Advisor Intelligence

XY Planning Network Opens For Young Advisors

Young financial planners have a new network dedicated to helping them connect with NexGen clients. Industry blogger and advisor Michael Kitces and planner Alan Moore launched XY Planning Network on Friday, a new site and virtual community designed to meet the needs of younger advisors and clients.

“There have traditionally only two paths into financial planning: selling financial products for a commission or working as a paraplanner for a Fee-Only firm until you can work your way up through the ranks.  Well, now there’s a third path: start your own firm with all the tools and have all support you need to launch and grow your firm,” Moore says.

The network is designed for fee-based advisors who want to work with Millennial clients using a monthly retainer payment model. While Moore says the network will not dictate specific pricing, he expects there will be advisors with fees as low as $50 a month. Advisors looking to join will need to be able to provide their services on a virtual basis.

For $297 a month, financial planners will have access to best-in-class coaches, including marketing expert Kristin Harad and compliance expert Jim Cullen of Financial Planners Assistance. The network, through its website XYPlanningNetwork.com, also gives members a virtual community of their peers, with private forums containing video chat and text messaging systems, as well as virtual and live events planned.  

For advisors who hold a CFP designation and agree to sign a fiduciary oath, the network also allows planners to list themselves on an exclusive “Find an Advisor” search profile. Advisor profiles in the directory will show a short bio, a description of advisors’ ideal clients and all monthly retainer and fee-models offered. Moore says clients also will be able to use the directory to schedule online meetings with appropriate advisors, as well as file complaints if something should go wrong.

Currently the XY Planning network is open to founding members, with Moore saying they’re hoping to get 20 advisors interested in joining at the $297 monthly rate. For financial planners joining later, the price will likely be $397 a month, with no annual contracts. The full launch of the site is set for June, when the network plans to start reaching out to consumers.

“The monthly model can open the door for a viable business providing a continuous, ongoing financial planning relationship, in a manner similar to the AUM model but without the asset minimums that are simply inaccessible to the majority of Gen X and Y consumers,” Kitces said in a statement Friday. 

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