XYPN Unveils 'New Path to Independence' via Corporate RIA, With a Twist

For those registered in multiple states or facing increasingly difficult regulatory challenges, it also offers an opportunity to operate under the consistency of SEC-level regulations rather than at the state level.

“This is something we expect to resonate with a lot of advisors,” Moore said. “We hear very consistently about the compliance and recordkeeping burden they are facing. Often, they would come to us and say, can’t you just do this for me? With Sapphire, we can.”

Moore’s and Kitces’ Vision

Moore and Kitces said the rollout of Sapphire shows that XYPN’s unique way of doing business is here to stay — one that focuses on helping advisors serve all manner of clients (including those with lower investable assets) via a planning-first mindset.

“Look, we are proud of the fact that we do things differently here at XYPN,” Kitces said. “Just the fact that we are offering a place for advisors to come and start a firm with literally zero assets under management is a point of pride for us.”

Moore echoed that sentiment, noting that it can still be a bit difficult to communicate the firm’s philosophy and value proposition to long-tenured executives at traditional broker-dealers and other corporate RIAs that are laser-focused on maximizing revenues.

“I’ve had conversations with other leaders where I tell them that what our advisors deliver, first and foremost, is financial planning, and they don’t really even understand how we are able to do that,” Moore said. “They’re like, ‘What do you mean the clients are paying for a plan?’ It’s just a different way of approaching this business, and we’re proud of it.”

Kitces and Moore said they are also excited to be evolving XYPN’s internal leadership structure, with Kori Lennon leading the Emerald business and Taylor Deardorff leading Sapphire.

“It’s a special moment for the organization as we mark 10 years in operation,” Moore said. “Michael and I are often seen as the faces of the firm, and we tend to get a lot of the credit for what’s going on here. But the truth is that it’s a great team and a total team effort.”