XY Planning Network wound down its XY Tax Solutions service for advisors after the 2023 tax season, Alan Moore, the firm's CEO and co-founder, told ThinkAdvisor on Tuesday, during an online briefing from the ninth annual XYPN Live conference in Atlanta.
"We've definitely seen a growing number of advisors offering tax planning and sometimes tax preparation as part of their practice providing comprehensive financial planning," Moore said. The planning process "can be kind of looked at through a tax lens to ensure that it's what's in the best interest of the client," he noted.
The decision to wind down XY Tax Solutions was made "not for lack of demand," he stressed. "We couldn't find a way to make the economic model work through advisors in providing tax preparation services like what we were offering."
The firm will shift its attention to other service lines that are growing, Moore said. The firm is also evaluating whether to introduce its own corporate registered investment advisor in 2024, which XYPN announced at the conference.
