The Best Invoicing for Financial Advisors
Financial advisors need an invoicing system that consistently delivers complete, clear invoices. FreshBooks invoicing software easily generates detailed invoices your clients will love.
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Getting your invoicing right is important for financial advisors. In fact, it’s essential that financial advisors be completely transparent in their invoices to meet ethical standards.
The free financial advisor invoice template from FreshBooks includes all the fields you need to write a detailed, clear invoice that will help you meet these requirements.
Plus, carefully outlining the services you provide and the cost will also strengthen client relationships and build trust.
Download FreshBooks’ financial advisor invoice template in popular formats like Word, Excel, PDF, Google Docs and Google Sheets. Then, customize it to suit your needs.
Check out the gallery of free invoice templates from FreshBooks.
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What Is a Financial Advisor Invoice Template Used For?
A financial advisor invoice is used to bill clients for the services financial advisors provide.
Many financial advisors are self-employed and work as consultants. As independent contractors, they use invoice documents to ask clients for payment for services rendered.
A comprehensive, clear invoice will satisfy clients and help eliminate questions and complaints. It also helps a financial consultant meet ethical standards in their profession by being fully transparent.
Financial advisor invoices can be used by:
- Financial advisors
- Financial planners
- Personal finance specialist
- Investment advisors
- Estate planners
- Insurance agents
Financial advisor professionals charge their clients by using one of four pricing structures:
- Annual fee based on the market value of the client’s stock portfolio
- Commission based on how many financial products the client buys or sells
- Flat fee
- Percentage of client assets managed
- Hourly rate
A financial advisor invoice template makes it easier for consultants to bill according to any of these pricing structures.
How to Create a Financial Advisor Invoice
To create your own financial advisor invoice, use our free downloadable template and then customize it according to how you’re billing your customer. Create a financial advisor invoice by following these steps:
- Download your free finance invoice template.
- Add your contact information: company name, your name, address, phone number, email address, fax number. Or print the template on company letterhead.
- Insert your logo at the top.
- Fill in your client’s contact information: full name, address and any account numbers.
- Add an invoice number, invoice date and payment due date.
- List the services provided and add a brief description of each. Dates should be included beside each service in the far left column. If you provide the same service on different days, still include each on different line items. This makes matters clearer for the client.
- Add prices for each service, whether you’re billing for a flat fee or hourly rate multiplied by the number of hours worked.
- Account for any credits, payments received or money owing. If there’s a balance owing, add that to the total amount.
- Add sales tax, if required by your state.
- Calculate the total amount.
- Insert payment terms at the bottom, such as how you prefer your client to pay.
- Send the completed invoice to your client online via email. Or print it off and send via regular mail.
If you are taking fees straight from your client’s investment account, you must change the heading from “invoice” to “statement.” Include a note in the payment terms reminding the client that you’ve both agreed to this method of payment and also that they don’t owe you any money as it’s already paid.
Include the formula if you’re taking a percentage of their investments or other assets.
For example, you charge 5 percent and the client’s fund is $100,000.
- 5% x $100,000 = $5000
Invoice Types for Financial Advisors
There are no legal requirements that mandate financial advisors to include specific information in their invoices.
Still, freelance advisors usually use a standard invoice template that contain key fields to make sure their clients completely understand what they’re billing for and how. Complete transparency is of top importance for financial advisors, especially since it’s legally required by federal and state laws and professional organizations.
Here are the most common invoice types for financial advisors:
- Standard Invoice: The most typical invoice that lists services provided and how the advisor is billing for each one.
- Automatic Invoice: The best option if you bill your clients on a recurring basis for a fixed fee.
- Pro Forma Invoice: A type of invoice that’s more like an estimate. Before the project’s started, you can estimate what services you’ll need to provide and how much each one will cost.
- Credit Invoice: Used to issue a refund or a discount.
- Debit Invoice: Used to charge for extra work. Send a debit invoice to include this work and revise the total balance owing. Of course, the client should agreed to this extra work in advance.
- Mixed Invoice: Used to both bill for services rendered and issue a refund or discount.
- Prepaying Invoice: Bill your client for a deposit or retainer on future work with this invoice.
Download a Financial Advisor Invoice Template for Free
Download the financial advisor invoice template for free and you’ll be able to quickly create professional invoices tailored for your work, whether you’re based in the US, Canada, the UK or beyond.
Detailed, clear invoices will impress your clients, help you get paid faster and encourage your clients to work with you over the long term.
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