The ubiquitous Michael Kitces is going after the Gen X and Gen Y market.

Kitces, director of research for Pinnacle Advisory Group, based in Columbia, Md., and a tireless industry blogger and public speaker, is teaming with advisor Alan Moore, founder of Serenity Financial Consulting to form XY Planning Network, which will assist financial advisors working with Gen X and Gen Y clients.

Kitces and Moore have begun tweeting about the new venture, but are otherwise remaining silent until a "first round launch" of the website next week.

XY Planning Network is "ultimately building toward a full-scale launch around early June," says Kitces, who is also a Financial Planning columnist. The new business will be "built in the virtual world," he adds. "There will be no physical offices."

Moore also speaks frequently at industry events about working with younger clients and having a "virtual" practice based more on phone, Skype and email exchanges than face-to-face meetings in his offices in Milwaukee or Bozeman, Mont.

'VIABLE MARKET'

Other advisors have sounded supportive. Brandon Moss, a United Capital managing director in Dallas who focuses on younger, more tech-savvy clients, responded to Kitces' initial announcement with interest.

The new venture is "exciting for the industry," says Ted Jenkin, co-founder of oXYGen Financial in Atlanta, a 6-year-old advisory firm that caters to Gen X and Gen Y clients (but is not connected to XY Planning Network). "I hope more financial planning advisors see this as a viable market and are genuinely interested in helping Gen X and Gen Y clients succeed."

Jenkin has publicly championed the younger demographic as prospective clients for years. Next month, he plans to launch ditchthenametag.com -- a new website dedicated to explaining how to use social media to reach younger clients.

Advisors hoping to work with younger clients need to position themselves more as life coaches than just financial advisors, Jenkin says. "They are looking for more day-to-day advice, not just financial planning."

And Kitces has "a lot of credibility in the industry," Jenkin says, giving him an opportunity to monetize interest in elusive younger clients. "It's a great market if you're going to do it the right way."

Read more: