Notably, the goal of the XY Planning Network is not “just” to bring financial planning to the underserved Gen X and Gen Y at an affordable cost, but also to support a new career path for entrepreneurial young advisors who want to build an advisory firm by working with their own natural network in the first place: their Gen X and Gen Y peers. It was founded about five years ago. The blogger also wrote about the matter extensively online this week, explaining: “Ultimately, though, the purpose of the XYPN lawsuit against the SEC is not to undermine the ability of broker-dealers to engage as such; instead, the issue is simply that Congress has repeatedly prescribed that the delivery of financial advice must be delivered under a fiduciary standard of care, either by lifting the standards for brokers when providing such advice, or by requiring such advice to be delivered as a registered investment adviser in the first place.”, 5 Worst States for COVID-19 Hospitalization Rates, Why Raymond James' Purchase of $35B Retirement Plan Firm Is a 'Strategic Fit', Bitwise Launches First Cryptocurrency Index Fund, Harry Dent: Market Crash Coming in 2-3 Years; Economy ‘Already Dead’. Unfortunately, though, this shift towards AUM-centric business models for delivering financial planning has a significant caveat: it doesn’t reach those who don’t have assets available to manage! Although the distinctions between a monthly retainer versus an annual retainer or an hourly fee are nuanced, they are nonetheless significant and have the potential to help financial planners finally get paid for what they actually do, especially for those consumers who don’t have the AUM or don’t need those financial services products through which financial planning has traditionally been indirectly paid! Attention Members! In addition, he is a co-founder of the XY Planning Network, AdvicePay, fpPathfinder, and New Planner Recruiting, the former Practitioner Editor of the Journal of Financial Planning, the host of the Financial Advisor Success podcast, and the publisher of the popular financial planning industry blog Nerd’s Eye View through his website Kitces.com, dedicated to advancing knowledge in financial planning. Since my own divorce, I have been committed to helping others navigate this difficult time through education and planning. In turn, given the unique needs for advisors who operate under this monthly retainer business model – from a CRM with the workflows to manage a monthly-fee clientele, to the payment mechanism necessary to collect monthly retainer fees without running afoul of SEC custody rules – the purpose of XY Planning Network is to provide the tools, templates, and access to technology necessary to let advisors operate the model on a near turn-key basis (not to mention being with a community of other advisors going through the same challenges! “Our members are at a capacity crossroads. The firm's study of several hundred portfolios found that many advisors shifted allocations to investments that outperformed. Our November CE Quizzes are now available in the Members Section. Last week, platform provider XY Planning Network hosted its national conference, drawing … Despite the labor intensive nature of building financial plans, the median comprehensive planning fee from FPA’s Practice Management Solutions survey a few years ago was still only $2,250, despite the fact that 40% of planners reported spending more than 15 hours to construct a plan (and 75% of those surveyed were taking at least two weeks to deliver the plan back to the client). All Rights Reserved. Co-founders Alan Moore and Michael Kitces … For most of its history, “getting paid” for financial planning has really been about giving away financial planning at little or no cost and making it up from the income generated by implementing the recommendations of the financial plan, first through the sale of insurance and investment products, and more recently by providing ongoing investment management services. XY Planning Network founders Alan Moore (left) and Michael Kitces at the 2019 XYPN Live conference. Specially, members voiced concerns about the firm’s growth pace, if it might need outside capital or possibly risk letting service standards weaken. (Disclosure: Michael Kitces is a co-founder and partner in XY Planning Network. Financial planning has long had a challenge of being paid as such. In 2004, Kitces helped to co-found NexGen, a community group for younger financial planners and later went on to co-found the XY Planning Network and AdvicePay as well, with the former being recognized as #168 on the Inc. 5000 list of fastest-growing companies in 2018. About Dwight Dettloff, CFP®, CPA. 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. XY Planning Network. While this has allowed for the growth of many successful financial planning firms, it also opens the door to the risk that the plan will lead to the sale of inappropriate products, and limits access for financial planning to those who have assets to manage or need to buy insurance or investment products in the first place. In response to both this conflict of interest, and more generally the aging baby boomer demographic and its ongoing accumulation of assets for retirement, the focus has shifted in the past decade or two towards the assets under management model, where again planning is often paid for ‘indirectly’ through AUM fees, but can be done in a manner that’s viable and profitable for the firm, and generally with less potential conflicts of interest regarding planning recommendations than the sale of products for commissions. All Other Questions, Meanwhile, XYPN is suing the SEC over its issuance of the Regulation Best Interest rules. Hourly fees are often transactional – when you have a problem, you purchase the professional hours necessary to get