You are currently viewing XYPN to Launch Virtual Assistant Program for Advisor Members

XYPN to Launch Virtual Assistant Program for Advisor Members

What do you want to know

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

XY Planning Network’s plans for 2022 include the introduction of an enhanced technology stack for its more than 1,550 member advisors that will include a virtual assistant program that XYPN CEO and co-founder Alan Moore 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 support, email management, administrative marketing support, investment operations, data 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 added.

“We have a lot of members who have expressed interest” in the virtual assistant pilot, Moore said during an online briefing with reporters, in response to a question from ThinkAdvisor. “We’re going to whittle the list down” to members who have the same overall tech 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, will someone show up for the VA business; the fear is that they will all show up for the VA business and… I can’t hire 200 VAs overnight. … It will take time to build,” he said. “In reality, it could take up to three years to get to a point where any XYPN member who just wants to come sign up can just sign up.”

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

XYPN realizes, however, that technology is not the answer to all advisor needs. “There’s a huge focus right now on technology and technology that drives efficiency – and obviously we’re also getting involved in that space with our particular contribution to where we see gaps around businesses focused on council,” said 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 service component” that advisers will provide to clients, he predicted.

Leave a Reply