Have you created a LLC for your wealth management firm?
I have been considering forming a LLC for my wealth management activities. The asset protection benefits of the LLC structure are obvious to me, but there is something I don't understand-
If I am recieving 1099 income as a contract employee of my broker dealer, how would the LLC protect me?
The securities compensation would still be paid directly to me, rather than to the LLC entity.
What am I missing here?
Nothing...LLC won't protect you unless the income your recieve from it gets paid directly to the LLC which you can't do if you are with a broker/dealer..