option to suit your needs.

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7 Financial Advisor Billing Software Solutions to Consider

Billing software isn’t one-size-fits-all. As you evaluate your options, consider the range of features and benefits, the level of support provided and the cost. With those factors in mind, here are some software programs that are designed to help advisors streamline their billing processes.

1. AdvicePay

AdvicePay is an industry-leading billing platform that’s tailored to the needs of broker-dealers and registered investment advisors (RIAs) who offer fee-for-service planning.

You can use AdvicePay to create automated workflows and collect fees via ACH or credit card compliantly. The software integrates with a variety of RIA tech solutions, including:

The AdvicePay team assists with onboarding guidance, and provides support via email Monday through Friday. Over 3,300 firms use AdvicePay, with more than 215,000 clients served.

2. Envestnet BillFin

Envestnet BillFin is a cloud-based billing software for financial advisors and planners. The platform is designed to meet a range of billing needs and gives advisors the ability to calculate flat, tiered and banded fees based on assets under management (AUM).

You can bill in advance or in arrears, and filter to exclude certain client assets. BillFin also allows you to generate CSV/Excel files that can be integrated with Fidelity, Schwab and other RIA custodians. And you’ll have access to billing templates that you can customize to meet the needs of each of your clients.

In terms of setup, BillFin uses a self-guided approach to onboarding, which is meant to reduce costs. If you have questions, help is available through the BillFin online support center.

3. Orion

An advisor manages a client portfolio. Orion integrates with several fintech platforms, including Redtail, Wealthbox, Schwab, eMoney and Altruist.

Orion provides tech solutions for wealth managers and financial advisors, including billing software. With Orion billing, you can:

  • Review fee structures at a glance
  • Customize your billing to align with your firm’s fee structure
  • Project future fees
  • Create personalized billing schedules and allow clients to pay electronically
  • Bill in advance or arrears

Orion integrates with several fintech platforms, including Redtail, Wealthbox, Schwab, eMoney and Altruist. The company’s website makes no mention of how the onboarding process works or the level of support provided. However, you can schedule a free demo of Orion’s billing software, giving you an opportunity to ask questions about implementation, features and support.

4. Blueleaf

Blueleaf is a comprehensive management platform that features an easy-to-manage billing system. Key features include:

  • Automated billing
  • Automated invoice delivery
  • Billing for assets held away
  • Customizable invoice templates
  • Flexible billing setup, whether you calculate flat, tiered or banded AUM fees
  • Custodian integrations to help you get paid faster
  • Billing alerts
  • Multi-advisor payouts if you work with a team

Blueleaf’s expert team will also help you navigate the onboarding process, including customizing your settings to reflect your preferred billing rules. Blueleaf provides ongoing support with quick response times and personalized consulting to help you get the most out of the platform.

5. Panoramix

Panoramix is a billing tool for RIAs and financial advisors that emphasizes value. You’ll have the ability to:

  • Create tiered fee schedules based on ending balances, average balances or a combination of the two
  • Set minimum or maximum fees
  • Build exceptions into your fee schedule at both the account and holding levels
  • Annotate fee statements
  • Bill at your own pace, whether that’s monthly, quarterly, semi-annually, annually or some other frequency
  • Filter fees by custodian, billing cycle or other metrics
  • Export fees to an Excel file or a custom file format (if you use Fidelity, LPL Financial or Schwab as your custodian)
  • Provide cancelation billing for clients who leave your firm
  • Process billing automatically
  • Generate key reports, including streamlined fee statements, detailed fee statements and fee summaries either individually or in bulk for all clients

With Panoramix, you’ll have access to a secure dashboard where you can view all the fees you’ve charged for a specified period. The dashboard includes filtering tools that allow you to sort by transaction date, household, month, quarter and year.

The website mentions best-in-class support, but doesn’t go into detail about how Panoramix assists with onboarding or ongoing customer service. You can request a demo to learn more about how this billing software for financial advisors works.

6. Capitect

Capitect is an account aggregator tool for advisors that includes a billing component. It’s compact but comprehensive, giving you the ability to:

  • Generate invoices using your chosen fee schedules, whether you base them on average daily, ending or beginning balances
  • Download PDF invoices, either individually or in batches
  • Bill clients using a flat fee structure, a tiered AUM schedule or a combination of the two
  • Send bills to clients monthly, quarterly, annually or on offset periods
  • Bill 401(k) fees to the custodian or the client
  • Bill for assets held away and/or cryptocurrency assets
  • Automatically generate email notifications to clients when new invoices are published
  • Export to Excel or selected custodians

Capitect integrates with Wealthbox, MoneyGuidePro, Kwanti, RightCapital and Coinbase. You can choose from monthly or annual billing, with three pricing structures available, depending on which features you’d like to include in your software.

7. Advyzon

Advyzon is a multi-solution tech platform for RIAs seeking to scale. You’ll have access to portfolio management and client reporting tools, a customer relationship management (CRM) platform, document management tools, a secure client portal and billing software.

On the billing side, Advyzon is equipped to handle:

  • Multiple fee schedules
  • Fee and percentage-based billing strategies
  • Exclusions of certain assets from billing calculations
  • Multiple billing cycles

Once you get your fee schedules in place, you can generate statements and invoices automatically. Advyzon offers preformatted fee files that you can upload to any major RIA custodian for quick, efficient fee reporting and payment.

Bottom Line

An advisor using financial advisor billing software.

Choosing the right financial advisor billing software matters when you want to deliver invoices and collect payments from clients as efficiently as possible. While we’ve included some popular solutions to consider, it’s helpful to do some independent research to find a billing program that suits your needs.

Tips for Growing Your Advisory Business

  • Gaining new clients is a common goal for most advisors, but figuring out how to do it can sometimes be challenging. Partnering with an advisor marketing platform could be an opportunity to expand your reach and gain visibility for your brand. SmartAsset AMP (Advisor Marketing Platform) is a holistic marketing service financial advisors can use for client lead generation and automated marketing. Sign up for a free demo to explore how SmartAsset AMP can help you expand your practice’s marketing operation. Get started today.
  • Billing software can help you meet compliance requirements for recordkeeping. SEC rules require you to maintain documentation of all financial transactions for five years, with the two most recent years being stored in a readily accessible place. As you compare billing software options, consider its compliance features and how it may align with any other compliance tech your firm uses.

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