Packerland Brokerage Services
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Is anyone familiar with Packerland Brokerage Services? I am considering a move, giving up the commission business on investments and affiliating with an RIA to do strictly fee business on the investment side (continuing to do commissioned insurance business). I have been talking with a few local indy RIA firms, but PBS popped on my radar screen.
Anyway, does anyone know if PBS would take me as a IAR only (without requiring me to be a RR on the commission side)? And if so, does anyone have any experience with them in that capacity, in terms of operational freedom, etc? How intrusive would they be?
Did you pull up their adv? Looks like they got in trouble in 2000 and don’t seem to have a large asset base for being in the business that long.
I looked at that right after I posted. Yes, $8.9million AUM? That’s it? That is small. It looks like the trouble they got into was on the b/d side of things if I am reading it correctly and it didn’t appear all that serious–some sort of supervision issue.
I was hoping someone could shine some light on something for me…I am currently a RR and an IAR for one of the indy b/d’s. As I understand it, regulation and oversight for b/d activities (series 6/7 business) comes from FINRA, while regulation and oversight for RIA activities (series 65 business) comes from the SEC (or the state regulators). Is this correct? Given that a firm like PBS is a b/d and an RIA, does FINRA have any regulatory role in the RIA operations?