Hello All, 

I am awaiting approval to establish my IARD account so that I can complete the ADV form.  Once completed I intend to establish my current LLC (in New Jersey) as an RIA.  I have been in the industry for almost 15 years as both a Financial Advisor and Wealth Advisor at a private bank (s).  I have worked in Silicon Valley and Manhattan more recently and have also traded equities and futures for a few years..  I have a series 7, 66, 4 and NJ/NY Life & Health Insurance license.

From the research I have done, all I need to establish an RIA and go the independent route is a Series 66.  While if I want to maintain my Series 4, 7 I would need to partner up with a broker/dealer, and lose my independence.

I am looking for advice on the most beneficial path to choose.  My immediate assumption is that I do not want to let any of my licenses expire as it would make me less marketable.  However, I would most likely want to establish a fee based business based on assets under managment and not concern myself with commissions.  

QUESTION 1 -  If i let my Series 7 expire and only utilize my Series 66, do I exclude my clients from keeping individual equities in my RIA or just limit my ability to provide advice on the individual equity and receive commission ?

QUESTION 2 -  in your opinion what do you value more:  1.  Your independence and, I assume, higher payouts "and expenses" or 2. Partnering with a B/D for a lower payout and "lower expenses" but maintaining all licenses ?

If anyone can provide any insight or assist me with my logic I would greatly appreciate.

Best Regards,