Saturday, August 6 2022

What would you like to know

  • XY Planning Network intends to launch a pilot for its new virtual assistant program in the second quarter of 2022.
  • It can take up to three years before an XYPN member who wishes to enroll in the VA program can do so.
  • XYPN has added 390 advisor members since the start of the year.

XY Planning Network’s plans for 2022 include introducing an enhanced technology stack for its more than 1,550 member advisors that will include a virtual assistant program that Alan Moore, CEO and co-founder of XYPN, said is launching. as a pilot for a small number of members in the second quarter.

The team-based approach will provide year-round coverage, including client meeting assistance, email management, administrative marketing assistance, investment operations, data entry and other options, XYPN said on Tuesday, the second day of its 2021 XYPN Live conference in Denver. Other new technological solutions are also planned, he said.

“We have a lot of members who have expressed an interest” in the virtual assistant pilot, Moore said in an online briefing with reporters, in response to a question from ThinkAdvisor. “We will narrow the list” to members who have the same overall technology stack, he said. Otherwise, it would be “just too complicated for a beta,” he explained.

Based on the size of the XYPN network, “our fear is not whether someone will show up for the VA activity; the fear is they all show up for the VA business and… I can’t hire 200 VA overnight. … It will take time to build, ”he said. “In reality, it could take up to three years before we get to a point where any XYPN member who just wants to sign up can just sign up.”

XYPN “would like to be [at] what we would call a full launch by next year’s conference, which [means] we will accept counselors, but it is on the basis of an ongoing waiting list, ”he explained. “We want to make sure we’re doing it right” and make sure advisors don’t have a bad experience.

XYPN realizes, however, that technology is not the answer to all consultant needs. “Right now the focus is on technology and technology for efficiency – and obviously we’re getting involved in that space as well with our particular contribution to the gaps in consulting-driven companies,” says Michael Kitces. , Co-founder and Executive Chairman of XYPN.

“But we’re not in a business where technology is going to solve everything,” Kitces said. Customers have unique issues that are best served by advisors and not self-service technology, he told reporters. As a result, “there will always be a component of services” that counselors provide to clients, he predicted.


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