Kestra Financial is building out a division to outsource financial planning for advisors in its network.

The business unit will employ a team of CFPs who will offer financial planning to advisors associated with Kestra’s numerous RIA and broker-dealer subsidiaries. If advisors want to provide a financial plan for their clients but aren’t planners themselves, they will be able to pay a fee to have Kestra Financial Planning develop one for them.

James Poer, chief executive of parent company Kestra Holdings, said an outsourced financial planning service is ‘a really important thing for us to build out with the advisor profile we serve.’

‘We serve more upstream, sophisticated businesses, and one of the key things they’re looking for support around is financial planning. We have a lot of large firms that don’t go as deep on financial planning as they would like, so we’re building out a hub,’ Poer said, noting that many Kestra-affiliated advisors still operate primarily as investment managers.

Austin, Tex.-based Kestra revealed on Tuesday that it has hired Jennifer Hollers (pictured) to lead the division as head of financial planning.

Hollers previously served as a managing director at Silicon Valley Bank’s private wealth advisory unit, where she helped lead the bank’s ‘premium wine banking’ unit, providing financial services for wineries and winemakers. She previously served as a private banker at Wells Fargo, an advisor at JP Morgan Chase and brokerage vice president at Schwab. She is a CFP certificant.

Over the next several months, Hollers will hire a team of CFPs, both general practitioners and specialists in tax, estate and succession planning who can help advisors handle complex client needs. Hollers said she’ll first look to source candidates from the nearby University of Texas campus in Austin, where students can earn a CFP as part of their coursework. She said she doesn’t yet know the total number of CFPs she’ll hire.

The division will serve the roughly 2,400 advisors associated with Kestra Holdings’ subsidiaries. That includes Warburg Pincus-backed Kestra Financial, which comprises an in-house broker-dealer and two corporate RIAs; hybrid RIA Grove Point Financial; aggregator Bluespring Wealth Partners; and breakaway platform Kestra Private Wealth Services.

Kestra hasn’t finalized a pricing model for the outsourced planning service, though Hollers told Citywire the division will offer an ‘end-to-end planning process for a flat fee,’ and an a la carte option for situational planning needs.

Kestra Financial head of wealth management John Amore pointed out that since some of the clients receiving financial plans will need trust services, the division will also serve as a lead generator for Kestra’s trust subsidiary, Arden Trust Company, which was formed after Kestra rebranded Reliance Trust Company of Delaware, which it acquired in December 2018.

The new division isn’t the only way Kestra is bolstering its financial planning capabilities. The firm last week announced a partnership with fee-for-service platform AdvicePay, and has also integrated MoneyGuidePro’s financial planning software into its advisor dashboards. Previously, the firm only offered access to eMoney.

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