Brand new to the forums, having registered after searching old posts for an answer to my question...
I am a fairly newly licensed rep. I worked in the business about 15 years ago, held a Series 7 and worked as a sales trainer with a large brokerage firm. Obviously that license lapsed a long time ago when I left the business.
I now have started a Medicare advisory business, but also want to sell securities to clients needing help with IRA rollovers, 529s, etc. I obtained a Series 6 and 63 and registered with a firm in California.
I am NOT happy with their compliance and paperwork requirements that I'm having to jump through just to get a mutual fund application approved and sent to a fund company. The straw that might break the camel's back is a large IRA rollover that is being held up in compliance now for a week over a typo on a form and the need to get all new documents from the client, etc. I'm dealing with 35 pages of firm required paperwork just to be able to submit the fund company application to American Funds!
In my opinion, the paperwork requirements aren't reasonable for accounts that will be held at the fund company only.
Right now, I'm small time, just building production, and I don't want to be burdened with a bunch of fees and want to just follow the rules and help my clients.
Can anyone steer me to a reputable firm that won't object to my small status right now, understand that I'm just wanting to do mutual fund stuff right now, and won't charge all kinds of fees...
Frustrated,
-David.
I am a fairly newly licensed rep. I worked in the business about 15 years ago, held a Series 7 and worked as a sales trainer with a large brokerage firm. Obviously that license lapsed a long time ago when I left the business.
I now have started a Medicare advisory business, but also want to sell securities to clients needing help with IRA rollovers, 529s, etc. I obtained a Series 6 and 63 and registered with a firm in California.
I am NOT happy with their compliance and paperwork requirements that I'm having to jump through just to get a mutual fund application approved and sent to a fund company. The straw that might break the camel's back is a large IRA rollover that is being held up in compliance now for a week over a typo on a form and the need to get all new documents from the client, etc. I'm dealing with 35 pages of firm required paperwork just to be able to submit the fund company application to American Funds!
In my opinion, the paperwork requirements aren't reasonable for accounts that will be held at the fund company only.
Right now, I'm small time, just building production, and I don't want to be burdened with a bunch of fees and want to just follow the rules and help my clients.
Can anyone steer me to a reputable firm that won't object to my small status right now, understand that I'm just wanting to do mutual fund stuff right now, and won't charge all kinds of fees...
Frustrated,
-David.