Cost to hang series 7

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Mar 23, 2009 7:52 pm

I have my series seven, its not been active for a while, I wanted to know if anyone here knows the average cost to put them with a firm.  I am only asking for answers to this questions (not wheather or not I will be active, or any other input.)  I am just looking for ball park numbers or some good names of indie firms.  Please only respond with answers to the question asked.

Mar 23, 2009 8:08 pm

I don't think it is legal for firms to hold your license unless you are active. If you are, LPL, Ramond James are two very good ones.

Mar 23, 2009 8:11 pm

This is what I am trying to avoid.  I did not ask about activity of my license I specifically asked for ball park figures.  I am not addressing the activity issue as everyone knows you  must be active.  If you do not know the answer please don't try to answer an unasked questions.

Mar 23, 2009 8:12 pm

Is there someone out there that has just gone independent?  If so can you please post to me with a ball park cost of getting contracted with your broker dealer? Thanks  I hope this question is clear.

Mar 23, 2009 8:18 pm

What's in it for them?

 
They have to take care of your compliance and take on the liability of you working and representing their firm.
 
I think THEIR costs will far outweigh YOUR costs - even if they let you "hang" your licenses.
 
I'm going to guess that you haven't met your production requirements, therefore, you're waiting for the economy to recover before jumping back into the profession.
 
You have 2 years from the time you leave your last firm to be re-registered with a new FINRA firm before you have to take the exams again.
 
I know you don't want my response.  Tough.
Mar 23, 2009 8:24 pm

Sorry that you did not like my answer. I think you are dreaming. BD liability is far more expensive than they can collect from you. No further conversation from me

Mar 24, 2009 4:28 pm

The answer looks something like this.  It will cost between 650.00 - 1,000.00 depending on which firm you choose, monthly overhead is around 250.00 including E&O. 

 
For those who are not intelligent enough to answer a direct question and for those who want to know. 
 
Also, the cost depends on how much business your about to place.  Genworth will register you for a reduced cost depending on your production (including the insurance production as long as you have 1099 from your last trailing twelve).  Thats the route I am going. 
 
"quote"  Morons rush in where fools fear to tread.
Mar 24, 2009 4:41 pm

Since you were able to find the answers you were looking for, why post the question in the first place?

 
Mar 24, 2009 5:24 pm

"cost to hang series 7"

This phrase is the reason why you were received the way you were. 

Choose your words more carefully next time. 

Mar 24, 2009 6:47 pm

Cost of a Hammer= $5

One nail= 5 cents
 
Total cost to "hang your 7"= $5.05
 
Questioned answered and nothing else, just as you ordered.  
Mar 25, 2009 3:09 am
Genuineinc:

I have my series seven, its not been active for a while, I wanted to know if anyone here knows the average cost to put them with a firm.  I am only asking for answers to this questions (not wheather or not I will be active, or any other input.)  I am just looking for ball park numbers or some good names of indie firms.  Please only respond with answers to the question asked.



Based upon what you've told us....the answer to the question is not a number, but "NO".

Mar 25, 2009 10:19 am

He's got a lot of nerve coming on here and bossing us around like that.  I'm surprised he got any responses at all. 

 
What's the point of keeping your license if you're not going to use it?  Couldn't he sign up with Primerica?   
Mar 25, 2009 10:41 am
Genuineinc:

I have my series seven, its not been active for a while, I wanted to know if anyone here knows the average cost to put them with a firm.  I am only asking for answers to this questions (not wheather or not I will be active, or any other input.)  I am just looking for ball park numbers or some good names of indie firms.  Please only respond with answers to the question asked.

 
Yes, people here do know the answer. 
Mar 25, 2009 3:15 pm
Genuineinc:

Is there someone out there that has just gone independent?  If so can you please post to me with a ball park cost of getting contracted with your broker dealer? Thanks  I hope this question is clear.



It costs the same as last time you hung it and failed to produce.

Mar 25, 2009 9:12 pm

Big deal if you have to take it twice anyways. I was worried about mine lapsing but to be honest, if I ever had to pass it again it wouldn't be a problem as it really wasn't that difficult. I know it's a crappy test and studying sucks but sometimes it's best to move on, hanging your 7 if you are not doing it fulltime is like tagging your ex after a divorce, just move on...

Mar 26, 2009 10:56 pm

5 meeeeeeeeeeeeeeeeeeelion dollars

Mar 26, 2009 11:38 pm

there are no reputable firms that will let you 'park' your licenses with them. The compliance hassels and regulatory risk is just too high.

Mar 29, 2009 12:56 pm
MinimumVariance:

there are no reputable firms that will let you 'park' your licenses with them. The compliance hassels and regulatory risk is just too high.

 
Agreed, from all the research I did the firms that will allow anything like "part time" or "no minimums" would all look worse on a U4 than having it lapse. I would rather have a license lapse than have the words "Primerica", for example, anywhere near my name. With some digging I found shady sh*t somehow related to each of the firms that would allow something related to 'parking'. It's my understanding that an affiliation with a firm is not something you can erase from a U4, so think long and hard about whose name you want to tattoo on your ass, or in this case your U4... I'd prefer nothing at all over something second rate.
Mar 30, 2009 7:14 pm

Park it with a prop shop and do a little trading for yourself. You can ask them about cost(s).