Ep #106: Leaving the Broker Dealer Behind - The Career of Bill Nelson

June 28, 2017


A key idea we hold here at XYPN is that it's usually a good idea to get experience in the financial services industry - or even another industry - before starting your own RIA. Our guest on this episode, Bill Nelson, had a career in compliance and then with a broker dealer before finally taking the plunge into true financial planning.

When Bill realized that working on Capitol Hill wasn't for him, he joined Price Waterhouse Cooper and became an expert on compliance. But when he and his future wife decided to move so she could attend medical school, Bill considered opening his own firm.

In this interview, Bill shares why he took the safe route when he first moved rather than start his own RIA. He talks about what he learned working for a big broker dealer, why working in the industry was so helpful before starting his own business, and what his business looks like today as he finally niches down.

Listen to the Full Interview:


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What You'll Learn from This Episode:

  • What it was like working in compliance and then at a broker dealer on the way to starting an independent RIA.
  • How starting a new business is easier if you're a career changer, rather than a fresh graduate with little industry experience.
  • What Bill has learned about the nuts and bolts and personal sides of planning that you don't learn in CFP courses.
  • Why having a side hustle was important for Bill to have before diving headfirst into starting his own firm.
  • Why he was initially hesitant to choose a niche; the niche he's now settled on; and why he's glad he didn't choose a niche right off the bat.
  • Where things are going with Bill's business now and how he's planning to achieve his goals for the next year.

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