Series 63 two year registration validity

Jan 13, 2018

  1. Adamsalem
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    Adamsalem New Member

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    Just read that if i do not register with an investment company within 2 years of taking the 63 series exam , i will loss the test result. .

    My porblem is : I took the 63 sereis over a year ago,( November 2016) , and I am planning to take the 65 series this year 2018, but i am not planning to work in an investmnt company till 2019, which is away over the 2 years 63 allawnace .

    Is there a way i can extend the 2 years allowance for the series 63 results , so do I not have to take the 63 exam again ?

    Thanks .
     
  2. DHK
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    DHK "YOU CAN'T HANDLE THE TRUTH!"

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    The Series 63 really isn't valid on its own without a Series 6 or 7 license and registration with a Broker/Dealer. The Series 65 is for forming or affiliating with an RIA firm.

    If you're not going to take the 6 or 7... you won't need the 63 at all.
     
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  3. pfg1
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    pfg1 Guru

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    Short answer, probably not. But like DHK said... you don't need the 63 to be active to use the 65 anyhow.
     
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  4. walthamny
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    walthamny Guru

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    One way you can get around the 2 year rule is to ask the place where you are thinking of starting, to appoint you now and see if they could grant you a leave. If they really want you, they could do it. There has to be a reason for them to do this.

    The other way is to get hired by someone get appointed and resign again after few sales, it restarts the 2 year time period. Is it ethical, no. And they may come back and charge you the cost of registration.
     
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  5. Adamsalem
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    Adamsalem New Member

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    Thanks wlthamny , I think this is probably the only solution , the thing is i am planning to take the 7 series but not within the next 2 years, if i can find a company that hires me for a few months , then i will be able to get by the 2 years barriers, the question is which company accepts a part time sales agent ?
     
  6. Adamsalem
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    Adamsalem New Member

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    With my schedule , and financial obligations, i can only work part time for commission based jobs,. I tried to work for Banker"s life as a part time but they refused. if someone knows a company that hires in a part time basis , and can sponsor me for a series 6 , and register my 63 I will be happy to work for it .
     
  7. DHK
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    DHK "YOU CAN'T HANDLE THE TRUTH!"

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    The MLM companies - Primerica, World Financial Group, maybe a couple of others would be most compatible for you.

    Btw, I didn't mention this... but to be hired at a different firm later... they're going to want to see some production history. Without it, you have no history. The statistics they are looking for is total assets and T-12 (Trailing 12 commissions).

    So, if you're going to be in securities production, you need to actually DO it. Just having licenses... isn't really enough these days.

    Just keep that in mind. I had a Series 7 & 66... and I let them both lapse because I don't need them (in fact, they would HINDER what I do today). I may join with an RIA firm (Series 65) because they aren't nearly as restrictive for marketing and compliance purposes.
     
    Last edited: Jan 13, 2018
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  8. Adamsalem
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    Adamsalem New Member

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    Thanks DHK, I think we are at the same line of thoughts, Actually I was approached by Primerica, , since i have a life and Health insurance license, and they offered to register me for series 6 which will technically extend my 2 Years for the 63 , but I was hesitant , and i knew if i do not produce it will show in my records . same for bankers they did the same , I guess what i should do is either take the risk of working in a full commission sales position, or go to 65 RIA firm. Thanks again for taking the time to reply.
     
  9. pfg1
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    pfg1 Guru

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    My opinion, 'part time and securities' don't really go together. You already have the L/H license, go make some $ with that. Alot of compliance and cost goes with the securities sales, that you won't have with just selling life ins products.
     
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  10. VolAgent
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    VolAgent Guru

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    No one wants a part time producer with a securities registration. Also FINRA has rules against parking a registration.

    Insurance company B/Ds are going to be the most forgiving for low securities production, but even they have a limit.
     
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