Alan Moore, CEO of AdvicePay and XY Planning Network, announced on LinkedIn he would be vacating his position at AdvicePay, the advisor-focused billing and payment workflow platform he co-founded with Michael Kitces in 2016. Once the company finds a new chief executive, Moore said he’d be moving into the role of executive chairman of the board.
"Ultimately the decision to step down came down to answering the question 'What is best for the business?'" Moore said, in an email. "Candidly, being a CEO is a difficult job that really weighs on you. I have been fortunate enough to be the CEO of two fast growth companies, but I have come to feel that while we have done amazing work, it's time for a full-time CEO to lead AdvicePay. I will be shifting to the board so I will remain involved, but the company will certainly benefit from full time leadership."
Moore currently splits his time running both AdvicePay and XY Planning Network, an organization of fee-only financial advisors who specialize in working with Gen X and Y clients.
The company posted the CEO job opening, located in Bozeman, Mont., where AdvicePay is based, this week. The new CEO will be tasked with setting the strategic plan for the next stage of growth “by working with the serial-entrepreneurial founders,” the posting states.
Kitces' role with the company is not changing.
“We’re looking for a steadfast CEO who’s passionate about helping our team and customers live their great lives, committed to doing the right thing, and energized to help us scale from $5M of ARR and 25 team members to 10X both in the next 10 years,” the posting states.
The firm originally launched in 2016 to provide a systemized way to handle payments for monthly retainer fees for members of the XY Planning Network. Since then, an enterprise version of the service has expanded to larger clients, like Cetera Financial Group, Cambridge Investment Research, Kestra Financial and LPL Financial, as well as being integrated with Envestnet | MoneyGuide.
In April 2021, AdvicePay added a new feature called Deliverables, an oversight tool that is part of its core offering, helping enterprises to systematically track, report and manage the financial planning documentation produced by their advisors. That feature’s launch came just days after the firm celebrated $100 million in financial planning fees having passed through the platform.
Later that year, the startup added an “Engagements” feature to its enterprise platform, designed to make it easier to standardize custom workflows at enterprises, as they track deliverables and offer support for advisors who have fee-for-service offerings, such as financial planning.
Last May, the company hired Bill Winterberg, advisor technology consultant and founder of FPPad, as its first vice president of financial planning growth.
“AdvicePay is at the epicenter of the industry’s ongoing shift to alternative fee models beyond assets under management as consumer demand for standalone financial planning continues to increase,” said Kitces, in a statement. “Similar to the emergence of the AUM model 30 years ago, the growth of which was catalyzed by the arrival of technology platforms like Schwab Advisor Services and other RIA custodians that brought the technology to make it possible for advisors to manage portfolio compliantly at scale, AdvicePay’s technology is similarly enabling the next stage of evolution in advisor business models. And notwithstanding AdvicePay’s rapid growth already, we believe this is still only the 2nd inning of a long-term industry shift.”
AdvicePay has raised a total $3.8 million in funding over four rounds, according to Crunchbase.com.
