Wealth Management

How high-touch bill pay services can help RIAs

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In an effort to deepen relationships with clients and distinguish themselves from competitors, financial advisors are looking to offer new high-touch services that resonate with clients. Among the most attractive services to clients, especially high net worth clients, are bill pay services.

Historically, many advisors have been reluctant to get into this service line due to concerns about the amount of effort required and the regulations. Advisors now have a clearer understanding of how to comply with various regulations, such as custody rules. Combined with digital platforms like BILL, bill pay is becoming a fast-growing offering that broadens an advisor’s services, adds value to clients, and provides a competitive edge for financial advisory firms.

Key Takeaways:

  • Offering clients bill pay services gives financial advisors a competitive edge and a way to differentiate.
  • While there are certain regulatory issues that financial advisors must consider, offering bill pay services to clients is not prohibited; it is a business decision.
  • Implementing a bill pay offering is easier in the digital era where there are efficient and effective bill pay platforms available to advisors.

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