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Work Part-time with an Independent B/D?

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Mar 27, 2008 8:18 pm

I am wondering if there are any independent b/d firms that will allow me to “keep my day-job” and work part-time at building an independent practice?

  I currently work at Wells Fargo as a business banker (not a financial advisor).  So, I would be building a business from scratch.  Hence, I would like to keep my full-time job and build the practice slowly.  Is this possible??  What independent b/d firms should I contact?   Thanks.
Mar 27, 2008 9:41 pm

Prepare yourself to get blasted about this not being a part-time job.

  The truth is that a person can build a great business using only mutual funds, and it'll take you about 30 minutes to learn all you need to know to sell them appropriately. The most difficult part of this job is getting people to invest with you; the job itself is one of the easiest you'll ever find.   I think it's a great idea, although I can't answer your question.
Mar 28, 2008 2:13 am

Well, my brother is a business banker at Wells Fargo and he said there is no way Wells Fargo would let you do that. 

  From a B/D standpoint I would say HD VEST MIGHT be a place to try.  They service mostly accountants with side investment practices.  I do not know if they accept non-accountants.
Mar 28, 2008 2:16 am

In addition I agree partially with Borker in that you could service smaller clients without too much difficulty, but larger clients probably need a little more expertise than what he mentioned.

Mar 28, 2008 10:32 pm


  The problem with what you are suggesting is that an independent B/D will provide you with little to no training.  Passing the securities exams isn't training, it's just required.    But I'm guessing it is your current employer that would be the problem -- likely they would not allow you to be registered.  
May 15, 2008 6:36 pm

I am an OSJ with LPL and I would be happy to have a few part time folks who want to build a practice.  The outside business activity being full time at a bank could pose an issue.  It could be disclosed, and your investment statements would all need to be copied to LPL or your other empoloyer depending on where you hold your investments.  The bank may not allow you to do it though, they would see that as a huge conflict seeing that you should be referring those millions in revenue to your own firm.  You could have just about any other full time job and work under an OSJ that was willing to allow you to work part time.