The network has registered 150 new RIAs in the last 18 months. The service costs an extra $1,000, with a 12-month commitment to the network.
With about 15 new members coming in every month, Kitces anticipates having 500 members by the end of next year and 1,000 by 2020.
Over that time, he expects to see other networks pop up. Call them a “turnkey financial planning platforms,” or TFPPs, Kitces said. “They’ll be similar to what TAMPs did for money management.”
The idea isn’t unique—the Garrett Planning Network and the Alliance of Cambridge Advisors (since renamed the Alliance of Comprehensive Planners) were early originators, but the XYPN is now bigger than both, Kitces said.
“There’s a tremendous market opportunity” in providing advice to those who don’t yet have huge assets, he said.