The Top 10 Questions About XYPN Membership

#5: Why is the Find an Advisor portal only for CFP® members, and do I need my CFP® to join? 

When XYPN founders Michael Kitces and Alan Moore first launched XYPN, they made the decision that the Network would be committed to the CFP® designation being the central designation for financial advisors. They wanted to be able to set minimum standards, and there are a lot of ways they could have done this, but they felt using the CFP® as a minimum standard of education and experience was a fair line to draw, and followed in the footsteps of NAPFA and FPA in requiring the CFP® to be listed on the Find an Advisor portal. 

You do not have to hold a CFP® designation to become a member of XYPN with full access to all of our benefits and all the perks and resources that come with your membership— aside from having a profile on the Find an Advisor Portal.

#6: Am I too old to join? 

You're never too old to join XYPN! This is a misconception because of the XY in our name. Our community welcomes folks of any age who are passionate about fee-only financial planning and helping clients live their best lives. We’ve had members join from age 22 to 77, and everything in between.

The median age of advisors on the Network is 42. So, if you're excited to be a part of the community and align with our philosophy, age is not a barrier at all.

#7: What are the orders of operation? Where do I start?

Start with something that’s familiar—crunch some numbers to paint a picture of the runway you need and formulate a plan for getting you to launch. Our First Year Budget template was designed with you in mind to accomplish just that.

It's like a sneak peek into what your firm's debut year could be like (including revenue which can be very helpful to point to if you have a significant other you need to get on board). That way, you can make confident decisions.

Next, check out our How to Start Your RIA guide. It's a step-by-step playbook to get your firm's foundation nice and solid. 

One of the many fun parts of the guide is our Business Plan. This is where you start painting the picture of what you want your firm to look like.

What will your fees look like and who do you truly want to work with?  Let your imagination run wild as you determine what your firm on your terms looks like!

Have questions popping up? No worries, we've got your back. Schedule a chat with our team whenever you're ready to dive in. We're here to help you rock it!

#8: What is the success rate of advisors on the Network? 

Speaking about the level of success, it really depends on how each person defines it. However, it's worth noting that we've maintained a consistent 97% retention rate since our launch.

Generally, advisors who embark on the journey of starting their own firm tend to stay with us for the long term. That trend is encouraging.

 To shed more light on this, we conduct an Annual Benchmarking Survey that provides valuable data on this very subject.

#9: What if I’m not fee-only, and can I still offer insurance? 

If you're still working on adopting the fee-only model, no worries!  We have a 12-month transition period in place. During this time, you can be part of the Network as you unwind any ties with commission-based trails and tidy up your existing client setup.

Once you've completed your application, we just ask that you don’t generate any new policies that could bring in commissions. If you’re a CFP® your profile won't appear on our Find an Advisor page until you've smoothly transitioned to a fee-only setup following the CFP Board's guidelines.

When it comes to insurance, you've got the green light to give your clients advice in that area. But, if you start diving into the nitty-gritty of insurance transactions or account servicing, it might shake up your fee-only status.

No stress, though – we've got your back. We're here to guide you.

Many XYPN members work with the awesome folks at LLIS to make things super smooth. You make the call, and they handle the legwork—setting things up and keeping the gears turning.

And if you've got another insurance crew in mind, no problem! That works too. Just remember, to not accept any commissions.

#10: How do I get started with membership? 

When you're ready to join XYPN, just go to our XYPN member portal and set up your profile. After you've submitted your contact details, keep an eye on your inbox for a confirmation email.

It'll contain a link that lets you access the portal using the credentials you established during registration. This link will guide you to complete the online membership application.

Once we've reviewed and approved your application, you're all set! From there, your dedicated Network Navigator will reach out to you and introduce you to a member of the Member Experience Team.

This person will be your contact moving forward and will provide tailored assistance based on your membership needs. You'll know exactly what to expect.

Remember, if you have questions or need any help, don't hesitate to reach out. We're here to support you every step of the way in your journey with XYPN.

About the AuthorHey there, it's nice to see you here! I'm Eli Rickert, a Network Navigator at XYPN, and I help folks embark on their journey toward their very own independent firm with a big ol' dose of confidence. Here's how I roll: I'll jump right into where you're at, where you wanna go, and we'll hatch a plan to get there. It's like having a safe space where you can hash things out.

Launching your own business can feel like a whirlwind of complexity, but I'm here to make sure the process is not just doable, but downright enjoyable. We'll take it step by step, no hurries, no worries!