No book, no aum, looking to get into ria

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Jan 9, 2012 2:11 am

I've been looking to become a Financial Advisor for a wirehouse for quite some time now and had no luck. However, lately Ive been hearing alot on going indy. The reality is that i dont have a book, no AUM, nor any series 7 or 66. I do work in the banking industry and have many prospects and have the drive to succeed in this challenging industry. I am looking into getting the series65, its my understanding thats all you need to become a IAR or RIA. The reality is that i know its gonna be hard getting started on my own with the costs and finding a custodian considering i dont have any AUM. Any suggestions whether i shoul try on my own or joing an existing RIA Firm and if so who takes IAR's without AUM?

Jan 19, 2012 10:27 pm

You know you don't have to be an RIA to be in independent advisor right?

Jan 20, 2012 12:10 pm

[quote=KingBobby]

You know you don't have to be an RIA to be in independent advisor right?

[/quote]

you mean by becoming an independent advisor representative? or what other options where you talking about?

Jan 28, 2012 8:31 pm

I would also like some information about this as well if anyone could chime in.

Jan 29, 2012 12:54 pm

There are several services out there that can help you with becoming an RIA. What are the advantages?:

Being independent  - away from compliance, your retarded boss, other advisors who want to steal your book. Not under FINRA but under state laws. You can compete with B/D advisors on price and platform. Keep 100% of fees, Disadvantages: No initial salary No assistant for trade inputs Choice is clear. If you have to live in your parents basement to start this do it. You won't regret it.