The XY Planning Network created a technology platform for members to help them provide client service the way younger investors demand: digitally.
The turnkey financial planning platform unites online onboarding for clients and robo-adviser tools from
RobustWealth with investment models that will include socially responsible investing choices, as well as two other investing paths.
"Most of the TAMPs out there are designed for advisers with a lot of AUM and who serve large investors," said
Alan Moore, co-founder of the
XY Planning Network. "We built a TAMP and investment platform specific for an XYPN adviser serving young investors."
The average XY Planning Network member has $3 million to $5 million in assets under management.
Pricing for the member-only platform begins at 35 basis points and decreases as members move beyond having $5 million in AUM. Firms that leave the network will be able to continue using the TAMP under ex-member pricing that hasn't been decided yet.
"It's meant to be an investment platform for those who want to make sure client dollars get invested, but they don't want to spend a lot of time on it, and want to make sure it goes to the right place," said
Michael Kitces, partner and director of research at Pinnacle Advisory Group Inc. and co-founder of the XY Planning Network, which is holding its third annual conference in Dallas this week.
The fee-only group, formed to offer a comprehensive set of practice management resources to help mostly young advisers serving Generation X and Y clients run their businesses, has grown from an initial 31 members in 2014 to 489 today. The average age of members is 37.
