Advisors planning to go independent have a new route to launching their business that promises an alternative to a typical broker-dealer or corporate RIA relationship.
Montana based firm XY Planning Network has launched Sapphire as an RIA-affiliation option for fee-only advisors that provides the technology, support and resources needed for an independent practice, but without the asset minimums, constraints or fees that they might expect.
Advisors retain full ownership of their business and can transition to another platform at any time and operate as independent contractors with the freedom to run their business as they wish.
“Too often, advisors strike out on their own so they can run their businesses how they want to, but then they join a corporate RIA only to end up back at square one, many times with even less control,” said XYPN CEO and co-founder Alan Moore. “We created Sapphire because many of our members asked for this option. They wanted a program that would allow them to focus on clients, not compliance and regulations. With the addition of Sapphire, fee-for-service planners have two paths to independence, and whichever one they choose, they can have the confidence of knowing that they are in control of their time and businesses.”
The two paths include the firm’s existing premium membership model Emerald and the new Sapphire RIA-affiliation option.
XYPN Sapphire is an SEC registered RIA so new affiliates can be registered and ready for business in a few days rather than waiting for state-level registration in their own right. This also benefits those who operate in more than one state.
The new option expects to onboard two to three advisors each month with a target of 50 by the end of 2025.
XYPN recently announced a tie-up with Elements to offer the more than 1,800 independent financial planners affiliated with XYPN privileged access to Elements' financial diagnostics technology at reduced rates.
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