Financial planners Michael Kitces Alan Moore have launched a new platform, called XY Planning Network, to support fee-only advisors to focus on generation X and Y clients.
The new XY Planning network will offer advisor members with access to a turnkey solution, including compliance and marketing support, discounted access to key technology packages, and relevant education to advisors and their ideal clients.
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Additionally, the XY Planning Network that now includes 20 founding members has teamed up with coaches such as niche marketing expert Kristin Harad and compliance expert Jim Cullen at a $297 monthly rate.
However, the fee for non-founder advisors will be $397 per month.
The network which is available via its website XYPlanningNetwork.com, will offer members other benefits such as a virtual peer network to communicate with colleagues, including forums, private video chats and text messaging systems.
The network is designed for fee-based advisors who want to work with millennial clients using a monthly retainer payment model.
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By GlobalDataMoore said that members who have the CFP certification and sign a fiduciary oath will have access to XY Planning Network’s exclusive find an advisor search profile.
"The XY Planning Network is the first organization to connect consumers with a fee-only advisor providing comprehensive financial planning that has an accessible and affordable fee model," said Moore.
"The monthly model can open the door for a viable business providing a continuous, ongoing financial planning relationship, in a manner similar to the AUM model but without the asset minimums that are simply inaccessible to the majority of Gen X and Y consumers," Kitces said.
