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


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


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.