help solving the problem – while an ongoing monthly fee is relationship-oriented; advisors are compensated not for coming up with problems to solve, or impressing upon their clients that their problems are ‘worth’ paying for a one-off solution, but instead are compensated for providing good service and ongoing advice that retains clients (and retains their ongoing monthly fee relationship). Post was not sent - check your email addresses! Unfortunately, for most new planners entering the industry today, there have only been two paths: taking a job at a firm that requires them to sell insurance and investment products to their peers; or working at a larger firm that serves wealthier clients and has (AUM) minimums that prevent young planners from working with the peers they often wish to serve. Sign up now & receive a free copy of The Kitces Report: One-Page Financial Advisor Business Plan Template. Plus, XYPN is not looking to bring in outside capital and aims to keep its independence. These and other issues were discussed during “Ask Me Anything” sessions at last week’s conference, Kitces adds. But the group’s growth is not a threat to its current members services or independence, insists co-founder, planner and blogger Michael Kitces. From this challenge has emerged a new crop of alternative financial planning business models, including income-and-net-worth-based annual retainer models and most notably the rise of the Garrett Planning Network and the hourly fee middle to reach these underserved groups. MyPlanMap software is featured in Michael Kitces’ “Financial Advisor FinTech Solutions Roadmap” in the “Plan Monitoring” section – Michael Kitces, Founder of Nerd’s Eye View, Pinnacle Advisory Group and XY Planning Multipliers: How the Best Leaders Make Everyone Smarter, “Top 10 Influential Blog for Financial Advisors”, “#1 Favorite Financial Blog for Advisors”. Team XYPN comes from all walks of life, but we have one thing in common: we're passionate about making a positive impact on the financial planning industry. The Rise of TFPPs And The Evolution Of Broker-Dealers & Custodians, the popular financial planning industry blog, FPA’s Practice Management Solutions survey a few years ago, an AUM-centric model may be fine for those it serves, makes it difficult for clients to properly compare and keep the cost in context, the next major business model in financial planning will be the, for whom the greatest investments they can make may not be in their building portfolios at all, but growing their human capital instead, the purpose of XY Planning Network is to provide the tools, templates, and access to technology necessary to let advisors operate the model on a near turn-key basis, Turnkey Financial Planning Platform (TFPP), financial advisors are experiencing a crisis of differentiation, focus on a niche where the business can be both highly efficient, and highly differentiated, it’s still a remarkably good business model for those who really, SECURE Act And Tax Extenders Creates Retirement Planning Opportunities And Challenges. Similarly, the reality is that some niches and target clientele really do need certain insurance and investment products for which a broker-dealer is appropriate (i.e., not every TFPP has to be fee-only in its structure, though all of the forerunners have been). In 2010, Michael was recognized with one of the FPA’s “Heart of Financial Planning” awards for his dedication and work in advancing the profession. MICHAEL KITCES, CO-FOUNDER, XY PLANNING NETWORK. April 7, 2014 07:01 am 10 Comments CATEGORY: Practice Management. The TFPP will be to building a business getting paid for financial planning advice what the TAMP was to building a business getting paid to manage portfolios: a focused business, with a specific value proposition, to a specific target audience that adopts the needs/philosophy/focus of the TAMP. The group also launched some new services to help members of its network grow their practices. RECEIVING OUR LATEST RESEARCH AS IT IS RELEASED! Notably, this provides a path not only for younger consumers to finally have access to a financial planner, but also an important new career path for younger advisors who want to grow and develop a business serving their Gen X and Gen Y peers. ... XY Planning Network has launched its own compliance archiving solution. Michael Kitces, co-founder of XY Planning Network, says the group is mulling its options after a federal court struck down the organization’s lawsuit against the SEC rule. News > Industry XYPN Advisor Network Files Lawsuit Against SEC to Stop Reg BI For all those reasons, we’re incredibly excited about the launch of the XY Planning Network, and hope that it does at least a little something to help make financial planning more accessible, as both a vital service for consumers, and a viable long-term career for today’s young advisors. Sorry, your blog cannot share posts by email. Winding Trail Financial Planning, LLC was founded as an independent, fee-only, fiduciary financial planning firm in order to provide objective advice to … It’s worth noting that this isn’t necessarily to suggest that financial planning will eschew its product- and implementation-based roots anytime soon. Become a … Simply put, financial planning does provide advice regarding a wide range of insurance and investment products, and many/most people do need and/or want help and assistance in implementing them; that’s not going to end anytime soon (and thus neither will the business models that support them)! Attention Premier Members! That said, XYPN does “offer investment solutions alongside … other back-office services,” he noted. Featured Co-Host: Michael Kitces | Co-Founder of the XY Planning Network, and author of the popular blog www.Kitces.com joins in on occasion to bring his unique perspective to