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2010 State Renewals

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Nov 19, 2009 7:22 pm

dougs2475

Joined: 2008-10-14Offline

ladys and gents,

       Are any of your b/d's passing off processing and assessment fees to your state registrations?  Also are  you required to pay for fidelity bond coverage?  My firm is marking up charges for registrations as well as charging me for their insurance or fidelity bond coverage.  New to Independent and first time incurring these charges.  Is this something any of you have encountered as independents?  Any help would be greatly appreciated.   Thanks in advance  
Nov 19, 2009 7:50 pm

Squash1

Joined: 2008-11-20Offline

Normally you have to pay your state fees. Never heard of mark up on them, but not impossible…

Nov 19, 2009 7:57 pm

dougs2475

Joined: 2008-10-14Offline

I understand paying the state fees.  What they are marking up is the processing fee and assessment fee. 

What i'm really confused about is why I would be responsible for paying the premium for the firms fidelity bond.  Why should I pay for their insurance?  
Nov 19, 2009 8:18 pm

Squash1

Joined: 2008-11-20Offline

What is the processing fee and assessment fee? Never heard of that. I get charged for each state based on what is says on FINRA website

Nov 19, 2009 11:08 pm

aeromaks

Joined: 2007-01-13Offline

+1.

Just $200 bucks here in Jersey.

Nov 19, 2009 11:09 pm

aeromaks

Joined: 2007-01-13Offline

But yes… when I had a very brief stint at MassMutual. they tried to charge me over $350 to register with their corporate RIA… even though all it should of been is $50.