OSJ Designated Principal (DP)

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Jun 21, 2007 9:06 am

What is the need of the DP at LPL. I have recently got this announcement letter informing about my Designated Principal (DP). Though I have NASD 24 and OSJ title, LPL recently assigned DP for all OSJ Principals. That means you could be a million dollar producer still could get call from some new DP with no sales experience questioning your trade. I thought this buisness is independent and gives you freedom! Is this the experience for OSJ with other B/D. What is the qualification of this new layer of DP?  Does NASD 3010 and 3012 really recommends DP over existing OSJ. Did they invite comments before adding this extra cost.


Please have a strong look at this.

Jun 22, 2007 12:45 am

I didn't get any such letter.  Maybe it depends upon your production or the amount of trading you do in your personal account?

Jun 22, 2007 8:32 am

I got the letter, and have left a message of this so called DP, haven't heard back. I'm not sre what the hell is going on with this NASD rule 3010. Did all producers with LPL get this letter?

Jun 22, 2007 4:41 pm
joedabrkr:

I didn't get any such letter.  Maybe it depends upon your production or the amount of trading you do in your personal account?



I stand corrected.  I received one today.

Jun 22, 2007 6:38 pm

I haven't seen the letter as of yet, but my guess is, as long as your business isn't too exotic, you probably won't hear much from them...