As an independent financial advisor, you put in a lot of effort into getting clients, coming up with the best strategies to manage their finances, and ultimately ensuring the best cash flow for them. But you're not only handling your client's money. You must also stay on top of your business finances, and having an efficient invoicing process is a very important aspect that you must not treat as a last-minute duty.
While it may be a time-consuming task, sending professional invoices can help you get paid faster, build a trusting relationship with your clients, and even get more business. But don't worry, you don't have to spend hours writing and proofreading your invoices to achieve this. Instead, you can create your own finance invoice template that you can easily fill in with client-specific details and be ready to send the invoice out in minutes.
Let's go over the important information invoice templates must cover.
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Essential Element of a Financial Advisor Invoice Template
When creating your finance invoice template, you want to make sure all line items are clear and easy to understand for your clients. At the same time, ensure that all business-related information is in place to make your payment tracking and accounting process easier. For a functional and efficient invoice template, include the following essential elements.
Start your financial advisor invoice template with a section for your contact information starting with your full name (and business name if registered differently), street address, phone number, email address and website. You may also mention any specialized services you provide such as real estate investment, retirement planning, or small business planning.
For more professional invoices include your financial advisor business logo, professional certifications, industry-related imagery, and any other branding elements you consider appropriate.
Next, add a section for your client's information such as full name, phone number, billing address, and email address if you want to send out a digital invoice. If you have a client database, include their ID number as well as the client's investment account number to make it easier to track their payments and keep your paperwork organized.
Invoice Number and Date
It's important that all of your invoices are numbered as this will help maintain a well-organized accounting process, not to mention if you have corporate clients they will probably not accept the invoice without an invoice number. Include as well the invoice date (when it was sent out, not created), which you will use to determine the payment due date and apply late fees accordingly.
Financial Services Provided
You must leave enough space on your invoice template to provide an itemized list of the financial services you provided such as consultations, market research, account monitoring, etc. Include a short description of each service, along with your hourly rate (or flat rate), amount of hours worked and the total cost. It's a great idea to include your hourly timesheet to keep your charges completely transparent for your client.
Use this section to specify any financial products sold to the client such as insurances, stocks, etc., by also providing a short description, unit price and total cost.
The totals section of your invoice template must have separate lines for the total cost of services and products before taxes (subtotal), then add the applicable taxes and specify the total amount due. If you are providing any discounts for financial hardship, package deals, first consultation, etc., make sure to highlight it in this section by subtracting the discounted amount from the subtotal. Don't forget to also include a short description so your client knows where the great deal is coming from.
Providing crystal-clear payment details and instructions can truly make a difference in getting you paid faster. You want your clients to be aware of all accepted payment methods such as checks, cash, debit/credit card, ACH transfers or online payments like PayPal or Stripe. Include all corresponding account numbers, payment links, and mailing address for checks.
Use this section to disclose your payment terms such as invoice due date, late payment penalties, partial payments and any payment arrangements you might offer. You may also mention early payment incentives or refund policies.
If you have extra space at the end of your invoice template, include a section to leave a thank you message or personal note for your clients. Let them know how much you appreciate their business and look forward to working with them again in the future. You can also encourage referrals, good reviews, or even more business by offering a discount on an additional service. You're already taking the time to send out a document right? Might as well make some more money off of it.
Use Our Free Professional Invoice Template
If you don't have extra time to spend on creating your own invoice template, simply download Bonsai's free invoice template specially designed for financial advisors. Our invoice templates are super simple to customize and will easily fit your business needs to ensure you can create professional invoices with minimal effort.
Once you have personalized your free invoice template to your liking, save it in your preferred file format (pdf, google docs, word, excel, etc...) and use it to bill all of your clients consistently. You can also link several payment options so your customer can choose what's more convenient for them and you can easily access your funds. But that's not all Bonsai can do for you...
Save time and do business like a pro by using Bonsai's complete invoicing software to automatically send invoices, payment reminders, get viewing notifications, and apply late fees when your customers don't pay on time. You can also use our accounting software to get income reports, identify write-offs, track expenses and be prepared for a smooth tax season.