Cetera Adds AdvicePay Technology to Its Advisor Platform

"We are transcending regulatory frameworks and moving past traditional ways of operating in order to bring an advice-centric experience to more people, helping them achieve financial well-being at each life stage."

Antoniades said the fee-for-service platform would enable advisors to expand their payment model beyond investment management and allow them to base their compensation strictly on the value of advice.

"This will help them grow their client base by appealing to Generations X and Y with a subscription-based model, and by lowering the cost of entry and simplifying the transactional experience," he said.

Reid Johnson, a certified financial planner affiliated with Cetera Advisor Networks, noted in the statement that many people and organizations needed sound financial advice, but that traditional payment structures might preclude them from working with professionals.

"Cetera's desire to innovate and collaborate with advisors on leading-edge solutions is one of the biggest values of affiliation with the firm," Johnson said.

Cetera Financial Group reported in late February that its chief executive, Robert "RJ" Moore, will step down for health reasons.