However, there is a challenging practical reality to charging retainer fees to clients – that they’re typically paid by actually writing a physical check, which can be both time-consuming for the advisory firm to process, and increases the saliency of the fee in a way that can make clients even more fee-sensitive. And while advisors can try to work with a payment processor to automatically debit a client’s credit card or bank account, few providers are willing to work with financial advisors, and most are “too” flexible, allowing the advisor to have so much control that the billing arrangement could be deemed custody. To fill the void, XY Planning Network has launched a compliant billing solution called AdvicePay, specifically designed to automate financial advisor retainer billing to bank accounts and credit cards, with the consumer protections necessary to ensure that the custody rule is not triggered. Initially, AdvicePay will only be available to members of XY Planning Network (given its focus on championing the monthly retainer business model for financial advisors), with a potential offering for the broader financial advisor community in 2017. More details about the retainer billing solution are available on the AdvicePay website.