Firms

Should You Hire an XY Planning Network Financial Advisor?

By  Anna Baluch

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If you’re in search of a reputable and experienced financial advisor, consider an XY Planning Network advisor. No matter your age or assets, a financial advisor affiliated with the XY Planning Network (XYPN) may be able to help you meet (and possibly exceed) your financial goals. 

Unlike many other financial advisors, XY Planning Network advisors don’t have any minimum asset requirements and work with all types of clients, especially Generation X and Generation Y individuals and couples. 

They also hold the prestigious Certified Financial Planner (CFP) designation and are required to have years of relevant experience. And all XY Planning Network financial advisors can work with you virtually, so you can choose the right professional for your unique needs instead of one who happens to live near you. 

What is the XY Planning Network (XYPN)?

The idea of the XY Planning Network came about in 2012. Alan Moore was 25 years old and couldn’t keep a job at any financial planning firm. When he decided to start his own firm, he realized that he didn’t know very many wealthy 65 year-olds with million dollar accounts that would pay him 1% of their portfolio. 

He did, however, know a lot of 30 and 40 year olds and decided to serve them and charge on a fee basis. Eventually, he emailed industry guru, Michael Kitces, and told him that he believes there’s an opportunity to help advisors start and run firms that focus on the younger clientele. 

Kitces responded with a multi-thousand word email stating that he agreed and had plenty ideas on how to make it work. Five months later, XY Planning Network was born.  Today, the XY Planning Network is known as a leading organization of fee-only financial advisors who specialize in serving Generation X and Generation Y clients. 

XYPN’s financial advisors go above and beyond investment advice and offer comprehensive financial planning. They are known to support clients with services such as estate planning, insurance planning, tax planning, retirement planning, career planning…the list goes on. 

To date, there are currently over 1,000 financial advisors in  XYPN. Their average age is 39 and they make up more than 5% of all state-registered RIAs that provide financial planning services across the country. 

XYPN’s new advisor failure rate is less than 6% in the first year and has gone down each subsequent year since it’s been in existence. This is impressive considering 70% of new financial advisors are known to fail within their first three years. 

XY Planning Network financial advisors have served over 100,000 Generation X and Generation Y clients. These clients wouldn’t receive the services they need under a product sales or minimum managed assets service model. 

The advisors can connect with one another via Member-Only Forums that allow them to ask questions, offer feedback and give advice. They also receive a listing on the unique “Find an Advisor” portal and an E&O insurance policy. In addition, XY Planning Network financial advisors receive marketing support and business coaching as well as access to the latest technologies. 

Who Do XY Planning Network Financial Advisors Primarily Serve? 

While all XY Planning Network financial advisors focus on Generation X and Generation Y clients, many of them also focus on a specific area of specialization, or niche. Their niche is often based on their personality, who they enjoy working with, the types of problems they like to solve and how they’d like to engage with their clients. 

Some XY Planning Network financial advisors work with clients who work in a particular profession. They may offer financial planning for business owners, energy industry professionals, nurses, military, doctors and lawyers, for example. Others focus their business on clients of a specific religion, culture or those with young families or who desire to retire early. 

If you’d like highly specialized service, there’s a good chance you’ll be able to find a XY Planning Network financial advisor who works with people just like you. A benefit to you is they may better understand who you are and what you might want and need from a financial planning service than a financial advisor not focused on one area of specialization.



What Are the Requirements to Become an XY Planning Network Financial Advisor?

To become and remain an XY Planning Network financial advisor, members must meet the following criteria:

  • Fee-Only: A fee-only financial advisor is paid directly for their services and can’t accept commission or compensation from other sources such as mutual fund providers. They need to act as a fiduciary and make their clients’ best interests a priority. 
  • Fee-for-Service: A member may charge you on a retainer, flat fee, hourly rate or percentage of the assets they manage. They cannot require a specific asset level and must be upfront about their pricing structure. 
  • Gen X/Gen Y Client Focus: Although they’re not obligated to to work with clients from Generation X and Generation Y exclusively, XY Planning Network financial advisors must offer a specialty for them. 
  • Financial Planning Service: While a member can offer investment management services, their primary offering needs to be financial planning. Financial planning may include college planning, debt management, budgeting, estate planning, and other related services. 
  • Virtual Capabilities: Members must be able and willing to serve their clients virtually so that physical location does not become a limitation. They can do so via phone or a video conference platform. 
  • BrokerCheck Approval: XYPN members undergo a screening through BrokerCheck, a tool by the Financial Industry Regulatory Agency. It helps individuals research brokers, brokerage firms, investment adviser firms and advisers. Those who have regulatory fines, arbitration, or settlements of more than $10k will not pass or be permitted to join. 

