How Young Financial Advisors Can Make 2015 Their Best Year Yet

4 min read
December 31, 2014

2015 is shaping up to be a great year to be a young financial advisor running their own firm – or looking to get started. The new year will be the first full calendar year that XY Planning Network is fully available to young financial advisors wanting to take their business to the next generation.

The network launched 9 months ago, and we’ve since grown to nearly 50 advisor members. All the while, XYPN has been working hard to deliver more and more benefits to those that want to join our ranks.

The Newest Way Members Benefit from Network Access: Turnkey Compliance Services

Our latest effort? The expansion of turnkey compliance services and resources available to our new and existing members. The new solution includes a complete new-RIA-registration package for young financial advisors launching a new RIA (including completing Form ADV, state registrations, and more), and ongoing compliance support and tools for existing state-registered RIAs.

“Our mission is to empower Gen X and Gen Y advisors to launch a fee-only RIA and serve their peers,” says Michael Kitces, XYPN co-founder. “We believe that this new compliance solution will go a long way towards eliminating the stress and uncertainty of getting starting, helping more young people to enter the financial planning profession and become successful financial advisors.”

Co-founder Alan Moore added that “the number one concern we hear from advisors looking to launch a firm is a fear of the compliance costs and challenges in getting started.” Little wonder: most advisors pay upwards of $3,000 for full compliance assistance.

“This is typically the largest single line-item expense for new advisors launching a firm,” explains Moore. “Those who try to save money by going at it alone often make mistakes that are even more costly in the long run.”

The new XYPN compliance solution will be available at no additional cost for existing and new members, including the entire new RIA startup package for new members (which simply requires a 12-month membership commitment at the standard $397/month XYPN membership fee).

“We believe that by eliminating the upfront compliance registration costs and hassles of starting a firm, we can support even more young advisors launching a practice to serve their peers.”

Additional Benefits for Member Advisors

Picking up a turnkey compliance solution included with the cost of membership to make the financial reality of starting your own business easier to bear isn’t the only way 2015 can be your best year yet as an advisor.

XYPN members also receive a slew of other benefits that empower them to run successful firms that cater to an underserved – and highly untapped – market of Gen X and Gen Y clients. These include:

That's just the beginning -- and of course, there are the slightly more intangible benefits like being a member of a supportive, intelligent, passionate community of fellow advisors. This is an often missing-but-crucial piece of the puzzle for financial professionals.

XYPN consists of a strong, connected group of financial planners who mentor, support, and encourage each other through the process of launching and managing a firm. That community can be absolutely invaluable to your success.

Tips from XYPN Member Advisors

Team XYPN believes the best way for young financial advisors to make 2015 their best year yet is by picking up a membership and starting to enjoy the benefits right away. But we also asked current members if they’d be willing to share a few tips on having a great 2015 in your practices and businesses (outside of joining the network, of course).

Here’s what a few offered up to help you get your business off on the right foot in the new year:

“Take the time to maintain good enough records in your CRM and accounting system (you do have both of these, right?) where you can see at a glance what your businesses Key Performance Indicators are and how you're doing with each of them.” – Brian Frederick, Stillwater Financial Partners

“Never stop planning and practice what you preach! Create a 2015 business plan to include SMART goals and set quarterly meetings on your calendar to review progress.” – Daniel Wrenne, Wrenne Financial Planning

“Mow your compliance lawn. In the summer, you have to keep up with mowing the grass or it will turn into weeds and become a nightmare to tame. Crabgrass, dollar weed, and edging can become monumental tasks.

The same goes for compliance. Keep up to date with regular monthly reviews so that you don't find yourself overwhelmed during ADV season, or scrambling for documents for an audit. Focusing on one compliance activity each month will keep your compliance lawn neat and green.” – Pam Horack, Pathfinder Planning

Make 2015 Your Best Year Yet

Start by checking out the new compliance solution from XYPN, then stop by the benefits page to see a full list of how you can thrive as a network member.

Ready to join us? Submit your application for membership today – or grab access to our Advisor Newsletter to stay up-to-date on the latest from XY Planning Network. You’ll receive free access to our guide on Working with the Media when you do.

How will you make 2015 even better for your career and your business?

Alan Moore

About the Author

Alan Moore is the CEO and Co-Founder of XY Planning Network—a support ecosystem dedicated to helping fee-for-service advisors start, run, and grow their own financial planning firms and serve the clients they want. His favorite part about his job is dreaming about possibilities for what's next, knowing his stellar team will either tell him no or Get Sh*t Done to make it happen.

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