Probably leaving biz- have a few questions
Hello everyone. I am a broker at an Indy and am most likely leaving the biz in the next couple of months. I have been in the business for 7 years, and they have been a struggle to say the least. I have discovered that this is not the career for me. I have another opportunity waiting on me and I am looking to move on. I enjoy the teaching aspect dealing with clients but do not enjoy the day to day stuff.
Along those lines, I would like to keep my license (7) active in case something comes along that will allow me to do what I enjoy. Is there anywhere I could set my license in the meantime. Can my license stay active if I am not transacting biz and not registered with anyone? I am considering doing one on one financial coaching to people that will involve asset allocation, budgeting...etc... Investment 101 so to speak. I do not want to be involved in the holding of assets or transacting that business. I would charge a flat fee for this serives. Do I even still need my license for this?
Also, I am considered an independent contractor for my B/D. What is involved with selling biz? How should I be structured?
Any help is appreciated.
You are looking at being an RIA. Keep your 66 (and charge fees), maybe get your CFP. Can't keep your 7 unless you are with a B/D, but you don't need it unless you want to work for commissions.
You can sell your book to another rep if you want, if it is worth much. Maybe 1x T-12 gross revenue for commissioned biz, and 1.5-2.0x for recurring revenue (fee biz).