Should You Hire an XY Planning Network Financial Advisor with a Specialty Focus? 

Many XY Planning Network financial advisors have developed areas of specialization to help serve clients who share common professions, characteristics, needs and interests. Currently, its advisor specialties include:

  • Business Planning Specialties (Business owners, non-profits, family business owners, private foundations, etc.)
  • Career Stage (Recent graduates, mid-career professionals, established professionals, career changers, etc.)
  • Ethnicity/Language (African Americans, Hispanics, immigrants, Russian speakers, etc.)
  • Faith (Pastors, Christian business owners, etc.)
  • Family Structure/Marital Status (Blended families, newlyweds, single income families, widowers, parents, intergenerational families, etc.)
  • Gender/Identity Focus (Divorced women, female business owners, LGBTQ women, female executives, etc.)
  • Interest & Hobbies (Automotive enthusiasts, motorcycle owners, travel enthusiasts, RV owners, etc.)
  • Planning Need (College planning, debt management, elder care planning, estate planning, budgeting, etc.)
  • Profession (Airline pilots, artists and creatives, attorneys, biotech professionals, technology startup employees, dentist, educators, etc.)

What Do XY Planning Network Financial Advisors Have to Say About Hiring an Advisor in the Network?

We asked XY Planning Network financial advisors featured on Wealthtender to share their thoughts on why people may want to consider hiring an advisor in the network. Here’s what they had to say:

TJ van Gerven CFP headshot

TJ van Gerven, CFP®

Modern Wealth Builders

“XYPN members are not just fee-only fiduciaries (required to provide advice in your best interest); they understand the importance of specialization and providing a personalized experience. The network truly embodies an abundance mindset where members work together to advance the financial planning profession. No matter your income or assets, there’s an advisor in the network that is willing to help you with your specific needs.” 

Learn More About TJ

Stanley Himeno-Okamoto, CFA, CFP®

DRS Financial Partners

“XYPN members must have a financial planning-centric approach, and working with an XYPN advisor is a great way for individuals and families to access financial planning without needing a certain portfolio size to invest. Many XY Planning Network financial advisors offer investment management as well, but flat-fee pricing that doesn’t require managed investments is common. Another great thing about XYPN is that it’s a network of advisors who are eager to share their knowledge and experience when other members have complex client-related questions, ultimately leading to better client advice and outcomes.” 

Learn More About Stanley

Vrishin Subramaniam

CapitalWe

“XYPN is a network of fee-only, fiduciary advisors that are geared toward serving Gen X and Gen Y. Breaking that down: the network was founded keeping in mind that finding a trusted advisor is tough, expect any advisor you find on XYPN to to have your best interest in mind (fiduciary) which is surprisingly uncommon for the Financial industry. They will also get compensated only by the client (fee only) so they don’t make money peddling you substandard funds or insurance for a kickback. Lastly a lot of advisors also cater to younger generation so even if you don’t have a million dollars to manage, they are able to serve you effectively.” 

Learn More About Vrishin

How Much Does it Cost to Hire an XY Planning Network Financial Advisor? 

You’ll find that an XY Planning Network financial advisor is more affordable than many other financial planners. Since they believe that everyone deserves professional financial advice, regardless of age or assets, you don’t have to meet any minimums. 

XY Planning Network financial advisors are also completely focused on financial planning services rather than selling you products you may not need. They operate on a fee-for service basis and do not earn commissions. They are only paid by you as the client, not a mutual fund company, brokerage firm or insurance company. You can expect them to adhere to one of these fee structures:

  • Flat Fee: With the flat fee structure, you’ll pay one price for a set of services that you and your financial advisor will agree upon in advance. 
  • Hourly Rate: You’ll pay your financial advisor for every hour they work with you. Every time you reach out to them with a question or concern, they’ll keep track of how much time they spend and charge you accordingly. 
  • Percentage of Assets Under Management: Your financial advisor will take a percentage of the assets they manage. You may notice a certain percentage-based amount taken out of your account every quarter. 
  • Retainer: In a retainer arrangement, you’ll pay a certain amount of money every month, quarter, and year. This can be a good option if you’d like your financial advisor to create a financial plan, execute it and monitor its progress over time. 

