Platform

Why Billing Helps Build the Foundation of Client Trust

Steve Rawczak

Director, Product Management

Published on

There are multiple ways to succeed in wealth management—even in the face of today’s unprecedented challenges. Understanding and articulating your unique value proposition is the root of that success.

An essential element of any value proposition is demonstrating that you’re faithfully meeting your fiduciary duty to act in your clients’ best interest. The attention to details such as accurate, clear and timely billing sends the right message to your clients and builds trust in you and your firm’s services. 

Market forces are creating new challenges 

Given the growing complexity of client portfolios and the expanding diversity of a typical firm’s client base, billing has become a laborious, manual process for RIAs. Growing challenges, unfortunately, can lead to unexpected errors and delays without the right platform to help. Among the expanding obstacles are:

  • Custom requests from clients—Personalized service is at the core of the client experience. Much like a client’s expectations for proper portfolio diversification and timely advice, today’s clients expect flexibility on how, when and what they are charged. 
  • Scattered data—Lacking the right tools, many RIAs resort to calculating, deploying and tracking fees in cobbled together spreadsheets and disparate systems. The result makes it difficult to determine the source of any fee anomalies.
  • Complicated procedures—Relying on varied systems, often at cross-purposes, makes it much more difficult to complete the necessary tasks for accurate billing runs—wasting countless hours with tedious procedures to check and recheck invoices.

Announcing improved Addepar billing

We’re proud to share that Addepar is releasing a series of improved billing functionalities throughout the first half of 2021. This will begin with today’s beta launch of key features that address the specific problems discussed above. Addepar’s updated end-to-end billing system has been built to simplify the calculation, production and tracking of a firm’s fees—to simplify your efforts and better meet client needs. 

  • Complete billing flexibility—To respond to fast-growing demand, we give RIAs full control of any uniquely negotiated elements such as tiered or flat-fee schedules, asset exclusions, timing and valuation methods.
  • Answers at your fingertips—By centralizing your billing data and calculations in one place, Addepar lets you easily pinpoint discrepancies within any present or past runs. With quick access to retained data, you can also quickly and confidently answer any client questions by reproducing past invoices, even if prices or fee schedules change.
  • Bulk workflows streamlined—Our stand-alone module and user-friendly interface separates your billing tasks from other workflows and simplifies the setup, run and review of any bill across all of your firm’s accounts. 

Billing transparency

As we forge a path forward, having full billing transparency is critical to build a meaningful relationship foundation with your clients. As perhaps the most visible element of any practice, accurate, clear and timely bills send the message that no detail is too small in your quest to achieve a client’s goals.

As we adapt to our ever-changing environment, Addepar will continue to build billing functionality that addresses the pain points that affect you and your clients today, and help you deliver the highest value well into the future.

*Disclaimer: Addepar shall have no responsibility for the accuracy, completeness or lawfulness of the data used to track earnings or generate billing reports or a client bill or fee itself.  The billing function and output shall be governed by your agreement with Addepar, including without limitation, the disclaimer of warranties and the limitation of Addepar’s liability, therefore.