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)! My passion is serving young professionals, entrepreneurs, and small business owners. RECEIVING OUR LATEST RESEARCH AS IT IS RELEASED! Free unlimited access to ThinkAdvisor.com which provides advisors, like you, with comprehensive coverage of the products, services and trends necessary to guide your clients in making critical wealth, health and life decisions. 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!). XY … So what’s the solution? The Pandemic Hits the Housing Market. News > Industry XYPN Advisor Network Files Lawsuit Against SEC to Stop Reg BI A Planner's Guide to Consolidated Advisory Fees. As criminals get smarter you must take extra steps to protect both your clients and your firm. I write about financial planning strategies and practice management ideas, and have created several businesses to help people implement them. Meanwhile, XYPN is suing the SEC over its issuance of the Regulation Best Interest rules. 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. Nonetheless, the bottom line is that as financial planners do continue the slow and steady evolution towards trying to get paid for financial planning advice itself – reducing or total eschewing their reliance on traditional insurance and investment products – an opportunity is emerging to both reach new audiences that the traditional models don’t, open the door for young advisors to serve them without a sales/product agenda, and there will be a growing need for TFPP solutions that support advisors as they build such business. To address this challenge, this month marks the launch of XY Planning Network, a new Turnkey Financial Planning Platform (TFPP) designed to help younger Gen X and Gen Y advisors who want to deliver financial planning to their Gen X and Gen Y peers, with a monthly retainer fee model that allows them to actually get paid for the advice itself and supports an ongoing financial planning relationship, without the sale of products or requiring AUM. 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! 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. Last week, platform provider XY Planning Network hosted its national conference, drawing … Last week, platform provider XY Planning Network hosted its national conference, drawing about 500 advisor members and other guests. ), Quantifying the Value of Financial Planning Advice. Since my own divorce, I have been committed to helping others navigate this difficult time through education and planning. “We fielded these questions,” Kitces said, “and as one of Inc.’s 5,000 fastest-growing firms are very cognizant about growth and service. Whether they win in the court of public opinion seems more assured. The key distinction of the monthly retainer model for Gen X/Y advisors who want to serve their Gen X/Y peers is not only that the cost can be structured in a convenient manner – as a monthly fee for clients that aligns to the monthly-services manner by which most household expenses are paid, from rent/mortgage costs to gym memberships and cable TV or cell phone data subscriptions – but that it is a recurring revenue model that allows young advisors to serve their peers with an ongoing relationship. Your article was successfully shared with the contacts you provided. 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 … 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. 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! About Dwight Dettloff, CFP®, CPA. Meet Our Team - XY 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! 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). ), similar to how Garrett Planning Network facilitates the same thing for those who wish to do hourly planning. It was founded about five years ago. All Rights Reserved. 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. What Returns Are Safe Withdrawal Rates REALLY Based Upon? Advance your career with an FPA membership. Whether it’s the “middle class” in general, middle-aged workers who may have some assets but they’re “tied up” in retirement accounts, or younger folks who simply haven’t accumulated much of any assets at all (or worse, are simply trying to pay down debt and keep their net worth from being negative in the first place! Not all the Democrats' tax plans are negative for wealthy clients, Levine says, but several available planning opportunities are likely to go away. Whether Kitces and Moore win in court remains to be seen. Together with XY Planning Network co-founder Michael Kitces, Alan Moore will explore the future of financial planning and how a growing cohort of professionals is joining the movement to make financial advice and service more accessible to the next generation of clients. 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. 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. XY Planning Network founders Alan Moore (left) and Michael Kitces at the 2019 XYPN Live conference. XY Planning Network. Become a … 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. As financial planning continues its evolution towards getting paid for advice – and not ‘just’ for the sale of insurance/investment products, or the management of investment portfolios – a new type of advisory support structure is emerging: the Turnkey Financial Planning Platform (TFPP). The network now has about 1,020 advisor members, it says. 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. Access to other award-winning ALM websites including TreasuryandRisk.com and Law.com. Specially, members voiced concerns about the firm’s growth pace, if it might need outside capital or possibly risk letting service standards weaken. Practice management advice and tools relevant for your business., advisors getting the latest Nerd's Eye View blog, Sign up now and get a free sample issue of The Kitces Report on "Quantifying the Value of Financial Planning Advice" as well!, The Estate Planning Council of Birmingham. The 2nd Circuit decision in favor of Reg BI shouldn’t hamper the states, Kitces … XY Planning Network co-founder Michael Kitces. In our 48th episode of Kitces & Carl, Michael Kitces and client communication expert Carl Richards discuss why goals-based financial planning puts the proverbial cart before the horse, the importance of exploring the possibilities first, strategies to dig deeper with clients to create frameworks from which realistic and meaningful goals can be developed, and why iterative planning … Kitces explained that many of the advisors relying on the network have younger clients (Gen X and Gen Y) who are more focused on issues tied to paying off student loans than portfolio matters. Advancing Knowledge in Financial Planning. XY Planning Network (XYPN) follows in the footsteps of the Garrett Planning Network as another advisor network built to bring financial planning to those who wish to work with advisors on a fee-only basis but do not have assets to invest – especially the middle class and those younger consumers whose advice needs revolve around cash flow, debt management, and for whom the greatest investments they can make may not be in their building portfolios at all, but growing their human capital instead! As you look for new ways to boost your bottom line, re-centering your business on planning can make a big difference. And as the industry is shifting towards providing more planning services to clients, don’t get left behind! “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.”