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Dec 30, 2010 4:03 pm

Would having settled accounts for less than the balance owed keep you from getting an IAR registration. It does not appear it keeps you from taking the 65 exam.

Dec 30, 2010 7:01 pm

Has to be disclosed on your U4...

Might prevent you from gaining employment at a major firm..

If you can't manage your own money why should someone let you manage theirs?

Dec 30, 2010 8:06 pm

I understand that response. I ran a used car operation that financed cars,  three local plants closed, lost substantial funds on over 80% of accounts, since most of my funds were unsecured,personal loans/credit cards, I paid what I could on the accounts and settled them. Obviously, not a great situation to be faced with.  So, would it be easier to establish my own RIA or join an existing RIA, assuming they had no issues with the credit situation. I am looking at joining an existing RIA that I write a lot of annuity business through, just looking for feedback on the issue raised, not judgements of what someone might think.

Dec 30, 2010 8:15 pm

Can you do annuity biz at an RIA? i heard they have load waved annuities now but i don’t see a used car salesman as the type to sell products without a front end load??

Dec 31, 2010 12:47 am

Yes an insurance friendly RIA allows all the annuity business you can submit, and the very reason I want to get into being an RIA is to create a steady stream of income. So what is wrong with getting paid? disregarding your stupid comment.....

Dec 31, 2010 3:56 pm

Folks, be civil unless otherwise warranted.

Ncin, the disclosures we have, are related to bankruptcy and unsatisfied liens. It sounds like you've satisfied your obligations, even though you settled them. But, the matter is probably part of your credit history. So, somewhere a person is going to see that. Each firm is going to be different when it comes to what they are willing to accept as far as bad credit. Health related issues are often forgiven, and business related situations like yours might also get a sympathetic eye possibly. 

If you're planning on starting a biz with zero clients, it'd be far better going to work for/with someone already established. Cost of setting things up in this biz, are not cheap, overhead is higher than you'd think. 

Dec 31, 2010 4:23 pm

Thanks for the reply, I just wanted to get a feel for what I would be facing. I see that the past sttlements/cpmpromises must be disclosed on the U-4, and I am wondering if a short lettter recaping my personal circumstances would be a good idea? My understanding is that if the RIA is ok with my situation,then regulatory approval is not the issue?

Dec 31, 2010 4:40 pm

I'm not an expert, but I think you got it. In disclosure of past events, be very thorough so it doesn't look like you're hiding anything.