As it launches a state lobbying initiative, one of XY Planning Network’s priorities is to convince states to take similar approaches to regulating the fee-for-service model that its 1,300 advisers use.
Michael Kitces, XYPN co-founder, is frustrated that policies on service-based charges — such as hourly, monthly and retainer subscription fees — can vary from state to state and sometimes within the same state’s securities department.
‘We’re trying to encourage a more consistent level of regulation,” Kitces told reporters on Monday during XYPN’s virtual annual conference.
In addition to working on fee-for-service regulation, XYPN also will promote fiduciary advice policies at the state level as part of its lobbying program.
It announced the launch of the effort at its conference at the same time it indicated that it will not appeal to the Supreme Court its lawsuit against Regulation Best Interest, the Securities and Exchange Commission’s new broker advice standard.