NEW CHANGES - Say Good Bye SEC Reporting

[xrac]

QFT (message filler)......

Norwayguy being the old foggy that I am I had to see what QFT meant.

 

[iceco1d]

That may be true.

But all OBA's (including writing with an FMO) must be disclosed (and subsequently approved) by your compliance department.

Each B/D may be more or less stringent in this area.

This is true. But mine is disclosed as "sells fixed life insurance products as an indy insurance agent." I don't specify what products, although compliance could certainly ask for clarification, you're right.
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I was a branch at my last B/D I did not need to show my 1099s but I did need to show 6 months of my banking statements which I think is worse.

How often did you have to do that?!

 

[Norwayguy]

This is true. But mine is disclosed as "sells fixed life insurance products as an indy insurance agent." I don't specify what products, although compliance could certainly ask for clarification, you're right.

That's the way I did it as well.

 

[budfox7]

I'm not even going to comment on most of this.

I did double check with my compliance department, and this "RRs can't write direct with an FMO anymore" and "showing FINRA your 1099s" is complete bullshit.

Well please message me what B/D you are with! If you can not write eia's through fmo's of your choice and not show 1099s please do tell!!

Its not BS bro, why would I be wasting my time typing it up on this forum

 

[iceco1d]

Well please message me what B/D you are with! If you can not write eia's through fmo's of your choice and not show 1099s please do tell!!

Its not BS bro, why would I be wasting my time typing it up on this forum

PKS will let you do fixed/indexed biz wherever you like, AND have your own RIA that they do not take a piece of either. They are a bd that totally leaves you alone.
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I have a question...what would showing your 1099s even prove to your bd? They dont show what products you sold...it couldve been term life for all they know.

 

[Norwayguy]

PKS will let you do fixed/indexed biz wherever you like, AND have your own RIA that they do not take a piece of either. They are a bd that totally leaves you alone.
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I have a question...what would showing your 1099s even prove to your bd? They dont show what products you sold...it couldve been term life for all they know.

My audit did not ask about 1099s what they required was I show them the 6 most recent months bank statements of the account my securities commissions went into, they are looking for any money changing hands to see if you give or take loans from clients, give or take referrals from unlicensed people etc.

I had a refund from a contractor I used. The auditor noticed the deposit questioned me about it and at first said I had to get them to sign a letter stating the facts. I said why its money coming to me and they are not a client of mine etc. Now that was the first and only time I had to do that my only audit as a branch but to me it was a weird feeling.

 

[budfox7]

My audit did not ask about 1099s what they required was I show them the 6 most recent months bank statements of the account my securities commissions went into, they are looking for any money changing hands to see if you give or take loans from clients, give or take referrals from unlicensed people etc.

I had a refund from a contractor I used. The auditor noticed the deposit questioned me about it and at first said I had to get them to sign a letter stating the facts. I said why its money coming to me and they are not a client of mine etc. Now that was the first and only time I had to do that my only audit as a branch but to me it was a weird feeling.

Holy Cow!!! this is nuts, this is what its getting to bro!
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PKS will let you do fixed/indexed biz wherever you like, AND have your own RIA that they do not take a piece of either. They are a bd that totally leaves you alone.
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I have a question...what would showing your 1099s even prove to your bd? They dont show what products you sold...it couldve been term life for all they know.

Icecold , where about's in Fl are you ? Also what kinda of payout and expenses you have with PKS?
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I'm not even going to comment on most of this.

I did double check with my compliance department, and this "RRs can't write direct with an FMO anymore" and "showing FINRA your 1099s" is complete bullshit.

I would be careful of what you say, spoke with PKS they said that IAs have to go to the grid.

 

[iceco1d]

Must've changed since i did my due dili on them. My current bd does not require they go thru the grid.

Try Harbour out of mobile, alabama.

Im not avoiding your questions, im just not comfortable sharing my bd with strangers (no offense).