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Nov 19, 2009 7:22 pm

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

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

Nov 19, 2009 7:57 pm

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

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


Just $200 bucks here in Jersey.

Nov 19, 2009 11:09 pm

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.