the show XYPN Radio Alan Moore and Michael Kitces In the case of the TFPP, though, the focus is – as the name suggests – not just on making the asset managment process turnkey, but the whole financial planning business. This has led to an explosive rise in the growth of custodians and the Turn-key Asset Management Platform (TAMP), and a squeeze on broker-dealers as the pace of growth in commission-based products declined (and also got squeezed), which in turn has put tremendous pressure on broker-dealer profit margins. The Pandemic Hits the Housing Market. Very Well, Says Invesco, Wells Fargo Raises Monthly Comp Hurdle for 2021, Jeffrey Levine: 5 Tax Tips for Wealthy Clients to Consider Before It's Too Late, Vanguard Slashes Investment Level for Institutional Target Date Funds, Sign Up for the Career Advantage Newsletter, Sign Up for the Inside Wealth Management Newsletter. Preserve wealth with help from advanced tax planning and risk management strategies. Staff support is the next wave of solutions … along with a wide range of coaching and consulting services around [work] processes and consulting, which are remotely based.”. “We are a turnkey financial platform and are here to provide financial-planning support and services, like tax solutions, to advisors. Nonetheless, the slow but inexorable transition towards actually getting paid for financial planning itself means the business models for financial advisors are changing, and so too are their needs for a very different kind of support service and infrastructure to help them be successful. Michael E. Kitces, MSFS, MTAX, CFP®, CLU, ChFC, RHU, REBC, CASL, is the Head of Planning Strategy for Buckingham Wealth Partners, a private wealth management firm located in … In addition, he is a co-founder of the XY Planning Network, AdvicePay, fpPathfinder, and New Planner Recruiting, the former Practitioner Editor of the Journal of Financial Planning, the host of the Financial Advisor Success podcast, and the publisher of the popular financial planning industry blog Nerd’s Eye View through his website Kitces.com, dedicated to advancing knowledge in financial planning. Instead, the long-standing “dirty secret” of financial planning is that the bulk of it is paid “indirectly” through the products or services that are used to implement the plan. Exclusive discounts on ALM and ThinkAdvisor events. And as the industry is shifting towards providing more planning services to clients, don’t get left behind! Last week, platform provider XY Planning Network hosted its national conference, drawing about 500 advisor members and other guests. As you look for new ways to boost your bottom line, re-centering your business on planning can make a big difference. It's the first time since 2014 that the firm has boosted the revenue its brokers must take in before earning a higher payout rate. 15; XY Planning Network Podcast; You can keep in touch with Dan by connecting with him on LinkedIn. The first stage was the shift from getting paid for financial planning through the commission-based sale of investment (and insurance) products, and towards the AUM model. The TFPP provides the tools, templates, technology, and other support necessary to deliver a particular type of planning to a particular audience with a particular business model; the more specific it is, the more efficiency there can be, the leaner the support business model is, and the more inexpensively it can be delivered to support the growth of financial advisors. In addition, he is a co-founder of the XY Planning Network, AdvicePay, fpPathfinder, and New Planner Recruiting, the former Practitioner Editor of the Journal of Financial Planning, the host of the Financial Advisor Success podcast, and the publisher of the popular financial planning industry blog Nerd’s Eye View through his website Kitces.com, dedicated to advancing … As criminals get smarter you must take extra steps to protect both your clients and your firm. In a world where broker-dealers try to make a percentage of the “grid” (of Gross Dealer Concessions) and custodians try to profit from revenue-sharing (with advisors or through the 12(b)-1 fees of the funds they use), TFPPs are operating on a drastically lower cost flat fee service; by focusing on a specific business model and/or niche, TFPPs are creating value for their advisors at a fraction of the cost of larger platforms. By going from a $100 million minimum down to $5 million, the asset manager aims to “broaden” retirement plan access to these funds. XY Planning Network founders Alan Moore (left) and Michael Kitces at the 2019 XYPN Live conference. My passion is serving young professionals, entrepreneurs, and small business owners. ), similar to how Garrett Planning Network facilitates the same thing for those who wish to do hourly planning. In addition, he is a co-founder of the XY Planning Network, AdvicePay, fpPathfinder, and New Planner Recruiting, the former Practitioner Editor of the Journal of Financial Planning, the host of the Financial Advisor Success podcast, and the publisher of the popular financial planning industry blog Nerd’s Eye View through his website Kitces.com, dedicated to advancing knowledge in financial planning. “We’ve been on a deliberate path of reinvesting for sustained growth … since day one,” Kitces explained. “We see that as fundamentally anticompetitive and in violation of the Investment [Company] Act and Dodd-Frank and are challenging the SEC on that basis.”