Two of the biggest media personalities in the financial advisory industry are joining forces.
Blogger and consultant Bill Winterberg, known for running the FPPad website and advisor technology consultancy, joins Michael Kitces (pictured, right) and Alan Moore at the fee-for-service and fee-processing firm AdvicePay Payments, where he will assume the new role. Vice President of Financial Planning Growth.
“I’m really excited to join this team,” Winterberg (pictured, left) told Citywire. “The emerging generation of investors and financial planning clients are looking for more transparency in the services they receive as well as the fees they pay. AdvicePay is clearly one of the organizations that is going to be a catalyst for the adoption and proliferation of the fee-for-service model.
AdvicePay specializes in enabling advisors to collect recurring or one-time fees for financial planning. In addition to billing and payment processing, the AdvicePay platform automates certain aspects of the process, including signing planning agreements and disbursing a plan document to the end customer. The idea is to help companies such as RIA aggregators and institutional brokers maintain compliance and oversight of small paid lines of business.
Winterberg explained that his new work has three components: helping companies and individual RIA clients establish paid revenue streams; maintain relationships with AdvicePay’s integrated software providers; and help execute product strategy around how AdvicePay can further streamline back-office functions for RIA customers.
“I’ve done technology consulting and talked to advisors about how they can be more effective with their businesses and add technology so they can do more financial planning. It was a perfect fit with the core values of what AdvicePay offers — trying to bring more planning to more people at all kinds of different price points,” Winterberg told Citywire. “It was just for me.”
Winterberg founded FPPad in 2008 after several years as a software engineer with educational technology company LeapFrog Enterprises. The name FPPad is a reference to the ‘LeapPad Learning System’ that he developed there. Over the years, he has become a well-known thought leader in the advisor technology space, scoring tech columnist gigs with Morningstar Advisor magazine and the Financial Planning Association’s Journal of Financial Planning. He said Kitces had been a “good friend” since the mid-2000s.
“I hope to throw some gasoline on these initiatives and these ideas that [Kitces] was able to carry out,” he said.
AdvicePay’s role is something of a comeback for Winterberg, who made several “pivots” after Covid emerged, including becoming a full-time home tutor for her middle-aged son. He also led several video production projects for institutional healthcare providers who had been forced to engage virtually with patients and colleagues during the pandemic. The FPPad blog seems to have gone dormant around the start of 2020.
Winterberg said he plans to formally suspend operations on FPPad’s website and its consulting firm of the same name. He assured that his audience can expect him to continue writing and producing video and audio content, including news analysis and event coverage, under the AdvicePay banner.