When Taking Custody & Engaging Virtual Assistance is Right For Your RIA
With Kate Yearwood Young
Episode No. 366 | July 26, 2023
Kate Yearwood Young, CFA, CFP®
Yearwood Young Advisors
If you’re wondering whether taking custody of client accounts and a virtual assistant is right for your independent advisory firm, this episode’s for you!
Taking custody can be a scary decision, but sometimes it's the right one. Just ask XYPN member Kate Yearwood Young, CFA, CFP®, founder of Yearwood Young Advisors. From engineering to Wall Street to founding a successful business, she acquired the skills and services to meet her client’s needs where they are. And their needs dictated that she take custody.
Born into the advisor role despite her family’s best efforts—her father, aunt, and cousin are in the industry—Kate was encouraged to explore other avenues of interest, but sometimes it’s in your blood! After getting a degree in engineering, Kate pivoted back to finance and soon found herself on the Wall Street Trading Floor.
She developed her knowledge and expertise in evaluating hedge fund managers for large pension funds and ultra-high-net-worth clients. In 2019, she made the decision to leave her last firm and start her own business. She launched in May 2020 with a six-month-old baby but found a way to persevere and began to grow her firm.
Kate has a really unique service offering. In addition to comprehensive financial planning and investment management, she also has a family office service. She needed to take custody of client accounts because she has bill pay authority for her office service.
A deeper dive into the topic reveals her experience with the audit process and the documentation required when you have full control of a client's bank account.
We also dive into what she's building and how she plans to get more control of her calendar, the number of hours she works, and how she's leveraging a virtual assistant and soon-to-be outsourced paraplanner.
From being in touch with her clients’ needs to growing her business in the most sane and productive ways, Kate’s story is one that we need to hear.
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Featured on the Show:
- Kate Young: Website | LinkedIn
- CERTIFIED FINANCIAL PLANNER™
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- Mastering Mastermind Groups
- TD Ameritrade
- XY Virtual Assistants
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Read the Transcript Below:
Narrator: Welcome to your community of fee-for-service financial advisors who are successfully building profitable firms that serve the next generation of clients. You’ll learn from innovative advisors whose unique stories will inspire you to dream big and take action on your goals. Are you ready to live your great life and help clients live theirs? Then you're in the right place.
Alan Moore: Also, be sure to go to XYPlanningNetwork.com/VIP to join our private Facebook group for fee-for-service advisors. It's the community you've been looking for that's there to support you no matter where you are in your journey—best of all, it's free. Again, that's XYPlanningNetwork.com/VIP.
Narrator: Thanks for listening to XYPN Radio. If you enjoyed the show, please be sure to leave a review that will help grow the movement of fee-for-service advisors, serving next gen clients and building the firms of their dreams. That's all for today's episode, until next time.
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