Bankruptcy discharge period

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Sep 7, 2005 1:32 pm

I spoke with someone from Edward Jones and told me the discharge period for bankruptcy is 1 yr. before you can apply. Does anyone know what Raymond James bankruptcy discharge period is?

Sep 7, 2005 4:21 pm

I'm with RJFS. To my knowledge there's no hard & fast rule, but the longer in the past the better.  Regardless of how long, they'd want to make sure you've demonstrated some history of satisfactorily rebuilding your credit & financial standing, so it'd clearly be longer than one year.  I'd guess 3 years at a minimum under ideal situations.  They'd also look at the reason for the bankruptcy.  If it's because someone just over-extended themselves, miss-managed their finances, etc. , then that's a tough one to overcome (i.e., why do we want a rep advising other people when they can't handle their own $?).  If it was because of an isolated outside factor (divorce, business failure, etc.), they're more forgiving assuming they're satisfied with the reasoning.


Remember that b/ds suffer compliance problems with reps who are under financial pressures, where even the best person may act contrary to their best & most honorable instincts.  That's why credit issues are a critical factor in considering a candidate.

Sep 7, 2005 5:49 pm

The obvious question here is, if you have credit issues, why do you think you are qualified to be a financial advisor?  I realize that there are exceptions to this rule, but a lot of bankrupcies are just flat-out due to poor financial management...not exactly a recipe fo success in this industry.

Sep 8, 2005 5:25 pm

The obvious question here is, if you have credit issues, why do you think you are qualified to be a financial advisor?  I realize that there are exceptions to this rule, but a lot of bankrupcies are just flat-out due to poor financial management...not exactly a recipe fo success in this industry.


Dinoseeker,


Ignore stupid comments like the one above. I have had a BR, it came about due to health problems that prevented me from working. I am still in the business and doing well, most firms like the BR to be at least one year out. I also researched this through the regional regulatory bodies as I thought it would be career suicide, its not. I hope I helped answer your actual question instead of giving stupid unsolicited advice about your credit or choice of career. I wish the people like the one who posted the comment above would get off this forum, or at least learn how to read well enough to answer the actual questions asked.


Sep 8, 2005 5:52 pm

You know....we go through tough times, and some people are not the most fiscally responsible. It is easier to be a good steward of your finances..............when you make tons of money!


That being said, I don't find being a good financial advisor has anything to do with the advisors personal situation. We don't profess our own life experience, we make decision for clients based on learned data and research. The recommendations that we make to clients are those we glean from analysis, and speculation. And if we are good, it is a practice of ongoing adjustments based on changes in the investing environment. Because a guy has bad credit, has no bearing on his ability to apply the fundamentals of wealth management, and client service.


Of course, if you are so far under, and you are the type that would,....let's say ......resort to unethical ways......which would increase your own bottom line.....sooooo that you could get out of debt????......Then your scum. But if you are that type of person, evil will manifest whether your in debt or not.


You can't overlook one little fact......there are a lot of financially sound brokers........screwing their clients out of money, intentionally!!  So let's not be so quick to say that the bankruptcy guy is not "qualified" to perform in this career! It's kind of a joke! 

Sep 8, 2005 6:19 pm
Indyone:

The obvious question here is, if you have credit issues, why do you think you are qualified to be a financial advisor?  I realize that there are exceptions to this rule, but a lot of bankrupcies are just flat-out due to poor financial management...not exactly a recipe fo success in this industry.


I agree with bullbear98444 and Moneyadvisor. This seems to be a response coming from a very immature and arrogant individual who has never had hard times in his/her life.  BTW, immature doesn't mean to be young.  There're many 50 years old immature men/women in this world. These type of people are often very judgemental and truly believe they can control everything...  I have personaly never had a bankruptcy in my life and I feel I have been very LUCKY.  Bad things happen to Good people.


I hope this original poster's life will be restored and bullbear98444 and moneyadvisor to keep thriving as successful professionals.


BlueOpaqueGlass

Sep 8, 2005 9:57 pm

I've read all the self-righteous comments above and I stand by my original position.  Bullbear, I said there were exceptions, and even though your response was a little premature, I would allow that medical issues can certainly fall in the exception area.


MA...you have a point, but it's not an absolute...I still believe that folks who can handle credit are generally better equipped to advise others on financial matters.  For the record, I did not say dineroseeker was unqualified...I asked him/her why he/she felt he/she was qualified.  A fair question that will undoubtably come up in the interview.


BOG...don't give me that self righteous crap about never having hard times in my life.  You have no clue what I've been through and to assume that you do is well, immature.  Yes sometimes, bad things happen to good people, but oftentimes (I didn't say always, you bunch of bandwagon bleeding hearts), bankrupcy happens to those who handle their finances in an irresponsible manner and yes, I've actually seen some of these idiots in action as financial advisors.  Financial advisor in this setting is a term I use very loosely.


We've got enough mediocre financial advisors who can't even balance their own checkbook or figure out how to manage personal debt.  What a bunch of horsecrap responses.  Why don't you all let dineroseeker answer my original question and then let's revisit the subject.

Sep 9, 2005 8:54 am

I agree that how someone handles their personal finances (good or bad) is not necessarily an indication of how good they may be as a rep.  We've all probably known excellent financial planners who are the proverbial "cobblers with holes in their shoes".  We've known million dollar producers with very happy clients who are so bad with handling their own money that if it weren't for their forced savings through deferred comp, company stock, retirement plans, etc. they'd be in tough shape.


