Emmett Larkin?

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Nov 6, 2008 3:47 pm

any info. regarding Emmett Larkin?

thanks


Nov 6, 2008 10:49 pm

longshort,

The lack of response to your questions about these unknown entities should tell you something.  Do you realize how many thousands of independent firms there are out there?

Nov 7, 2008 8:32 am

Morph,


Isn't Emmett Larkin the former running back for the Dallas Cowboys?
 
HAHAHAHAHA... whew, that's funny. I don't care who you are.
 
MdT
Nov 7, 2008 8:53 am
Mucho de Tejas:

Morph,

Isn't Emmett Larkin the former running back for the Dallas Cowboys?
 
HAHAHAHAHA... whew, that's funny. I don't care who you are.
 
MdT



  

Nov 7, 2008 11:58 am
Morphius:

longshort,

The lack of response to your questions about these unknown entities should tell you something.  Do you realize how many thousands of independent firms there are out there?



Hey Morphius,

Sorry, not aware of how many there are.  Got referred to FWG and Larkin by acquaintances, so thought it might be worth a look.  I've been involved in other parts of the industry.  Have developed a new concept for RIA, so want to get back in now, and need to hang licenses somewhere, while I build up a book again.

Reading the SEC RIA qualifications it seems that I have to have either $25mn AUM or be doing business in 30 states.  Could go state reg. , but then would have to do it in 5 states, and also what happens to all my licenses?  So think just raise the $25mn and go RIA. 

Any suggesstions about truly independent houses?

thanks

Nov 7, 2008 2:56 pm

longshort,


Any suggestions about what?  I'm not clear what you are saying or what question you might be asking. I'm not sure what you are looking to "get back in now" but clearly you need to do much more research on RIA rules and regulations.


The $25 MM cutoff simply determines if an RIA is regulated by the SEC or the state. If you will have less than $25 MM within 120 days of registration - and it certainly sounds like that would be the case with you - you must be registered with your state.  Period.
 
It most definitely is NOT a case of "just raise the $25 MM and go RIA."  Ignoring for the moment the fact that the most difficult challenge is the "raising" of the assets, you cannot simply start signing up clients without being registered, and wait until you have $25 MM under management and THEN register.  That would be illegal and could get you thrown in jail.
 
When you mention having to "do it in 5 states" you need to be more clear what "it" you are referring to.  Only thing I can guess - and it's only a guess - is registering if you exceed the state's de minimus requirements, since in many states that is 5 clients.  But I can't be certain if that is your intent as it is not at all clear from what you wrote.
 
As for licenses, you can hold your S 65 or S 66 directly, but other FINRA licenses (e.g. S 7) must be held through a B/D.  But this is another confusing and contradictory question, as most RIAs drop their FINRA licenses entirely as they decide to cease doing commmission business.  If you want to be dually registered you need to have your 7 through a B/D, but no reputable B/D will allow you to "park" your license without using it, as that is illegal.
 
I won't even address the idea that with this lack of understanding of the basic requirements for doing business, you "have developed a new concept for RIA."  That just scares me.  Frankly, with your lack of understanding I'm not sure how you would even know if it was a new concept.
 
I'll try to answer clear questions if you show you have taken the time to do some basic learning on your own.
Nov 11, 2008 9:07 pm

Morphius,

Thanks for the patronizing response.  You are right, how dare I not post a 45 page business plan here.

Only asked three very simple questions: (1&2) does anyone know either of two local firms; do you, who seems to portend to be omniscient about the entire securities industry, know of any truly "indy" firms.  Many of the 1000+ "indy" rep houses seem to be subs to insurance or other concerns.  Filtering out shops by potential exposure to OTC meltdown/writedowns, gee, what a novel concept.  I'm sure before you ranted, you thought of that, right?

what goes around comes around. 

Nov 11, 2008 10:22 pm

My apologies for responding candidly.  I made the mistake of thinking that since you asked you might actually want to hear from those who had actually made the journey you were asking about.  What was I thinking?  I won't make that mistake with you a second time.

Obviously you prefer to learn by trial and error rather than suffer the supreme indignity of being corrected in an anonymous forum where only your ego is hurt instead of your career and your family's livelihood.  To each his own.

Good luck. 

Nov 12, 2008 2:28 am
longshort:

any info. regarding Emmett Larkin?

thanks




I think he was a prospect in the Phillies farm system back in the 70's....a shortstop if I recall.

Dec 10, 2008 10:46 pm

"Frankly, with your lack of understanding I'm not sure how you would even know if it was a new concept."

 
I bet it involves using leverage somehow?
Maybe strip the principal payments from the interest?
HUM?