XY Investment Solutions (XYIS)
XY Investment Solutions (XYIS) is excited for the opportunity to work with you and your clients to help manage and streamline your investment management practices! By the time you’re done reading this overview, you should have a good idea of the XYIS onboarding and training processes, your role as a member user, and what support and resources are provided by XYIS. Please read this document in its entirety.
Short story: Getting signed up on the XYIS platform is relatively simple and we’re here to walk you through the entire process, step-by-step. Once you’re onboard and begin servicing your clients, XYIS will remain a resource for any client service, technical or investment questions that arise.
What does the XYIS onboarding process look like?
Demo Access: Interested in checking out the XYIS platform? The first step is to sign up for demo access! To sign up, visit xyis.advrw.com/register.php and select the green “Create New Account” button. This will trigger a notification to XYIS, and we’ll confirm that you’re an XYPN member and grant you access to the demo platform. (Please note that this may take up to 2 business days, but we do our best to process requests as quickly as possible!) In demo mode, you can play around and check out the different functionalities and features of the platform. Now, let’s move on to the good stuff!
Join as RIA: Once you’ve recognized that XYIS is as legit as you imagined and are ready to move forward onboarding to the platform, select “Join as RIA” in the upper right-hand corner of the screen to go live. Next, two things will happen. Immediately, you’ll receive a DocuSign email containing your onboarding documents to sign electronically. Don’t panic! It’s a lot of information but requires very little work on your part. It’s just a few clicks to sign and you’re good to go!
Then, within the next business day, you’ll receive an email with a link to an Onboarding Questionnaire. This questionnaire is short and sweet and meant to give us a better idea of where your firm is in the registration and onboarding processes. We’ll use this information to make sure your firm is ready to onboard, and follow up if any items require your attention. For example:
- Is your firm registered? If not, we’ll coordinate onboarding around your registration date.
- Are you on the TD Ameritrade platform? If so, you’re good to go! If not, you’ll receive an email connecting you with XYPN’s TD onboarding team. They’ll work on getting you set up with your own individual rep code. This process can take around two weeks, so make sure to plan accordingly and set clear timeline expectations with your clients.
- Are you approved by Dimensional Fund Advisors (DFA)? If not, are you planning on getting approved in the next 12 months? To anyone not yet approved and considering approval, we will send out an email with DFA approval instructions. (Remember, XYPN has a special deal with Dimensional allowing you to complete the initial interview virtually, rather than in person. This should help speed up the process!)
- Do you have sufficient E&O Insurance? It’s required by XYIS that all advisors maintain a minimum of $500K coverage of E&O Insurance while on the XYIS platform. You will be required to provide proof of insurance before we can officially take you live.
- Are your IAA and ADV Part 2 compliant with XYIS strategies? XYIS requires the advisor to have discretion over assets, as well as the authorization to use Outside Managers, Third-Party Managers, and/or Subadvisors. This, along with any verbiage related to the TD Ameritrade platform and billing practices, must be included in your ADV. The XYPN Compliance Team will complete a complimentary review of these documents for you and provide feedback and edits to ensure everything is compliant. This is a critical step in the onboarding process, so we kindly ask that you respond to the Compliance Team in a timely fashion once they contact you in order to take advantage of this complimentary service.
Live Access: Once we’ve received your Onboarding Questionnaire, completed DocuSign packet, and certificate of E&O coverage, you will be granted with LIVE platform access. Now we’ll help get you trained and up and running!
How can I get up to speed?
Once you’re live, it’s time to begin training on the platform. XYIS onboarding training consists of three (3), one-on-one calls with an XYIS client service team member. We’ll walk you through all of the different modules on the platform to make sure it’s best configured for your firm and that you’re comfortable with all the different features and capabilities. Below is a breakdown of what’s covered on each call:
Call 1: Platform Configuration:
On this call, we’ll help you link your TD Ameritrade individual rep code to the XYIS platform in order to generate a new, shared rep code. This is required to add XYIS and RobustWealth as subadvisors. You will receive a second DocuSign email containing a Release of Information, Managed Accounts Addendum, and Shared Rep Code Request letter. Once you’ve signed these forms, TD will begin the process of establishing the new, shared rep code with XYIS and RobustWealth. This process can take up to 2 weeks. All accounts already open on that rep code will stream down to the XYIS platform, and these accounts will be subject to the XYIS platform fee (even if they are your personal accounts or you choose to not automate the accounts).
These accounts will stay on your personal rep code until you turn Robo On for each account. Turning Robo On will trigger DocuSign LPOAs to be sent to each client, for each account. These LPOAs will transition the account to the new shared rep code. Please note that if the accounts are not transitioned to the shared rep code, we will be unable to trade or bill the account directly (although the account will still be subject to the XYIS platform fee.) If you are choosing to bill the XYIS fee to clients directly, this will cause problems at quarter end and result in you receiving an AdvicePay invoice for the platform fee of any non-billable accounts.
Looking to segregate accounts and manage only select accounts on XYIS? Please let us know prior to linking your rep code so that we may help you request a new, individual rep code from TD for segregation purposes. We’ll talk through this entire process on the call.
In addition to linking your rep code, we’ll use this call to configure your platform and train on the different modules, such as Private Label Settings, the Risk Tolerance Questionnaire, Fees & Billing, and Advisor to Client Content. Once this call is complete, you should have configured your platform to match your firm’s branding and have a solid understanding of its different features and capabilities.
Call 2: Platform Utilization:
The Platform Utilization call is a fun one because we take you through the process of adding a client and opening up an account. We like to have you test this out on yourself so that you’re able to see the client onboarding process from both the advisor and client viewpoints. Then, we walk through the different options for funding accounts including bank transfers and ACATs.
Call 3: Platform Review:
Time to invest an account! During the final training call, we take your newly opened account and assign it to a goal (a model portfolio) and turn Robo On. This is how we automate the account trading. We’ll review tagging securities so that the platform knows which to sell vs hold within the portfolio. We also tie up any loose ends and go through a final Q&A to make sure you’re comfortable using the platform on your own. Remember, any accounts that were opened outside of the platform and streamed down automatically (in Call 1) will require additional LPOAs to be signed once you turn Robo On.
What are my tangible resources?
XYIS is continually developing both advisor- and client-facing resources. While some advisors choose to promote their relationship with XYIS, such as including XYIS information and team bios on their website, others prefer a more white-label feel where XYIS is hidden in the background. Either option is fine, and we’re developing both branded and white label resources for your use. These include Quarterly Investment Commentaries, model fact sheets, timely communication pieces and more.
What if I have questions or need assistance?
We hope this gives you a good idea of what to expect in this onboarding process. Once you’re up and running, XYIS will continue to serve as your primary point of contact for all requests, questions, or concerns. We have a specialized service team at TD Ameritrade to help us better resolve any issues that arise (including your NIGOs!) so we encourage you to let us work with TD on your behalf rather than you contacting them directly.
XYIS support can be reached via a couple of channels:
- Email firstname.lastname@example.org
- Call 360-301-7579
Most importantly, though, we encourage you to visit our XYIS Knowledge Base to view tutorials, advisor resources, information on our models and more.
We appreciate you placing your trust in us, and look forward to growing with you!
The XYIS Team