Alan Moore is stepping down from his role as chief executive of the RIA billing and payment platform AdvicePay, but the 35-year-old co-founder made it clear that he's not darting off to launch another startup.
Instead, he'll be dedicating his time to his other professional role, as co-founder and chief executive of the XY Planning Network.
“I’m a part-time CEO right now, spreading myself between two companies,” Moore said.
Moore, who co-founded AdvicePay in March 2016 along with Michael Kitces, plans to transition to the position of the company’s executive chairman of the board once a new CEO is on board, which he expects to happen by July.
In a style typical for tech-savvy folks like Moore and Kitces, the search for a new CEO went out on social media earlier this week, and Moore said they'd already gathered applications from “a few dozen qualified candidates.”
“We know it’s a little unique for an executive role to post on LinkedIn, but we felt we trusted our ability to cast the net wide over social media,” he said.
AdvicePay was created seven years ago to solve a problem XY Planning advisors were having related to fees.
“Advisors were trying to charge fees, and the existing platforms didn’t meet all the regulatory requirements,” Moore said. “AdvicePay has grown into an enterprise workflow engine.”
Over the past two years, AdvicePay experienced a 123% increase in advisors added to the platform, a 153% growth in transaction volume, and a 141% increase in annual recurring revenue. In additional, AdvicePay ranked as No. 636 among America’s fastest-growing private companies on the Inc. 5000 list in 2022, and ranked as the fastest-growing company based in Montana.
Moore said he had asked the AdvicePay board about bringing on a full-time CEO “a couple of times over the years.”
“Our business coach calls it hitting the ceiling,” he said. “We came to an agreement with the board of directors late last year that the best thing is to bring on new leadership and to let me shift to the board.”
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