Layton Cox entered the profession nearly a year ago, mentally prepared to make a lot of cold calls.
Instead, he has gained valuable entrepreneurial experience and really figured out where the industry — and his career — are going.
Mr. Cox, 24, is heading up Pathway Financial Partners' efforts to build a digital advice offering for young investors and those with smaller accounts. He helped build the portfolio models for MyPathway, as the new unit is called, and currently is concentrating on the marketing plan.
Now through July he'll be focused on marketing the Tucson, Ariz.-based firm's digital advice platform, and then he'll create training manuals for the additional advisers the firm hopes to add to serve MyPathway clients.
“At heart I'm an entrepreneur,” Mr. Cox said. “It's been a lot of fun getting to do this during the first year of my career.”
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Mr. Cox believes the advice industry is poised for a shift away from focusing solely on high-net-worth individuals and families.
NEW CLIENT BASE
Both the increasing prevalence of online advice platforms and the trend toward fee-only advice suggest the future of the business is about servicing a new client: the individual who doesn't have the time, ability or assets to figure out their own financial security, he said.
Mr. Cox follows blogs by Michael Kitces, a partner and director of research at Pinnacle Advisory Group, and Barry Ritholtz, founder and chief investment officer of Ritholtz Wealth Management — two advisers he considers visionaries of the advice industry.
Mr. Cox, a graduate of the University of Arizona, recommends that those headed into the career tune in to these two and others “who understand the changes happening.”
When he graduated, Mr. Cox planned to pursue the certified financial planner designation and then perhaps a master of business administration. But now he's leaning toward the pursuit of a chartered financial analyst designation.
“If we grow as much as we think we will, we're going to need a CFA on our investment committee,” Mr. Cox said.
Earlier this month, Mr. Cox's girlfriend accepted his marriage proposal and he wrote a blog about the important
financial planning issues he intends to review with his fiancée. Their pre-wedding discussions include goals, debt, savings, retirement and fun, he wrote.
“It's been an eventful first year,” he said. “I'm looking forward to the next 25.”
