Alan Moore is the CEO and Co-founder of AdvicePay, a platform that facilitates compliant payment processing for financial advisors offering fee-for-service financial planning. Under his leadership, AdvicePay has revolutionized how financial planners are compensated, addressing the limitations of traditional commission-based models and enabling scalable solutions for larger firms. As an advocate for fee-for-service financial planning, Alan is dedicated to helping advisors move away from traditional asset management models. With a degree in financial planning from the University of Georgia, Alan has a background in running his own RIA firm, where he focused on serving next-generation clients.
In this episode…
Financial planning is often seen as an additional service bundled with wealth management, but what happens when clients don’t meet asset minimums? Can younger clients, still building their wealth, access high-quality financial advice without massive portfolios? Is the industry missing a critical opportunity by overlooking these clients?
According to Alan Moore, a pioneer in financial advising, the answer lies in rethinking how advisors get paid. He highlights that people are more than willing to pay for fiduciary financial advice — especially when they understand that “free” often means becoming the product. By offering subscription-based financial planning, advisors can reach younger, high-earning clients who might not have assets to manage but still need guidance. This shift not only opens new revenue streams but also democratizes access to financial advice, making it available to those who need it most.
In this episode of The Beacon Flash Podcast, host Chip Kispert speaks with Alan Moore, CEO and Co-founder of AdvicePay, to discuss the evolving role of financial advisors and the growing demand for fee-for-service models. They dive into how compliance, technology, and niche specialization are driving this change. Alan also shares insights on the shift toward independent advisory models and the importance of building client trust through transparent pricing.
Resources mentioned in this episode
- [2:15] Alan Moore shares his background in financial planning and the beginnings of AdvicePay
- [5:39] Why fee for service is the next big thing
- [7:04] How large firms are revolutionizing financial planning payment models
- [9:20] Use cases and future use of AdvicePay
- [10:44] The future of the wealth management industry and the relationship between advisors and investors
- [13:13] Expanding advisor roles from wealth management to well-being guidance
- [16:10] Mastering the crisis of differentiation to ensure success
- [22:58] The shift from product sales to financial planning and the need for advisors to build strong client relationships
- “Being successful financially is all about habits and behaviors. The formula is really simple, but it’s so hard to implement.”
- “People are more than willing to pay for financial advice. They now understand the value of quote unquote, free.”
- “We call it fee for service. It does seem so simple. What’s the other way for a client to pay for advice?”
- “We refer to it as the crisis of differentiation. You have to differentiate, or your business will not make it.”
- “I truly believe that advisors need to embrace the fact that the industry is shifting from product sales to financial planning.”
- Adopt subscription-based financial planning services: Implementing a fee-for-service model allows advisors to cater to clients without significant liquid assets.
- Embrace niche marketing: Focus on a specific target market, such as female technology executives or entrepreneurial families, to differentiate your advisory services.
- Expand service offerings beyond investment management: Shift towards a holistic approach that includes cash flow, risk management, and legacy planning.
- Leverage technology to streamline operations: Utilize platforms like AdvicePay to automate payment processing and administrative tasks, allowing more time for client interaction.
- Develop strong client relationships: Focus on building deep, personal connections with clients beyond transactional interactions.
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