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Going Independent while still working with a bank

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Feb 17, 2012 4:05 am

I have yet to come across someone who works with a bank, but is Independent instead of a dual employee of bank and B/D.  On the surface, it seems like a good deal (especially if an advisor were able to office in the bank).  Is this possible, or am I missing something legally, such as an issue sharing commissions/fees in the same way that an advisor who is a dual employee of a B/D and a bank split commissions/fees?  My main question is specifically about the legality and structure of sharing commissions with a bank as an indy, but I would love any advice you have on the subject!  Thanks!

Feb 17, 2012 1:29 pm

I've met a few guys that do this.  No issues.  A contract is drawn up and it's legal.  Are you currently with a b/d?  I'd see if they have any experince doing this.   The win for the bank is easy .. they get a financial advisor and don't have to train him, insurance him, pay him, etc.  There is risk as well but you can figure that out.

Again, call your b/d.  I know mine does it but I have no experince other than talking to them about it.

Feb 17, 2012 7:53 pm

Hey broncobill,

I'm in the process of doing this right now and it will take place on March 1st. Currently I'm employed by my b/d, but will be changing b/d's and going independent while still working in the credit union.  It is perfectly legal, but I would work with a b/d that has experience in the bank / credit union channel so the compliance department knows what it is you can and cannot do.  It would be up to you and the bank to come up with an agreement on the splitting of commissions / expenses. We were able to increase both of our incomes significantly even after expenses by going independent.

Mar 5, 2012 9:35 pm

You could do it with our firm.  I'll zip you an email and introduce myself.

Good luck!