XYPN 2026 Advocacy Vision

We advocate on key issues impacting our members and their clients through direct engagement with state regulators, policymakers, NASAA, and the SEC.

With a network of more than 2,200+ advisers who provide financial planning and have experience guiding the registration of over 2,000 RIAs nationwide, we bring deep expertise in state regulatory frameworks and direct insights into the challenges RIAs face when operating across multiple jurisdictions.

XYPN’s core policy priorities are grounded in our commitment to:

1. A clear, enforceable fiduciary standard that separates product sales from professional advice;
2. Regulatory consistency that reduces disproportionate burdens on small, independent firms serving clients across multiple jurisdictions;
3. Regulatory recognition of advisory fee models that reflect how modern RIAs deliver comprehensive, client-centered financial advice.

Policy Priorities

Separation of Sales from Advice (Fiduciary Standard)

We advocate for a clear and enforceable fiduciary standard to ensure investors receive advice that is always in their best interests.

• Create a clear line between sales of financial products and the delivery of professional financial advice. Titles used by brokers and product salespeople should transparently reflect that role, while the use of “adviser” within a title should only be used by investment advisers and representatives subject to the fiduciary standard in connection with providing professional advice
• Elevate financial planning as a trusted profession, distinct from brokerage or product sales

Modernizing Financial Planning Fee Standards

We support reasonable and consistent treatment of advisory fee models that reflect how modern RIAs serve clients, specifically those who provide fee-only financial planning to individual clients

• Allow flexibility for flat-fee, subscription, hourly, and similar fee-only arrangements that support the delivery of more comprehensive financial planning and wealth management services, in which the primary value exchange often extends beyond investment management
• Ensure state rules and standards encourage innovation in firms serving younger clients with diverse needs, not just those with assets under management. Modernized fee standards would support the evolving profession and meet consumers' needs

Regulatory Uniformity

We support modernizing State & SEC regulation to allow for continued innovation in how advisers serve broad groups of clients across multiple jurisdictions, and minimizing disparity in requirements across states that create unnecessary burden and complexity for advisers as well as potential confusion for investors.

• Promote principles-based regulation and proper consideration of small firms when evaluating the practical application and impact of current and proposed rulemaking
• Encourage the adoption of the NASAA Model Rules or the amendment of existing state regulations to increase alignment with other jurisdictions while preserving investor protections
• Promote reasonable consistency in the registration & regulatory examination of advisers, rules & policy interpretations, and published compliance guidance