Betterment bolsters advisor offering with enhanced XYPN partnership

The wealth tech provider is giving fee-only advisors access to more resources and lowering barriers for those just getting started.

Betterment is stepping up its efforts to support fee-only financial advisors by enhancing its partnership with XY Planning Network, the turnkey advice and planning platform co-founded by Michael Kitces.

The firm announced Thursday that it is eliminating technology fees for XYPN members who are using Betterment for Advisors, its RIA custody division.

“Betterment and XYPN have been working together for nearly a decade to give independent advisors the tools that they need to launch and scale their advisory practices,” Tom Moore, head of Betterment for Advisors, said in a statement.

“We are thrilled to renew our commitment to their network of advisors as we strive to do even more for the RIA community,” he said.

Under the strengthened partnership, XYPN advisors will no longer have to grapple with AUM minimums, and they’ll continue to enjoy an exclusive discount on Betterment’s platform fees.

The updated partnership also offers additional benefits for XYPN’s member advisors, including dedicated advisor support, streamlined client onboarding processes, and integration with XYPN’s technology stack.

“We are always seeking out ways to help our advisors better run their firms and save money in the process,” said Alan Moore, CEO and co-founder of XYPN.

Last month, XYPN announced it had forged a new partnership with Elements, giving its fee-only advisor members special access to the industry-leading financial diagnostics technology offered by Elements.

Earlier this year, Betterment for Advisors upgraded its platform by giving advisors the ability to add mutual funds to their custom portfolios.

There’s more to come from the advisor fintech firm this year, as the fintech provider says it is planning many more partnerships and integrations in 2024.