XY Planning Network Benefits Underserved Gen X Market

For years it has been evident that if you want the help of a financial advisor, you need to have a lot of money for them to manage. Only the nation’s wealthiest individuals have been able to easily gain access to someone with industry know-how. In fact, only 5 to 7 percent of Americans can afford to pay the traditional Assets Under Management (AUM) fee.

But thanks to the insight of Alan Moore and Michael Kitces, co-founders of XY Planning Network, those times are changing. RewardExpert recently had the pleasure of speaking with Maddy Roche, Director of Member Services for XYPN, about the company and how it is revolutionizing the way Americans invest.

Recognizing a Gap

XYPN was formed in 2014 when Alan Moore and Michael Kitces recognized that there was a significant gap in the financial planning industry. This was caused by the fact that most money management firms charged an AUM fee to cover their costs. But since so few Americans can afford that fee, advisors were missing out on a significant portion of the population who were eager for financial advice but couldn’t afford the rates.

Moore and Kitces founded XYPN in 2014. “XYPN was formed with the goal of building the much-needed bridge between financial advisors who want to profitably serve younger clients who don’t necessarily have large portfolios, and those younger clients who are hungry for financial advice but who have been historically neglected by the financial services industry,” said Roche.

“Today, more than 650 advisors from across the U.S. comprise the Network, offering services to a much greater portion—and broader diversity—of the population than the 5 to 7 percent that has traditionally been served.”

Next Generation Client Base

XYPN is a network of advisors who have a strong desire to either start their own RIA or grow an existing one. Most of these advisors are looking to work with the large number of next generation clients, or to serve the many traditionally underserved clients.

“A lot of advisors are drawn to XYPN because of benefits like one-on-one coaching, compliance resources, and our full technology stack,” said Roche, “but they stay because of the sense of community among their peers.“

“The fee-only financial advisors in our Network are committed to working with Gen X and Gen Y clients,” claimed Roche. “All of our advisors provide comprehensive financial planning (which can include services like cash flow, debt management, estate planning, insurance planning, tax planning, real estate analysis, career planning, retirement planning, and investment advice and/or management) and are dedicated to putting the interests of their clients first.”

An Ample Offering

XYPN provides many different types of services and benefits, including:

• Compliance services
• Marketing education
• Lead generation
• Resources and coaching
• A full technology stack
• Service and support

But that is not where the list ends. In addition to these great services, XYPN also provides a sense of community. With a focus on the client and helping them make the best spending and investing decisions, their financial planning advice is critical for many Generation X Americans and others.

“Our advisors can help clients differentiate between needs and wants, understand what excess versus balance looks like, and develop strategies for living within a budget (and within, versus above, one’s means),” explained Roche.

“XYPN advisors are financial-planning focused and offer comprehensive financial planning services that focus less on managing a client’s “wealth” and more on managing all of the intersections of a client’s life and financial decisions (i.e. “financial life management”); this makes them a fantastic option for things like budget development. Essentially, they act as financial life coaches, providing personalized advice/guidance specific to each client’s needs.”

To learn more about XY Planning Network, visit their website at xyplanningnetwork.com.