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For Bill-FINRA Seeks to Expand BrokerCheck

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Feb 19, 2010 8:58 pm

I saw you made some comments on this article. Do you know if the proposed extension of the 2 year rule (to 10) will include former reps with clean records?

I am an RIA (as of a year and a half ago) and I do run into prospects who look me up on broker check and see that I am not registered. I makes it look as if I am not licensed in the industry.

Prospects don’t seem to quite understand “I’m not Finra registered, just SEC registered”. I still wonder how many people have not given me business because they think I am not licensed.

Thanks for any input!

Feb 20, 2010 4:13 am

I would also be curious to see if this extends the two year lapse to retake the 7 from 2 years to 10.  Methinks not, FINRA is a fickle creature unto itself, kind of like a fraternity.  BTW, if they think 2 years removed from the test makes an advisor outdated, they need to look at the subject matter of the test itself.  Some of the material is hopelessly (like 30 plus years outdated).