XY Planning Network financial advisors are required to be transparent about how they charge you for their services. Therefore, it should be clear how much they’ll bill you as well as how and when you’ll pay them before you agree to their services. Most advisors include their fee structure on the “information” or “fees” section of their website. 

Should I Hire an XY Planning Network Financial Advisor? 

If you’re a Generation X-er or Generation Y-er who would like to work with a financial advisor, an XY Planning Network financial advisor should definitely be on your radar. You can find one who specializes in an area that is important to you and has your best interests in mind. 

They’ll be transparent about their fees and can meet with you virtually so it doesn’t matter where you’re located. An XY Planning Network financial advisor may be the trusted financial resource you’re looking for to help you succeed financially now and in the future.

How To Find The Best XY Planning Network Financial Advisor For You

With over 1,000 XY Planning Network financial advisors in the US, you’ll find a wide range of professionals to consider working with, all of whom can work with you no matter where you (or they) live. While you may find an XY Planning Network advisor who lives nearby, you may discover another advisor hundreds of miles away whose areas of specialization are ideal for your individual circumstances.

You’ll find a growing number of XY Planning Network financial advisors on Wealthtender and you can also search the XY Planning Network website’s financial advisor directory.

Click the button just below to view our guide to XY Planning Network financial advisors featured on Wealthtender.


FAQs

Is there an XY Planning Network financial advisor complaint process?

If you’re displeased with an XY Planning Network financial advisor for any reason, you can file a complaint. There is an online form that requires you to reveal your name, the advisor’s name and details about the incident as well as the date it occurred. 

How do I learn more about an XY Planning Network financial advisor?

Each XY Planning Network financial advisor has their own profile on the XY Planning Network website. Their profile includes their picture, contact information, website link, a description of their experience and offerings and links to their social media outlets. There’s also information on how they charge and a contact form you can use to reach out to them. 

What requirements do CFPs have to meet?

XYPN offers a network of Certified Financial Planners (CFPs) who have completed a rigorous education and training program to earn one of the most prestigious designations in the industry. They hold a bachelor’s degree or graduate degree from an accredited college or university. 

CFPs also have either 6,000 hours of qualifying experience in the financial planning field or 4,000 hours of experience as an apprentice. They’ve also passed the challenging CFP exam and complete 30 hours of continuing education every two years.

What is the XYPN Academy?

The XYPN Academy is a member benefit for XY Planning Network financial advisors that offers access to self-paced online courses and resources designed to help advisors build their financial planning business. Members can login here and financial advisors interested in learning more can visit this page on the XY Planning Network website.

What is XYPN Radio?

XYPN Radio is a popular podcast hosted by the staff at XY Planning Network for financial advisors interested in growing their financial planning business for Generation X and Millennial clients. Shows are accessible at this link and on popular podcast players.

Are you a financial advisor thinking about joining the XY Planning Network?

We invite XY Planning Network financial advisors featured on Wealthtender to share their thoughts and help other financial advisors who are thinking about joining XYPN. Here’s what they have to say:

Vrishin Subramaniam (CapitalWe): “If you are a new advisor or career changer who is looking to serve Gen X and Millennial clients then I would highly recommend. As a career changer, I wanted to stay away from the traditional sales-y model. The cost of membership included a ton of advantages including free software (CRM, billing software, etc.) and pricing discounts along with cursory support for compliance and other aspects of running your firm. They also have a community forum where I was able to take a lot of support from other advisors. If you are starting out or want to pivot toward a fee-only model and serve the younger clients (your intent aligns with the network’s mission) I would urge you to consider joining.” 

TJ van Gerven (Modern Wealth Builders): “I wouldn’t have been able to launch my firm when I did without the help of XYPN. For advisors looking to go independent or build a firm from scratch, joining XYPN is a no-brainer. Even beyond launching a firm, the network provides crucial fintech, compliance support, and community.”


Are you an XYPN financial advisor interested in joining Wealthtender?

Click here to learn how you can join XYPN financial advisors on Wealthtender who are strengthening their online reputation and attracting their ideal clients. We hope to welcome you to the Wealthtender community soon!

About the Author

Anna Baluch

Anna Baluch is a freelance personal finance writer from Cleveland, Ohio. You can find her work on sites like The Balance, Freedom Debt Relief, LendingTree and RateGenius. Anna has an MBA in marketing from Roosevelt University. Feel free to reach out to her on LinkedIn.

Disclaimer: The information in this article is not intended to encourage any lifestyle changes without careful consideration and consultation with a qualified professional. This article is for reference purposes only, is generic in nature, is not intended as individual advice and is not financial or legal advice.

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