Registered Reps, B-D's, Dropping Your Securites License

[NMFNMDRT]

I'm 7/65 - Yes, compliance can be an annoyance, but it's worth it to be able to offer a wide range of securities to best match the needs of the client. If an FIA is called for, great. VA, great. REIT, ETF, you bet. 1000 shares of GOOG, I'm there. Personally, I don't think that cramming someone into an FIA because that's the closest thing to a security that you can offer is always going to be in the best interest of the client.

We're dealing with people's lives, life savings, retirement, family, security and legacy here. That kind of responsibility shouldn't be easy.

.

This.

I don't make a lot off of securities(15% of revenue), but this business is a crucial step in the financial advising process. I only see my investment business growing. My clients will be better for it, and that's what really matters.

 

[CFP83]

just ran across this old thread....it really deserves a bump here as it has some very good posts within it.

FINRA may very well be one of the most illogical, buearicratic, government agencies out there.....however it still doesn't negate the fact that millions of people out there need our help, and you can't help them properly with just life insurance and annuities.....kind of like trying to build a home with a saw and a hammer.

 

[Norwayguy]

just ran across this old thread....it really deserves a bump here as it has some very good posts within it.

FINRA may very well be one of the most illogical, buearicratic, government agencies out there.....however it still doesn't negate the fact that millions of people out there need our help, and you can't help them properly with just life insurance and annuities.....kind of like trying to build a home with a saw and a hammer.

I don't mean to disagree with you but FINRA is NOT a government agency, which is why they can fine you but the fines are useless if you choose to leave the industry.

 

[VolAgent]

I don't mean to disagree with you but FINRA is NOT a government agency, which is why they can fine you but the fines are useless if you choose to leave the industry.

FINRA is just another bad example of why the government should not delineate its authority to quasi-government agencies. With FINRA, you are guilty until proven innocent, and due process is a fairy tale. Yet, plenty of government agencies give serious weight to their decisions.

 

[CFP83]

I don't mean to disagree with you but FINRA is NOT a government agency, which is why they can fine you but the fines are useless if you choose to leave the industry.

Good point and your are correct, they're kinda not a government agency, a little like the post office is a little bit private a little bit government ran. A sandwich with a little bit of s**t in it is still a s**t sandwich

 

[xrac]

.....FINRA may very well be one of the most illogical, buearicratic, government agencies out there.....

You are correct about the illogical, bureaucratic part even though you misspelled bureaucratic.

 

[djs]

Sorry, but your post does not compute. Can you use a bit of logic to explain?????

Please file your response in triplicate. It must be handwritten, not typed, so it can be analyzed for personality type. Along with this, submit $300 for the review. If you choose not to followup with this issue, that is your perogative, but you will be fined $400 for the accusation.

If you are unsure if you want to proceed, file an extension request with your $100 delay fee. You will have an extra 30 days to proceed.

Thank you for contacting us.

 

[Norwayguy]

Sorry, but your post does not compute. Can you use a bit of logic to explain?????

Please file your response in triplicate. It must be handwritten, not typed, so it can be analyzed for personality type. Along with this, submit $300 for the review. If you choose not to followup with this issue, that is your perogative, but you will be fined $400 for the accusation.

If you are unsure if you want to proceed, file an extension request with your $100 delay fee. You will have an extra 30 days to proceed.

Thank you for contacting us.

Dam does that bring back memories of dealing with my B/D



Seriously I would be more than happy to have kept my securities license if it was not for all the BS that goes along with it. My business model not only had me not taking cash (and what B/D even allows the use of cash anymore) but I was not even handling checks, my business was payroll deducted and some rollover business and I would have to spend a ton of time on blotters and keep having to come back to the blotters because you never had all the info when you wrote the sale as the transaction had not occured yet...Then pile on the restrictions to my freedom of speech as well as product choice was ridiculous.

 

[LGilmore]

Still have my 6 for now. But like many here just not sure it's worth it anymore. Nothing sucks the energy out of selling a product like being treated like you're a criminal. Sitting through a 5 hour review where I'm being told I have to give them copy of my insurance clients correspondence was just a bit too much. Having to explain HIPAA and privacy several times and then in writing telling my bd that if I did what they wanted, I would be breaking the law, finally got them to sort of back off.

I'm an ethical guy and I simply resent having to deal with so much stuff because a few others aren't.

As with anything like this, all the rules created are only going to be followed by those that the rules aren't needed for in the first place. I've been on the fence for a while now about letting it go.

 

[VolAgent]

Still have my 6 for now. But like many here just not sure it's worth it anymore. Nothing sucks the energy out of selling a product like being treated like you're a criminal. Sitting through a 5 hour review where I'm being told I have to give them copy of my insurance clients correspondence was just a bit too much. Having to explain HIPAA and privacy several times and then in writing telling my bd that if I did what they wanted, I would be breaking the law, finally got them to sort of back off.

I'm an ethical guy and I simply resent having to deal with so much stuff because a few others aren't.

As with anything like this, all the rules created are only going to be followed by those that the rules aren't needed for in the first place. I've been on the fence for a while now about letting it go.

And unethical people will still break the law. I don't know why people have yet to figure this out. Put in place a reasonable system of laws and regulations and then leave it alone. All increasing regulations does it make more people criminals and chase good people away.