. “We fielded these questions,” Kitces said, “and as one of Inc.’s 5,000 fastest-growing firms are very cognizant about growth and service. Asked why the firm chose to make this legal move, Kitces said: “At the end of the day, we think Reg BI is just fundamentally not consistent with the Investment Company Act of 1940 and Dodd-Frank [legislation].”, In addition, Reg BI “lets brokers continue to deliver financial planning without being subject to the advice standard,” he explained. XY Planning Network will not be pursuing its case against the SEC’s Regulation Best Interest in the U.S. Supreme Court, co-founder Michael Kitces announced during a … XY Planning Network is the leading organization of fee-only financial advisors who specialize in working with Gen X & Y clients. Copyright © 2020 ALM Media Properties, LLC. To help meet this need, this past week witnessed the launch of XY Planning Network – a new network for Gen X and Gen Y advisors who wish to work with their Gen X & Y peers offering this kind of monthly retainer model. What Returns Are Safe Withdrawal Rates REALLY Based Upon? How modern organizations are growing brand value, operational efficiency, and business impact with social media. ), an AUM-centric model may be fine for those it serves, but there are many it doesn’t serve at all. So what’s the solution? Your article was successfully shared with the contacts you provided. XYPN filed its suit in the Southern District of New York. Advance your career and take your firm's production to the next level with FREE practice-management tips. While this is not inherently bad as long as the costs add up reasonably for the services provided and the recommendations are in the clients’ interests, the sad reality is that financial planning can actually be so effective in building trust with clients that it can also be used (or rather, abused) to facilitate the sale of far less appropriate and more costly products as well. “We are making different arguments against Reg BI than what the states are claiming,” Kitces said. XY Planning Network co-founder Michael Kitces. The network now has about 1,020 advisor members, it says. It’s a top priority to not let our standards slip.”. Access to other award-winning ALM websites including TreasuryandRisk.com and Law.com. And what might change about the platform itself? In addition, he is a co-founder of the XY Planning Network, AdvicePay, fpPathfinder, and New Planner Recruiting, the former Practitioner Editor of the Journal of Financial Planning, the host of the Financial Advisor Success podcast, and the publisher of the popular financial planning industry blog Nerd’s Eye View through his website Kitces.com, dedicated to advancing knowledge in financial planning. As I’ve written in the past, I believe the next major business model in financial planning will be the monthly retainer model. Michael Kitces, CFP, a Financial Planning contributing writer, is the head of planning strategy for St. Louis-based Buckingham Wealth Partners; co-founder of the XY Planning … Whether they win in the court of public opinion seems more assured. Kitces’ XY Planning Network in September 2019 filed suit in the U.S. District Court for Southern District of New York, contending that the Securities and Exchange Commission’s Regulation Best Interest rule gives broker-dealers an unfair competitive advantage. The XY Planning Network and its co-founder, financial advisor Michael Kitces, are among the plaintiffs in a federal lawsuit that is attempting to … While the AUM model just “doesn’t work” for much of the middle class and younger folks, it’s still a remarkably good business model for those who really do have the assets and need for an ongoing financial planning relationship (e.g., retiring baby boomers). To some extent, broker-dealers have managed to shift their models to support fee-based investment advisory business to accommodate this shift, but many broker-dealers still struggle with their legacy infrastructure trying to facilitate what ultimately appears to be a leaner and more focused model. The 2nd Circuit decision in favor of Reg BI shouldn’t hamper the states, Kitces … Pivoting Quickly To A “Work From Home” Model: What Advisory Firms Need To Know, 12 Tips To Survive Your First 12 Months As An Independent Financial Advisor, The New 1% Advisory Fee: 1% Of Income, Instead Of 1% Of Assets, Analyzing The CARES Act: From Rebate Checks To Small Business Relief For The Coronavirus Pandemic. “We see that as fundamentally anticompetitive and in violation of the Investment [Company] Act and Dodd-Frank and are challenging the SEC on that basis.”, The blogger also wrote about the matter extensively, Ultimately, though, the purpose of the XYPN lawsuit against the SEC is not to undermine the ability of broker-dealers to engage as such; instead, the issue is simply that Congress has repeatedly prescribed that the delivery of financial advice, be delivered under a fiduciary standard of care, either by lifting the standards for brokers when providing such advice, or by requiring such advice to be delivered as a registered investment adviser in the first place.”, suing the Securities and Exchange Commission, How Did Advisor Portfolios Perform After COVID-19 Hit? Specially, members voiced concerns about the firm’s growth pace, if it might need outside capital or possibly risk letting service standards weaken. The video for this month’s live Office Hours, Best Practices in Hiring: Making Sure Your Next Employee is the Right One Who Stays, has been posted in the Members Section! In fact, ultimately the launch of XY Planning Network may just be the next step in a long line of turnkey financial planning platforms that emerge, as advisors increasingly shift away from product- or asset-centric business models, towards ones that seek to get paid for financial planning itself. Just as with the AUM model, this allows advisors to grow their business and income over time by growing a base of clients who pay an ongoing fee for the relationship service (perhaps even supplemented by AUM in the future as those clients eventually do begin to grow their assets and net worth!). 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