XYPN Members Add More Than 20,000 New Clients As Fee-For-Service Planning Gains Momentum

XYPN member firms now more than 10% of all state RIAs providing financial planning

BOZEMAN, Mont., Oct. 10, 2022 /PRNewswire/ -- XY Planning Network (XYPN) kicked off their 8th annual #XYPNLIVE conference in Denver, Colorado to celebrate the ongoing growth of independent fee-for-service financial planning. The key growth figures for XYPN's recent benchmarking study include:

• The average XYPN member firm grew its client headcount by 36% in 2021
• XYPN member firms in the aggregate have brought on over 20,000 new clients within the last year
• XYPN members comprise 25% of the Investopedia Top 100
• 2 XYPN member firms, along with XYPN itself, were included in the latest Inc. 5000 list of fastest-growing companies

"Because of all of you, 20,000 new consumers received access to the transformative power of financial planning to help them live their great lives," said XYPN CEO Alan Moore to conference attendees. "XYPN is expanding access to financial planning for clients who were not previously able to access an advisor if they didn't want to buy a financial product or already have assets to manage."

In the past year alone, the XYPN Compliance team registered 186 new RIAs, bringing XYPN's total to more than 1,200 firms and 1,650 members. In the aggregate, this means XYPN represents nearly 11% of all state-registered RIAs offering financial planning services.

"Fee-for-service financial planning is unique from a regulatory perspective because advisors solely focused on financial planning don't necessarily provide discretionary investment management to reach the SEC's registration threshold. As a result, nearly 98% of our members are state-registered," noted XYPN co-founder and Executive Chairman Michael Kitces. "XYPN remains committed to working with state regulators to help them understand how financial planning is distinct from investment management, and how important it is to separate financial advice from product sales."

For the year ahead, XYPN outlined core goals that included a more personalized approach to membership, deeper integrations across the XYPN tech stack, and continued expansion of XYPN's service offerings to members, including the new launch of XYVA, which will provide virtual assistant services to XYPN members as they continue to grow and scale.

"Our XYPN benchmarking study shows a clear trend that members are scaling themselves up through outsourcing, with 63% of scaling members using external provides to support their bookkeeping and administrative tasks," said Moore. "Over the past year in our pilot program, XYPN's Virtual Assistant solution delivered over 800 hours of task support in key areas from client meeting prep and follow-up to compliance support, and we're excited to expand the program further to 75 new members in the coming year."

The 8^th annual #XYPNLIVE conference also continued to expand its inclusivity. In addition to actively supporting advisors of all ages, genders, and ethnicities, XYPN committed to the CHOIR^™ pledge, meeting or surpassing requirements such as having at least a third of keynote speakers be a woman or person of color, all panels with four or more people must include at least one woman or person of color as a non-moderator expert, and ensuring women and BIPOC speakers present as experts in sessions that aren't just about diversity, equality, and inclusion.

Moore also re-emphasized XYPN's industry-pioneering Anti-Harassment Policy, saying. "This is not a joke, and XYPN has enforced this policy at least once already with a prior conference attendee who will not be permitted to return. When women have uncomfortable or threatening experiences at conferences and other events, they don't come back, limiting their professional opportunities. XYPN is committed to creating a positive space for all advisors, including women and BIPOC professionals."

Today marks the start of XYPN's annual conference, #XYPNLIVE, both virtually and in person in Denver, Colorado. For more information, please visit: https://live.xyplanningnetwork.com/

XY Planning Network is the leading financial planning platform for fee-for-service financial advisors who want to serve Gen X and Gen Y clients, providing comprehensive financial planning services for a monthly subscription fee without product sales or asset minimums. The Network offers a virtual community for new and established financial advisors who want to serve a younger clientele and provides members compliance support services, marketing support, business tools and templates, and a wide range of technology solutions.

SOURCE XY Planning Network