Planning for Young Clients with a Monthly Subscription Model

2 min read
June 10, 2015

Profitability and happy clients? Can they co-exist?

Sure can -- but not when you’re limited by old fee structures like hourly fees and AUM. The perfect balance between making your business profitable and making your clients happy can be found in the monthly subscription model.

Using the Monthly Subscription Model with Young Clients

Planners set themselves apart when they offer the monthly subscription model. For the first time, your peers and neighbors have access to financial support that’s catered to their needs. Meanwhile, you, the planner, can run a consistent and growing practice.

The monthly subscription model is based on the theory that young people, Gen X & Y, have financial needs that don’t mesh with the typical financial planning model. The questions Gen X and Gen Y have, and the life events they experience, are fundamentally unique to them -- and their questions and assets may not easily quantify themselves into a fair hourly rate for them, or a profitable AUM for you.

As co-founder Alan Moore explains in a recent Wealth Management article, this monthly subscription model is the answer if you're wondering how you can serve young client profitably and effectively. No longer do you have to worry about how much your clients has in assets, and your client doesn’t avoid calling you to prevent to writing a check for your hour.

At XY Planning Network, we’re proud to push forward the new way of financial planning.  With all of our advisors offering a monthly subscription model, you can see that the movement is growing.  There’s no better time than now to change the status quo. It’s time to start offering services that work.

Check out the full piece on Wealth Management that explains why the hourly fee model doesn't always work for young clients -- and why the monthly subscription does. Then consider trying out the monthly model with the help of XYPN.

Alan Moore

About the Author

Alan Moore is the CEO and Co-Founder of XY Planning Network—a support ecosystem dedicated to helping fee-for-service advisors start, run, and grow their own financial planning firms and serve the clients they want. His favorite part about his job is dreaming about possibilities for what's next, knowing his stellar team will either tell him no or Get Sh*t Done to make it happen.

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