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Feb 14, 2010 7:58 pm

I would very much like to get hired as an FA.  However, I have bankruptcy from October of 2008 due to a now resolved medical issue.   While I previously worked in the business as a back office Investment Specialist ( series, 7,63,24, NY Life, Health and Accident…all now lapsed) I had to leave due to illness, which as I said is now resolved. 


I have had very positive telephone and in person interviews with ML, MSSB and AXA.  However, all of them dumped me as a candidate as soon as the bankruptcy came up.  After having left the industry in late 2004 I have gained several years of experience selling mortgages and real  estate.  But I want back into the industry ! 


Does anyone have any advice?


I need some help here.   I will appreciate any and all responses even the abusive sarcasm.

Feb 14, 2010 8:04 pm

It sounds like you're in a precarious position both health-wise and financially.

Given your circumstances it would probably be wise to steer clear of the actual sales side of this industry.  Find yourself a solid job in the back office somewhere if you like this type of career.

Feb 14, 2010 8:13 pm

Thanks for the reply!  Health wise, I have never been better and financially, while it could always be better I have recovered quite well.  I just want to get back into the industry because I actually really do like it.  As for doing more back office work, I'd rather not.  Now that I know I can sell, going to a back office job is, for me, like going to a cage.  

Feb 14, 2010 8:23 pm

Why not consider looking for a position with an RIA. You will only do fee based busienss (Not necessarily bad), but it would get you into the industry. I would think (and maybe I'm wrong) you could find at least a smaller RIA firm looking to grow that might take a chance with you. And once you built a book, if you wanted to go wirehouse, it would be easy, because the wires are careful about who they hire, until they find someone with assets, then they will overlook alot.


I may be off base here, as i dont know that much about the RIA channel, other than what i read here, but its an idea. Also what about Edward Jones. Dont know if the bankruptcy would be a problenm with them, maybe one of the Jonesys could chime in.
I honestly dont understand why the bankruptcy would be an issue that an employer would overlook, if the explanation you give could be documented. Maybe its FINRA rules, but i dont think so. I think its ridiculous
 
Feb 14, 2010 8:28 pm

Thanks a lot!  I am only used to dealing with wirehouses, would you know of any RIAs, as an example that I could look for?  My doctor, now a personal friend of mine, is only too happy to write me a note, by the way. 

I think it is ridiculous also.  At all the interviews, phone interviews they all love me and want me to start immediately until I tell them about the bankruptcy then they politely show me to the door.  As I recall, going back a while to when I took the 7, a bankruptcy does not or should not preclude employment but has to be listed on the application.
Feb 14, 2010 8:49 pm

I dont know the RIA world but i am sure if you google "Investment Advisor" and your city, you will find a ton.

Feb 14, 2010 8:57 pm

Thanks again!  I'll pursue it.

Feb 14, 2010 9:25 pm

What about going back to NY Life as an Agent?

Feb 14, 2010 9:53 pm

Thanks, I thought of that but was wondering if being a Life agent wouldn't be limiting, the conversation necessarily going towards the client's assets and best use of them.  Plus there is the whole life policy vs. other investments issue..

Feb 15, 2010 9:32 am
Coffeeclutcher111:

Thanks a lot!  I am only used to dealing with wirehouses, would you know of any RIAs, as an example that I could look for?  My doctor, now a personal friend of mine, is only too happy to write me a note, by the way. 

I think it is ridiculous also.  At all the interviews, phone interviews they all love me and want me to start immediately until I tell them about the bankruptcy then they politely show me to the door.  As I recall, going back a while to when I took the 7, a bankruptcy does not or should not preclude employment but has to be listed on the application.
But if it is between you and some other people who don't have bankruptcies on their record the safe play is to go with the non-bankrupt...
 
It is possible to to get in, you just have to find a place... Wouldn't look at wires, more like EDJ, or an indy shop looking to add people..
Feb 16, 2010 7:13 pm

Thanks Chief123, I appreciate the encouragement.

Feb 17, 2010 1:49 pm

Try a bank channel, especially the banker role first.  They will often have you through the process most of the way before they run a back ground check and by then if they want you the investment side will jump through the hoops.


Seems like you only have to disclose the bankruptcy and as others said it cannot hold you back, other than some states for life license might require you to be in the black financially.  Have never seen FINRA deny, but have seen state life deny.  It may be state specific for life.