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Financial Planning > Tax Planning

XY Planning Network Adds Coaching, Tax Services for Advisors

By Jeff Berman

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XY Planning Network has added various new services to its financial planning platform that it said Monday were designed to help fee-for-service advisors at all stages of firm ownership, from preparing to scaling.

The new services are sales and compliance coaching, as well as XY Tax Solutions, financial planning and process consulting, XYPN announced at its annual national conference, #XYPNLIVE, in St. Louis.

Starting in October, XYPN will offer a three-week “quick-start sales and marketing intensive” coaching program, it said. That program is “designed for advisors who are preparing to launch firms,” Jennifer Mastrud, XYPN director of marketing, told ThinkAdvisor.

It will be followed, at the start of 2020, by a more advanced program for firm owners who want to “refine and improve the effectiveness of their sales and marketing processes,” XYPN said. That advanced sales program “will be ideal for advisors in the ‘building’ phase (20-75 clients),” Mastrud said. Both programs will be led by XYPN’s in-house sales coach, BB Webb.

 XYPN’s new compliance coaching services, meanwhile, were designed to “help advisors develop, implement and revise their compliance programs,” it said. Its in-house compliance experts will “work with advisors one-on-one to improve operational efficiency and increase accountability for their ongoing compliance needs,” it said.

As part of the financial planning and process consulting, XYPN said it will “deliver a combination of group coaching, workshops and one-on-one consulting to create and refine scalable processes.” Advisors will learn how to customize and implement XYPN’s comprehensive financial planning process that it said includes a client onboarding process, client discovery process, step-by-step financial plan development and best practices for implementation with clients.

Last, XYPN’s new white-label tax services are the first offering under XYTS, a new division it said is offering an outsourced tax team for XYPN members only. XYTS expects to prepare 1,000 tax returns in 2019 for the clients of XYPN advisors, it said. Via this service, advisors can create “deeper relationships with clients, scale their firms if desired, and improve client retention,” it said.

XYPN co-founders Alan Moore and Michael Kitces are “working to evolve” their platform’s “reputation with an ever-expanding list of services for established advisors whose needs are markedly different from those of launching advisors,” XYPN said.

XYPN, which launched in 2014, said its community of advisors grew to 1,000 in early August. The median age of its advisors was 39, and those advisors “comprise more than 5% of all state-registered RIAs delivering financial planning services across the country,” it said.

Since then, the number of advisors XYPN serves has grown to more than 1,020, 64% of whom have owned their firms for more than one year, it said Monday.

— Check out XY Planning Network Announces Fintech Finalists  on ThinkAdvisor.

Jeff Berman

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