XY Adviser spurns Facebook amid mental health concerns

Advice network XY Adviser has created its own independent social platform for advisers amid concerns the Facebook channel has had a detrimental impact on productivity and mental health.

Speaking to ifa, XY Adviser co-founder Adrian Patty said he’s noticed an increasing desire for people to delete Facebook. Further, he also said XY Adviser has outgrown the Facebook group.

“There have been 70,000 unique hits per month coming through in one single conversation channel. The moderation for this has been a big job,” Mr Patty said.

“The new platform will enable us to more effectively manage the volume of engagement and we expect the volume to go up due to the new groups.

“There will be the ability to have specific groups for niche conversations like insurance or SMSF. Advisers will have a better search functionality for all the awesome content in the platform, and will also be able to jump into specific topics providing immediate context to conversations.”

Mr Patty also noted the activities of XY Adviser over the past few years have been spread over several channels, including Facebook, its website learning platform and its podcast.

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He said having a dedicated platform will bring everything together under one home, ensuring it’s all easily accessible.

“This is also a big move in line with our desire to be independent, a bit like the shift in the industry to self-licensing,” Mr Patty said.

“We owe it to the community to protect and enhance the special nature of XY Adviser. Having our own app will enable this, driving our core mission to facilitate the positive evolution of financial advice.”

XY Adviser spurns Facebook amid mental health concerns
Adrian Patty
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Adrian Flores

Adrian Flores

Adrian Flores is a deputy editor at Momentum Media, focusing mainly on banking, wealth management and financial services. He has also written for Public Accountant, Accountants Daily and The CEO Magazine.

You can contact him on [email protected].

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