But, the reality is for someone getting into our business things like bankruptcies and poor credit are a serious hurdle.  Broker-dealers just can't take the potential compliance risk of bringing on someone with poor credit.  And, most b/ds routinely pull credit reports on all their existing reps, and will put under watch those with problems.  Heck, even many non-financially related employers routinely pull up credit scores on applicants as a part of the screening process.

Sep 9, 2005 10:07 am

The real question is...   Will the B/D be willing to take on the potential risk of an un-ethical rep if they are not able to take care of their financial matters.  (i.e.  selling something that may not be in the clients best interest for an increased commission, to help cover the mortgage) 

Sep 9, 2005 11:31 am

No doubt!!!! duke and Indy, The bottom line is how the B/D wants to handle the situation. And there is risk on their behalf in hiring the less credit worth. I just have to chuckle at the irony of how many, and for how long individuals and institutions in this business have been misleading clients. Pumping billions in to products with hidden fees, and commissions, and often just selling without regard to suitability and appropriateness. We certainly would'nt want anyone less than perfect in that pool. But, I know...the industry is trying to clean up - and being more selective going forward is part of it.

Sep 9, 2005 1:08 pm

I think the reason you are getting into this business is pertinent.


The situation surrounding the bankruptcy are pertinent.


Sorry, I would NOT give MY money to someone who could not manage their OWN money.

Sep 9, 2005 2:42 pm

QUOTE=Indyone]


......


BOG...don't give me that self righteous crap about never having hard times in my life.  You have no clue what I've been through and to assume that you do is well, immature.  Yes sometimes, bad things happen to good people, but oftentimes (I didn't say always, you bunch of bandwagon bleeding hearts), bankrupcy happens to those who handle their finances in an irresponsible manner and yes, I've actually seen some of these idiots in action as financial advisors.  Financial advisor in this setting is a term I use very loosely.


We've got enough mediocre financial advisors who can't even balance their own checkbook or figure out how to manage personal debt.  What a bunch of horsecrap responses.  Why don't you all let dineroseeker answer my original question and then let's revisit the subject.


[/quote]


Indyone, if I offended you by my post, I apologize.  I try to be kind to people and understanding.  I don't want to be judgemental and jump to conclusions.  There are many ways to look at the bunkruptcy situations.  If my post sounded like "self righteous crap(your words)," I am sorry for that. What I said came from the bottom of my heart.


I do understand that the business side perspective, as Duke#1 stated.  However, I felt it was improper of you to even ask a question of qualification issue, not knowing surrounding facts, only because this person had a bankruptcy. 


As always, it is not what you say, how you say it, too, counts.


At any rate, have a nice weekend and God bless you.


BlueOpaqueGlass


Sep 10, 2005 1:16 am

Are you kidding??????

Tought times or not if you cant balance your own balance sheet you would suck as a financial advisor.


Dude look in the mirror and tell me you had it tough?????? What was tough???

Man I know plenty who have it rough! NO bs about I over spent or my wife took me to cleaners...


Wake up.. If you had a serious medical issue that put you under and before that you were a clean cat then good luck.. Most people say hey the govn owes me. I smoked and ate crap my whole life and now I have a diabeties and they owe me! We dont owe you anything, but a wake up call! I for one am sick of paying off peoples debt!


Sep 10, 2005 1:06 pm

Wow...sounds like some of you don't have a clue what qualifies as "hard times".  Let's take a look at the medical issue for one;  how many of you have had to deal with cancer treatment to the extent of your insurance running out and coverage then belongs solely to you? Do you have ANY idea how expensive it is to try to save a life? As for me and my family, every dime I have would go towards that attempt. I sure hope executive jock you never have to face that.

Sep 10, 2005 4:31 pm

This whole discussion on br's is interesting. What’s more interesting, (for those who do research) is that fact that Donald Trump has filed br, and many people invest with him, also Walt Disney filed 4 times before he made it. I have seen that some of the people who say they would not give their money to someone who has a br do just that, the difference is, you don't know it because other industries do not make you report it. How do you know your banker or your mortgage person has not filed? Food for thought. 

Sep 11, 2005 6:14 pm

BLUEOPAQUEGLASS-  Clean up your financial issues first and then consider being a financial adviser but please don't ask a question if you can't take the answers!! It's like asking if I am an alcoholic is it ok to work at a liquor store???

Sep 12, 2005 11:59 am
noggin:

BLUEOPAQUEGLASS-  Clean up your financial issues first and then consider being a financial adviser but please don't ask a question if you can't take the answers!! It's like asking if I am an alcoholic is it ok to work at a liquor store???



All I can say is noggin is not a Christian. I am.


God bless this individual.


Peace,


BlueOpaqueGlass

Sep 12, 2005 2:29 pm
noggin:

BLUEOPAQUEGLASS-  Clean up your financial issues first and then consider being a financial adviser but please don't ask a question if you can't take the answers!! It's like asking if I am an alcoholic is it ok to work at a liquor store???


For the record, I have Never asked a question in this forum. 


I just responded to the responses. 


Please don't jump to a faulty conclusion.


God bless you



BlueOpaqueGlass

Sep 12, 2005 10:40 pm

Blueopaqueglass- My apologies, I got confused on the original poster. The last time I read my Bible it implied that God is the one that determines Christians not Blueopaqueglass. Perhaps the Bible and I are wrong. BTW, God bless you....

Sep 14, 2005 3:36 pm
noggin:

Blueopaqueglass- My apologies, I got confused on the original poster. The last time I read my Bible it implied that God is the one that determines Christians not Blueopaqueglass. Perhaps the Bible and I are wrong. BTW, God bless you....


noggin:


I appreciate your response.  Your apologies are well accepted.


I also apologize for my post in regard to your not being a christian.


I am sorry. 



Peace.