7 Best Things Learned at the 2016 XY Planning Network Conference

1. XY advisors are building the practice of the future

XY advisors truly are building the practice of the future. They are embracing technology in a way which has been long over-due in the industry. Rather than fearing the shift towards robo-advisors, they have sought out ways to incorporate technology into their practice to remain competitive. From meeting with clients virtually, to communicating with clients via text, to operating firms sans a physical office location, XY advisors are embracing the RIA model of the future.

2. Emerging fee models make it possible to accommodate clients who are still building their assets

Most XY advisors use a unique pricing model which charges a standard monthly retainer in lieu of asset-based fees. This pricing model allows younger clients, who are still in the process of building wealth, a more affordable option for financial advice.


3. The XY advisor model allows advisors greater flexibility and improved work-life balance

XY advisors seek out and use today’s most powerful technology to help them run their firms. Digital meetings, interactive clients portals, and online meeting scheduling allow advisors greater flexibility than ever before. Advisors can work from anywhere, anytime. Technology allows you to structure your firm in such a way as to maximize your flexibility.

4. An XY membership adds immense value for any advisor

There’s a ton of value in an XY membership, which includes access to some of the most powerful advisor-focused technology available. XY network members also receive comprehensive compliance support, a complementary NAPFA membership, and exclusive educational resources. If you’re considering working with Gen Y clients, the XY Planning Network may be the place to start!


5. Joining any advisor network can help build your referral basis

Joining a network of advisors can expand your potential referral network. Oftentimes, network members will refer potential clients to another advisor whose expertise better matches their needs. Or, they may outsource some of their client’s needs to other financial professionals with a more applicable background.

6. It’s important to set clear expectations with your clients

Encourage your clients to lean on you for support in areas they feel unsure of. Clients always appreciate you making yourself available for questions. But, it’s important to keep in mind that just because your clients pay you a fee, this doesn’t mean they own all your time. Set clear expectations of how much time you’re willing to commit to answering questions, planning, and working with your client on a monthly or annual basis based on the fee they’re being charged.

7. There is no clear consensus on which financial planning tool is best

With so many great financial planning tools out there, it may seem impossible to pick one. And even among conference goers, there was no clear consensus on which financial planning tool truly is best. Most XY advisors use Advizr , MoneyGuidePro , or eMoney . When it comes to advisor tech, always consider what's the best fit for you and your firm.