1)Mid 30s, Michigan, CFP. Conducting due diligence to go RIA (IAR & RR regs currently at protocol member firm). Suggestions? Do/Don't? Contacts? Expense templates? Avoid ___?Expectations for yr1/yr2?

like
Posting as :
works at
You are currently posting as works at

I looked into XY planning and completely disagree with fee only planning. As a financial planner myself I wish and hope my colleagues would distance themselves from a one only solution it hurts our industry. I have both transactional business and fee business and strongly believe it’s the clients choice. I still act as a fiduciary and always take my clients interest above my own, therefore why is the fee only the only correct way and any other frowned upon?

like

Check out XY Planning Network

like

FA1 you can be a member of XYPN if not fee only I believe. However you won’t be able to be listened on their site. I could be wrong. I’m in the same boat as you.

like

Already did. Plan to become member upon transition. Figured I couldn't be a member until 100% fee only? Thanks!

like

Ramp up your touches like crazy. Changes are coming. Let them know ahead even though protocol says otherwise.

like

I’m actually in MI as well and have been looking into the same stuff. I’d love to connect on it. Here’s my personal email: dwug200@gmail.com...send me a note if you would

like

Stay IAR. RIA business going to change .

How do you mean?

I couldn’t disagree more with Cetera. B/Ds are bleeding advisors and margins are razor thin. Independent RIAs represent the lion’s share of growth in our industry. There is a reason for that - compliance responsibilities are lower - though not absent at some would have you believe - than anyone related to FINRA. You have a lot of freedom as an RIA in that you can select from multiple custodians, technology platforms, and invest the way you see fit. You have to be able to enjoy choice and change. If that isn’t who you are, you should roll up to an existing RIA. Regardless I now feel that fee only is the only way to run a business, though a more recent convert. We did not choose to join XY but respect them. They are more focused on the monthly retainer model and smaller firms and we are approaching SEC registration. Good luck to you and if you would like someone to talk this through consider me a contact

Related Posts

Those who have their CFP: how have you used/marketed it effectively to enhance your business? Just earned mine and curious how others have benefited.

like

Can you expense anything if you're on a local project?

like

Accenture 🐠: can we expense upgrades to economy seats with extra legroom? ✈️

like

I’ll be quitting to go back to school for 2 years (online CS degree). Currently living with parents in a rural town with no social interaction. I’m 26 and feel like I’m missing out by not living in a city (can’t date or make friends where I’m at, literally middle of nowhere). Thoughts on sacrificing the next two years of my social life and saving money OR moving out to a city and burning through an extra $30K in expense per year ($60K in total)? I have the money just not sure if it’s worth it…

like

I really want to get the CFP asap but I’m torn bc all of my time & energy is currently going into building my practice and I’m only about 16 months in with a relatively long way to go. Continued....

like

PwC's Time and Expense processes and technology (both GFS and Deltek - I've seen both sides) are utter shit. That is all.

like

Is the cfp as hard as people says it is?

like

I'm interested in hearing from those that hold the designation:After achieving the CFP did you/how did you announce it to your clients?

like

Can PwC employees expense Clear membership instead of pre-check?

like

I have CFP but see need for more managed account in my practice. Would it be wise to get CIMA (Certified Investment Management Analyst) to obtain more knowledge and skills? Thank you.

like

Anyone recently take the March CFP exam? If so, how are you feeling, especially having to wait a month before getting the results?

like

Hey everyone . What is the best approach / program for a seasoned advisor to pass the CFP via self study program ? Thanks

like

I used to have açaí bowls for breakfast while traveling because of per diem. Now that I’m bracing to be WFH for the long run, I want to start making nicer breakfasts to make me happier. Where are the best places to get açaí? Not the powder, the frozen packets

like

For the McK work from home credit, can you expense a lamp?

like

Booking an international flex trip.. charge it to the WBS and pay the difference or expense it? Trying to get around the auditors

like

The idea of a CPA/CFP combo to me makes a lot of sense and seems like if someone were to market it well they could do well. Are there any that do okay?

like

Anyone else taking the CFP in November?

