XYPN Sapphire, the corporate registered investment advisor launched in 2024 by the Montana-based XY Planning Network, has crossed the $1 billion threshold in assets under management and advisement. The firm also announced the hiring of Andrea Istwan, a former senior director at Envestnet, as its new director of advisor experience.
The RIA now serves 56 advisors and more than 800 client households nationwide. As of the end of 2025, XYPN Sapphire reported $687 million in assets, marking a significant jump to the current $1 billion figure. The parent firm, XY Planning Network, was co-founded in 2014 by Alan Moore and Michael Kitces and counts over 2,000 member advisors.
“From a revenue perspective this year compared to last year, Sapphire's revenue is up over 200%,” XYPN’s president Vince Hockett told InvestmentNews. “For us, it truly is just the continuation of the more than 10 years we've been supporting at the forefront of the shift towards independent fee-only, advice-first financial planning.”
XYPN Sapphire’s affiliation model charges advisors $1,500 per month plus 20% of their revenue, providing compliance, technology, custodian, and administrative support. “We do allow these members to charge planning fees, one time fees or monthly fees, so they can run this business like they want to,” Hockett added.
Hockett noted that the majority of new advisors joining Sapphire are not coming from the existing XYPN membership. “When we started Sapphire, we thought a large majority of advisors might come from the existing XYPN membership, and it's kind of been the opposite of that,” he said. “The largest portion are advisors who are moving on from a current role, and that could be in a number of different situations, because they're looking for independence.”
Istwan spent two decades at Envestnet, ultimately serving as senior director of experience analytics. From 2022 to 2024, she was head of client experience and senior vice president at Northern Trust. She joins a leadership team that includes director of investment services Andrew Almeida, chief compliance officer Buddy Griffiths, and director of growth Aimee Arnaud.
“We're doing all this without private equity backing, which leads to just a different level of independence than a lot of the other corporate RIAs that are trying to grow out there that say they're independent, but that comes with the pressure for revenue and to do things that fiduciaries typically don't want to have that pressure for,” Hockett said. “Those people who are looking to bring their business with them, still have relationships maybe on the insurance side, and take commissions and annuities, and things like that, they don't fit at XYPN because we truly are fiduciary fee-only planners, so we're not competing for that part of the market at all.”
The firm’s growth comes amid a broader trend of advisors seeking independence without the constraints of private equity-backed models. For context, other firms like Lido Advisors have also been scaling rapidly, while Dynasty Financial Partners has pursued niche strategies to attract talent.
