Securities 6& 63 question
- Thread starter rdandrews
- Start date
- 15,041
Effectively, yes.
You have to keep it registered to keep the license. No one is really going to let you renew your registration if you aren't selling. With a 6/63 you are going to probably be with an insurance carrier's B/D. They will have much lower expectations of GDC than an independent B/D, but they still have to see some production.
As an example, I know ONESCO use to have fairly low production requirements and they would count ONL production towards that requirement.
You have to keep it registered to keep the license. No one is really going to let you renew your registration if you aren't selling. With a 6/63 you are going to probably be with an insurance carrier's B/D. They will have much lower expectations of GDC than an independent B/D, but they still have to see some production.
As an example, I know ONESCO use to have fairly low production requirements and they would count ONL production towards that requirement.
From the time you leave a BD you have two years to be inactive before you join another BD or the registrations lapse.
They still do. I'm pretty sure their minimum is $10,000 GDC and I think it's $20,000 to avoid a fee. Quite honestly, if a person isn't doing at least $20k after a year or two, they probably don't need to keep their securities license as it would be too costly to justify.
Agreed. And why would you want to keep your securities license unless the majority (or at least a lot of income) of your production came from this source.
I dropped mine three years ago and couldn't be happier with that decision.
- 10,328
Do you think you would feel that way if you were not a CFP and not able to still give investment advice?
I think that I would but probably because of my market...I normally have someone involved in each case who is securities licensed anyway.
If I had a different business model, I would probably just stick with the 65 (or 66, if I already had the 7/63) to keep that flexibility.
