What do I do
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Did you know that you cannot retire for at least 6 years after you decide to get out of this business?
Did you know that FINRA lists you as an employee? Did you know that you fall under all guidelines and regulations of the IRS, FICA, and Department of Labor that qualifies you as an EMPLOYEE? Did you know that we are the only industry in the United States that allows employees to be sued for negligent or accidental acts? Did you know that FINRA created their own regulatory body that supersedes the CIVIL Jurisdiction of this country? Did you know that the statute of limitations of for any action is 5 to 6 years? Did you know that your E & O policy is most likely a Claims Made Policy which means you have to keep your policy or a policy for at least 5 to 6 years after you retire?Yawn … are you going to spam every thread with this tirade? If you get a W2 you are considered an employee. Big surprise, so what.
I am finished.
When you wake up tommorrow who owns your book of business? Your years of work... WHO OWNS THE BOOK. If your comfortable with that answer then you deserve what you are getting whether it is 100% payout or 30%. Then go back to pre 2000 and check it out.I’ve doubled my book and production in the last year. All the rest is white noise.
I have been through two moves. and it is freeking nightmare. And the paperwork is relentless, and the time it takes to move is consuming. I guarantee that if you move your license to a new BD and your customer wants to buy something during the move they have to wait until approved to move. Now lets take selling Bank of America last week at 6.00 and in two days it went to 3.38. a 50% loss in two days. This is not an idle situation. Because you put them in it at 6 before the move because you thought it was headed up and then it moved south. during your move. Your client calls you get me out. YOU CANT. They have to call the trade desk themselves. There are BDs that will not take a trade from a customer. Lets say by the time they call the next day it had dropped down to the 4s and they had bought a block of shares. that is a major loss. Worse yet what if they had done it when it was 36 October 08 and in 7 days it was in the m id 20s. A big loss. You have no control over your clients. NONE NONE .
We could argue this all day long and I am calling it done. All I have established is this. We need to get ownership back.. YOU DO NOT OWN YOUR BOOK. Give us our book back and the ability to move it in a free market society when ever we want. There are many other reasons to do this and it has to do with the MADOFFS of the World and the BDs that are crooked that reps dont even know about. If your broker is having trouble but not bad enough to create a financial problem for FINRA to grant a financial move. Then you are stuck until the last client is moved. MOving a client is not a one day affair. It has to be approved by the new broker dealer. You need to be aware of what rights you do not have now. If you dont care. Then you get what you deserve. Its like if you dont register you deserve what you get. Our independence is being whitled away quickly. Go back to 1999 until now. Good luck in your business I wish you the best.Even a small business is ok. As long as you know how to handle your business it will last long.
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Even a small business is ok. As long as you know how to handle your business it will last long.
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