. For much of its history, this “payment gap” for financial planning was filled in with the commissions paid on insurance and investment products (and limited partnership as well, in the early years). MICHAEL KITCES, CO-FOUNDER, XY PLANNING NETWORK. “We’ve been on a deliberate path of reinvesting for sustained growth … since day one,” Kitces explained. As financial planners continue the slow and steady evolution away from getting paid for financial planning through the implementation of insurance and/or investments and towards being paid for the advice itself, the emergence of new models not only threatens existing advisory firm models, but also the business models of firms that support financial advisors: broker-dealers and custodians. 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. Continuing education that actually teaches you something. 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 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. “We fielded these questions,” Kitces said, “and as one of, Meanwhile, XYPN is suing the SEC over its issuance of, 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].”, “lets brokers continue to deliver financial planning without being subject to the advice standard,” he explained. All Other Questions, Or Reach Michael Directly: Join 41,901 advisors who get our latest research as it’s released, and recieve our popular “One-Page Financial Advisor Business Plan Template”! Advance your career and take your firm's production to the next level with FREE practice-management tips. 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 … 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 About Michael Kitces, CFP Michael E. Kitces, MSFS, MTAX, CFP®, CLU, ChFC, RHU, REBC, CASL, is a co-founder of the XY Planning Network, the practitioner editor of the Journal of Financial Planning, and the publisher of the e-newsletter The Kitces Report and the popular financial planning industry blog Nerd’s Eye View. Attention Premier Members! 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. Get the latest best practices, relevant stats and industry trends - quickly and easily. 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). 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. XYPN filed its suit in the Southern District of New York. By going from a $100 million minimum down to $5 million, the asset manager aims to “broaden” retirement plan access to these funds. In point of fact, the TFPP concept is not entirely new; arguably, the first pioneer in this approach was Sheryl Garrett with the Garrett Planning Network, and the Alliance of Cambridge Advisors (ACA) is another (and XY Planning Network will be a third). How modern organizations are growing brand value, operational efficiency, and business impact with social media. XY Planning is acting because its self-interest aligns with what is truly good for all RIAs and investors, according to Bill Winterberg, of FPPad, a technology consulting firm for advisors. April 7, 2014 07:01 am 10 Comments CATEGORY: Practice Management. Preserve wealth with help from advanced tax planning and risk management strategies. Specially, members voiced concerns about the firm’s growth pace, if it might need outside capital or possibly risk letting service standards weaken. 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. 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 … It’s worth noting that this isn’t necessarily to suggest that financial planning will eschew its product- and implementation-based roots anytime soon. Copyright © 2020 ALM Media Properties, LLC. (Disclosure: Michael Kitces is a co-founder and partner in XY Planning Network. “We’re looking at more direct administration [services], like virtual assistants and paraplanner solutions,” he said. That said, XYPN does “offer investment solutions alongside … other back-office services,” he noted. Exclusive discounts on ALM and ThinkAdvisor events. 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 are a turnkey financial platform and are here to provide financial-planning support and services, like tax solutions, to advisors. Michael Kitces, who we chatted with on Ep. However, the problem in turn with these models is that their pricing is highly salient – the “write a check to pay all at once” nature of it can result in sticker shock for prospective clients, and makes it difficult for clients to properly compare and keep the cost in context. Plus, XYPN is not looking to bring in outside capital and aims to keep its independence. ), an AUM-centric model may be fine for those it serves, but there are many it doesn’t serve at all. But the group’s growth is not a threat to its current members services or independence, insists co-founder, planner and blogger Michael Kitces. “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? 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. Its case is separate from that of several states. 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 … 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. Simply put, if your clients think that their financial planning fee ‘costs’ them the equivalent of a nice dinner out, a big-screen TV, or even a family vacation, a lot of them aren’t going to choose to pay for financial planning over those far more tangibly enjoyable products and experiences! 15; XY Planning Network Podcast; You can keep in touch with Dan by connecting with him on LinkedIn. Post was not sent - check your email addresses! 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.”. What Can Advisors Do? That doesn’t necessarily mean that broker-dealers and custodians, or the associated product-based or AUM-based business models, are going to go away anytime soon. 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. It’s a top priority to not let our standards slip.”. 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. “Our members are at a capacity crossroads. Michael Kitces, co-founder of XY Planning Network, wrote that his group continues to object to the NAIC model update. The group also launched some new services to help members of its network grow their practices. In other words, one virtue of the AUM fee is that it’s automatically compared to the portfolio from which it comes, which makes even a multi-thousand-dollar fee seem ‘reasonable’ relative to the good stewardship of a portfolio worth 100x that amount; writing a check for some hourly fees (or in the extreme a full-sized annual retainer fee) from a checking account just accentuates all of the other personal expenditures that might have occurred with the money in the checking account instead. Sorry, your blog cannot share posts by email. 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’. They can’t do it this alone … . 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