Maintaining Series 7 license

by **danrleg** » Mon Apr 19, 2004 11:54 pm

I am in the process of registering with my state to become an Investment Advisor. I have submitted my Form ADV and are awaiting approval. I currently hold a Series 7 & and 66 license which are due to expire in June. Is there any way I can establish my own financial planning practice and maintain my Series 7? I have had extreme difficulty in getting a straight answer to this question.. ANy help would be appreciated!!Dan

by **tony** » Tue Apr 20, 2004 10:20 am

Dan,
I suggest the dificulty might be in the phrasing of the questions you use when approaching firms. More useful questions might be:

Is a BD willing to contract with me while I am an independent RIA? If so, are they worth it? What are the BD's specific compliance requirements re this issue? What would be the costs and production committments? How would it complement or conflict wih the BD's current RIA setup?

and

What impact will my independent RIA status have on the oggoing operation and compliance requirements of an duel-registered independent RIA?

or, alternately,

Is it possible to "park" a little used reg. rep. license while I pursue another business route (the RIA)?

I went this route a few years ago and just decided to give up the reg. rep. licensing. My case may have been diferent, because the ultimate deciding issue was the inability of a BD compliance ofice to pratically supervise the written publications of a rep/advser who was also a writer for an independent RIA and an unaffiliated financial publisher. In other words, the editor (always fiercely independent) would not yield to the lawyers.

by **sportsterfos** » Tue Apr 20, 2004 11:16 am

Dan, Contact Ameritrade Advisor Services. I believe they have an affilation w/a B/D that will allow you to keep you Series 7 & 66, while also establishing your RIA. That's all I know.

by **danrleg** » Tue Apr 20, 2004 7:38 pm

Thank you for the lead.. I will call them tommorow and post a message as to my results..

by **danrleg** » Tue Apr 20, 2004 7:43 pm

Thank you Tony.. I have a feeling I may end up losing my 7 as well.. to bad after all that hard work, but I suspect the benefits of becoming independent are going to far outweigh being affiliated with a BD..I am going to check with Ameritrade advisor services to see what they have to offer. Thanks for your time..Dan