Indexed Annuities - SEC Drops the Other Shoe
- Thread starter arnguy
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- annuity indexed annuities
Here is another example of our wonderful FINRA:
BrokeAndBroker.com at RRBDLAW.com by Bill Singer, 917-520-2836 ::
BrokeAndBroker.com at RRBDLAW.com by Bill Singer, 917-520-2836 ::
Add in ending the Fed (endthefed.com) and putting the army on our southern border where it belongs and I'll march on DC with you and the leader of your new party.
I find it amazing we use the army to keep the border of Iraq secure but we won't do it to our own????
I don't care how dangerous Iraq may become if it falls, the danger is far greater with a wide open southern border.
Yes, I'm a racist because I believe we should have secure borders. I know. Fire away you pinko commies.
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I agree that we need a standing army on the southern border. The southern borders of Virginia, Kentucky, Missouri, Kansas, Colorado and Utah!
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Read what Markopolos says about the SEC and FINRA:
http://news.yahoo.com/s/ap/20090204/ap_ ... ZmdGlwc3Rl
"The SEC is ... captive to the industry it regulates and is afraid" to bring big cases against prominent individuals, Markopolos asserted. The agency "roars like a lion and bites like a flea" and "is busy protecting the big financial predators from investors," he said.
While the SEC is incompetent, the securities industry's self-policing organization, the Financial Industry Regulatory Authority, is "very corrupt," Markopolos charged. That organization was headed until December by Mary Schapiro, President Barack Obama's new SEC chief. (HELLO?)
"The SEC was never capable of catching Mr. Madoff. He could have gone to $100 billion" without being discovered, Markopolos testified. "It took me about five minutes to figure out he was a fraud."
http://news.yahoo.com/s/ap/20090204/ap_ ... ZmdGlwc3Rl
"The SEC is ... captive to the industry it regulates and is afraid" to bring big cases against prominent individuals, Markopolos asserted. The agency "roars like a lion and bites like a flea" and "is busy protecting the big financial predators from investors," he said.
While the SEC is incompetent, the securities industry's self-policing organization, the Financial Industry Regulatory Authority, is "very corrupt," Markopolos charged. That organization was headed until December by Mary Schapiro, President Barack Obama's new SEC chief. (HELLO?)
"The SEC was never capable of catching Mr. Madoff. He could have gone to $100 billion" without being discovered, Markopolos testified. "It took me about five minutes to figure out he was a fraud."
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Amen to that.
Superstar broker snatched from ruins of Wall Street. Richard Saperstein said to be taking his $10B book from JPMorgan to fledgling RIA.
Superstar broker snatched from ruins of Wall Street - Investment News
No wonder FINRA and the B/D's want FIA regulated as securities and no wonder the SEC is stepping up RIA regulation. Between the drop in the market and the flight of RR to RIA there is a huge lose of revenues.
Superstar broker snatched from ruins of Wall Street - Investment News
No wonder FINRA and the B/D's want FIA regulated as securities and no wonder the SEC is stepping up RIA regulation. Between the drop in the market and the flight of RR to RIA there is a huge lose of revenues.
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wwwdotsec151a.com
Registration to voice your concerns on FIA
It wouldn't let me post the url but you can figure it out.
Registration to voice your concerns on FIA
It wouldn't let me post the url but you can figure it out.
Here are some examples that may make you rethink that statement:
FINRA FEE $350
FINRA Registered Branch Office (RBO) Fee* plus SIPC sign/brochures $120.00
State Registered Branch Office Fee* (See State Registration Fees Sheet)
Here is TN for your state:
Individual Fees
Initial Reg Fee $50
Transfer/Relicense Fee* $50
Renewal Fee $50
FINRA Special Registration Review Fee** Varies
Single Session Exams (Series 6) $85
Single Session Exam (Series 63) $96.00
Registered Principal Exam (Series 26) $85.00
Uniform Investment Advisor Exam (Series 65) $135.00
Errors and Omissions Enrollment Fee (Non-Refundable) $1100
Affiliation Fee $900
The RR shall not be employed by, or accept any compensation from, any other person or entity as a result of any business activity, other than a passive investment, outside the scope of the RR's relationship with BD without the prior written notification to BD and approval by BD. The RR acknowledges that BD may prohibit any outside business activity by the RR, or place restrictions on any such activity. The RR agrees to make the books and records with respect to
any outside business activity immediately available to BD upon request, including, but not limited to, the RR's bank statements, income tax records and other financial information. (This means you have to get permission from your Broker Dealer BD to sell insurance, sell a comic book on ebay, or open a lemonade stand, etc. It also gives them permission to look through your bank account, any financial assets and your underwear drawer).
All RRs are expected to produce a minimum of $10,000 in Gross Dealer Concession (GDC). If a RR's production falls
below the minimum GDC, a low production fee in the amount of $1,000 will be incurred. (That's right if you don't produce 10k in business they will make you pay them $1000. Most BDs require 50k, 100k or more in Gross Dealer Concession Commission to keep your license).
If a RR is fined a low production fee for two consecutive years, he or she must attain ½ their annual GDC production by no
later than June 30 of the current production year. That is a minimum production level of $5,000 GDC. If this amount is not
reached, the RR will be subject to termination for cause (not meeting minimum company production.)
Pursuant to FINRA Rule 1031, a RR may not "park" his or her license with a broker dealer. The relevant portions of the rule
read as follows. A RR shall not be maintained if he or she: "(1) . . . is no longer active in the member's . . . securities
business, (2) . . .is no longer functioning as a representative, or (3) where the sole purpose is to avoid the examination
requirement . . ." (This means you need to be selling or you will lose your license you just paid all of the money above for. Oh and don't forget the extra $1000 you had to pay them for not producing enough).
Someone else already mentioned running everything through compliance. That means your advertising, emails, anything writen going to a client. If not here are the fines for that: The fine for the first offense will be 0-$250.00; for the second offense, $250.00-$500.00, for the third offense, $500.00-$1,000.00; the fourth offense will be grounds for termination.
Ok that was some of the negatives. Now on a positive note. Let's say you run into a client with $100 a month for mutual funds. That's 5.75% GDC commission which is $5.75 and lets say you get 70% of that. That's a total as earned commission of $4.02 a month.
I could go on and on but do you get the point?
