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Financial Planning > Behavioral Finance

Elements to Offer Planning Tool to XYPN's Fee-Only Advisors

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Elements, a provider of a financial health monitoring system for advisors, says it has formed a partnership with XY Planning Network (XYPN), which offers independent fee-only financial advisors a turnkey advice and planning platform.

The partnership is set to enhance the capabilities of more than 1,800 independent financial planners supported by XYPN, providing them with cost-effective access to the Elements platform. The aim is to help XYPN members accelerate their practices’ growth by offering clients an accessible experience early in the planning relationship, Elements said.

The partnership will give advisors exclusive access to Element’s financial diagnostics software at discounted rates. It offers a tiered pricing structure ranging from free access for those starting out to significant discounts for growing and established practices, as well as month-to-month contracts.

“Doing financial planning for those in their 30s, 40s, and 50s, who are still working and may be decades away from retirement, is fundamentally different than the ‘traditional’ portfolio-centric focus of working with retirees and near-retirees,” according to XYPN co-founder Michael Kitces.

“Advice conversations are less about how assets are invested, and more about whether the household has built and is maintaining healthy financial habits around their household cash flow and still-accumulating assets,” Kitces explained.

With its Elements partnership, XYPN advisors can use “a new kind of financial monitoring tool that supports these exact financial planning needs and is in strategic alignment with XYPN’s mission to expand our members’ ability to provide equitable and accessible financial advice,” he added.

The XYPN-Elements partnership includes a training program with live, on-demand and facilitated mastermind sessions, led by industry experts and Elements brand ambassadors Carl Richards and Reese Harper and others.

“Our goal at Elements is to ensure that quality financial advice is within reach for everyone who needs it. This partnership will empower XYPN’s advisors to serve an expanded client base without losing sight of the personalized engagement that’s key to impactful advice,” Elements’ Harper said in a statement.

 Image: Shutterstock