Series 7

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Aug 4, 2005 6:15 pm

Is it really worth the trouble to get the series 7 or would the limited lic be just as good?  I currently have my series six and just passed the 65.  I work independantly and most of my clients come from my tax prep business.  I have about 1 million under contract but have not really tried to get that much business yet.  Most of the people I talk to want funds not stocks or bonds.


I am considering obtaining my CFP and going forward without the 7 lic.  Any thoughts, good or bad?

Aug 4, 2005 8:28 pm

Get the 7.


Think of it this way.


Suppose you have a potential client come to you that has inherited a boat load of stocks and bonds.  You recommend a nice asset allocation portfolio of diversified mutual funds.  The client likes your recommendation.


How do you sell out the stocks and bonds with a series 6?


You can...


1)  Refer them to somebody else with your company. (you loss the commission on the sale)


2)  Refer them back to the broker that purchased the original investments.  (you lose the commission on the sale)


3)  Try to find somebody with scruples and morals that will not attempt to steal your client and will help you and your client sell out the stocks and bonds so that you may put them into your recommendations.  (you lose the commission on the sale and risk losing the client relationship)


Either way you get screwed of a commission on the sale and risk losing this potential client because of your inability to provide a service.


Remember.  You may never recommend the purchase of an individual stock or bond.  However, a client may come to you wishing to sell individual stocks or bonds.  What'cha gonna do?

Aug 5, 2005 12:51 am

he's right.

Aug 5, 2005 1:37 pm

Getting the series 7 is not that much trouble.  I just started in this industry and studied for 6 weeks and passed.  Since you have experience and already passed the other licenses, it shouldn't take you more than three weeks or much effort for you to pass.  You would be able to provide more services and get more income, so I would say you should take the S7.