The fee-for-service XY Planning Network says it saw substantial growth in client numbers across its member firms.
The average member on the network saw its client base grow by 36% in 2021, according to XYPN, which was co-founded by Michael Kitces, industry blogger and head of planning strategy at Buckingham Strategic Wealth.
Moreover, within the past year, XYPN firms together added more than 20,000 new clients, XYPN says.
"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 [Securities and Exchange Commission’s] registration threshold," Kitces said in a statement. As a result, nearly all — 98% — are state-registered, he noted. "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."
XYPN added that its members are tapping outsourcing to scale their businesses, with 63% outsourcing bookkeeping and administrative functions.
The network also plans to build out its virtual assistant platform, which last year provided more than 800 hours of task support in compliance and client meeting preparation, XYPN chief executive officer Alan Moore told attendees at last month's #XYPNLIVE conference in Denver, according to the network.
Moore added that the network is taking steps to be more inclusive and enforce its anti-harassment policy, with at least one attendee to a prior conference getting banned from returning, according to XYPN
“When women have uncomfortable or threatening experiences at conferences and other events, they don't come back, limiting their professional opportunities,” he told attendees, according to the network. “XYPN is committed to creating a positive space for all advisors, including women and [Black, indigenous and people of color] professionals."