How to take advantage of per diem budget? eg, Amazon gift cards from Cvs, Starbucks gift cards etc. Also is it allowed and these transactions be tracked by the firm?

like

I feel like this is a big fat no: I left Deloitte in 2019. In 2019 I traveled to two states for work...is there a way to get Deloitte to reimburse me for the $110 I’m about to pay to TurboTax?

like

Grabbing dinner with a former classmate who works at McK and she says $50 dinner expense limit, WTF...is that real??????!

like

Additional Posts

I have only had male mentors and I really wish I had a female role model to look up to in this field. Any advice for how to network and find a good female mentor? Im up for promotion to manager this year and I want to leave the firm after. I don’t know where to start and I lack the confidence and network needed to change careers. Any useful advice? Thank you!!

like

Today’s coronavirus coverage is one of the most informative so far: real data, candid discussions and decisive recommended actions

like

Does anyone have any leads on potential jobs in IT, like IT Support or Help Desk in DC? My SO was laid off today due to COVID.

like

Been hearing that total comp for new ACN MDs is something like $300k. Is that accurate? Any ideas how it changes over time? Seems low to me....

like

I booked flights using Chase portal - The flights are cheaper now do they price match? First time using the service just wanted to use all my reward points. 

like

Budget (~$300 or lower) sit/standing desk recommendation?

like

Best way to start day rate freelancing as a copywriter? I’m based in LA/Orange County and looking to move from in-agency to freelance work. Any tips?

like

Any mid-level copywriters looking for work? We had another writer leave and are looking to fill the position. It's a small shop with incredible creative leadership and fun food accounts. Trust me, you’ll get a lot of opportunities and have a blast. PM a link to your book and I'll tell you more.

like

What does a first year PwC CIPS manager make with an MBA?

like

My management brag about how little PTO they take - it makes me not look up to them but rather pity them & think I'm in the wrong firm. No one regrets the days they didn't work on their death bed.

like

Joining PwC soon. What are the mental health benefits of the insurance? I know about 6 free sessions. Anything else that is helpful?

like

this may be a rookie question - I had my visa appt yesterday and I was told I’d be getting my passport back in one to two weeks. Later in the day when I checked the DS-160 status, it said Administrative Processing. Does that mean I was selected for admin processing? The officer didn’t say anything. TIA

like

For all the US COVID response negativity here’s some math. Turns out maybe Sweden’s model was not the right one....

Post Photo
likesmartfunny

Is FRM or CFA a better certification?

like

I’m booking a flight to Asia connecting in SFO. Both options have terminal changes. The first flight has a layover of 1hr 44min The second flight has a 3hr 30 min layover Which one do I take?

like

Any thoughts on day rate for 3 month contract biz dev role for small design firm out of SF? Role is part time, commission rate TBD

like

Anyone know if PCAOB hires visa candidates / sponsor work based GC?

like

Need couples therapy recommendations. SO and I just got through a serious rough patch. He was unemployed, and I had undiagnosed depression for the first half of 2021. Now we need help with communication. There’s a sea of therapists and counselors out there so welcome any and all recos!

like

I've been on the bench for two weeks waiting for a client to approve me and being paid to do nothing is actually just making me anxious 🙃

like

I have 5 years of experience in Client facing roles. I am expecting an offer from KPMG for the Software Engineering Associate role in the LA area. What is the salary I can ask or negotiate for if given an offer?

like

New to Fishbowl?

Download the Fishbowl app to
unlock all discussions on Fishbowl.
Download Fishbowl to see what others are saying
That was just a preview…
Sign Up to see all discussions
  • Discover what it’s like to work at companies from real professionals
  • Get candid advice from people in your field in a safe space
  • Chat and network with other professionals in your field
Sign up in seconds to unlock all discussions on Fishbowl.

Already a user?
Login here

Share

Embed this post

Copy and paste embed code on your site

Preview

Download the Fishbowl app

Get realtime notifications and see
what's happening in your industry
from the palm of your hand.