The XY Planning Network has decided to suspend its virtual assistant program, XYPN Ops, as a standalone offering.
The news, first reported by CityWire and subsequently confirmed via email by XYPN President Vince Hockett, comes a little less than three years after the independent advisor support platform first revealed its plans to offer access to virtual assistants.
At the time, XYPN co-founders Michael Kitces and Alan Moore said they had high hopes for the service, meant to help time-strapped advisors manage emails, marketing efforts and more. But the demands and expectations of advisors have shifted, Hockett explained, as have XYPN's broader offerings.
"XYPN Ops was designed to offer outsourced operations support and new firm tech setup for our members," Hockett said. "Following a review of our services, we decided to rescale the offering due to its overlap with existing offerings and the lower demand than expected. Unfortunately, this meant we had to make the tough call to lay off 10 employees."
