XY Adviser, a social media platform for financial planners, has completed an oversubscribed crowdfunding campaign with industry backing as it looks to agitate for change in a sector still reeling from the Hayne royal commission.

The collective, founded by four Millennial financial advisers in 2013, has raised $400,000 from 226 investors through the Birchal equity crowdfunding platform, the vast majority of whom were fellow planners or employees in the financial services industry.