We’re excited to have Travis Johnson, XYPN's Director of Compliance, and Kendra Rehm-Dehn, an XYPN Compliance Specialist, on the show today.
Beginning the journey towards running your own RIA can be stressful and one of the most nerve-wracking parts can be getting started with compliance. There are many items to think and work through, including how you will charge and what services you will offer.
Join us as Travis and Kendra walkthrough XYPN's Initial Registration process. They share how the goal of the process isn't just to get someone registered at the state level but to help them feel confident and comfortable with their compliance program moving forward. Listen as they share how to prepare for the compliance process, what to expect during the process, and what to do afterward. Finally, learn from Travis and Kendra, who have registered hundreds of firms around the country, as they share how they ensure advisors have the support they need to feel prepared and confident with their compliance program.
If you're interested in learning what it takes to have a successful initial registration process and ongoing compliance program, then this show is for you.
Listen to the Full Interview:
What You'll Learn from This Episode:
- Brief backgrounds of Kendra and Travis, and what their roles within XYPN are (00:02:39)
- What does XYPN offer to advisors looking to start their firm, and what is the goal/mission of XYPN’s Compliance department? (00:04:25)
- About the Initial Registration process: common feelings of advisors when they’re first starting and what can they expect throughout the process (00:07:46)
- What slows down advisors during initial registration and what advisors can do to combat that/speed up the process (00:14:16)
- What an ADV is and how to get familiar with it (00:19:16)
- What an advisor can do while they’re waiting for their state to approve their registration (00:24:34)
- Important tips for advisors who are nervous about their current firms finding out that they’re starting their own firm and what advisors can/can’t do when they’re going through the registration process (00:33:41)
- Addressing the common misconception around ADVs, regulators, and what to expect during an audit (00:39:35)
- How we advocate for our members and work with more challenging states who don’t understand the retainer model (00:44:31)
- Some success stories about advisors going through initial registration as well as final words of advice to advisors who are getting prepared for this process (00:47:22)
Featured on the Show:
- Travis Johnson, Director of Compliance: LinkedIn | XYPN
- Kendra Rehm-Dehn, Lead Compliance Specialist: LinkedIn
- XYPN Member Benefits: Compliance
- XYPN Member Benefits Directory (Preparing to Launch)
- XYPN’s Find An Advisor Profile
- Investment Adviser Public Disclosure (IAPD) website
- Ep #236: Audits: The Do’s and Don’ts According to a Former Regulator: An Interview with Kingston Hollman
This Episode is Sponsored By:
Avocado toast. Selfies. A mountain of student loan debt. Gen Y is anything but traditional and with over 75 million people, it's a population you don't want to ignore. Learn more about how to serve this unique population in our guide, "Attract and Profitably Serve Millennial Clients in Your RIA." Discover three key ways to tap into the millennial market and the six things they want from their financial advisor. Visit www.xyplanningnetwork.com/millennials for your free copy.
Get the Full Episode Transcript:
Read the Transcript Below: