Last week, platform provider XY Planning Network hosted its national conference, drawing about 500 advisor members and other guests. The group also launched some new services to help members of its network grow their practices.
The organization, which also is suing the Securities and Exchange Commission over Regulation Best Interest, says it has more growth plans on the horizon. But the group’s growth is not a threat to its current members services or independence, insists co-founder, planner and blogger Michael Kitces.
Specially, members voiced concerns about the firm’s growth pace, if it might need outside capital or possibly risk letting service standards weaken. “We fielded these questions,” Kitces said, “and as one of Inc.’s 5,000 fastest-growing firms are very cognizant about growth and service. It’s a top priority to not let our standards slip.”
Plus, XYPN is not looking to bring in outside capital and aims to keep its independence. “We’ve been on a deliberate path of reinvesting for sustained growth … since day one,” Kitces explained.
The network now has about 1,020 advisor members, it says. It was founded about five years ago.
These and other issues were discussed during “Ask Me Anything” sessions at last week’s conference, Kitces adds.
The group recently announced new services for members, such as a three-week intensive sales and marketing program as well as advanced coaching; compliance coaching and reviews of compliance programs; more financial planning and process consulting; and white-label tax services.
XYPN says it expects to prepare about 1,000 2019 tax returns for clients of advisors using its network.
“We are a turnkey financial platform and are here to provide financial-planning support and services, like tax solutions, to advisors. We are not a [turnkey asset management platform or] TAMP,” Kitces explained.
That said, XYPN does “offer investment solutions alongside … other back-office services,” he noted.