Glutton For Punishment

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Apr 11, 2012 10:55 pm

Curious if anyone knows policies of major firms on how former brokers who have been out of it for several years (about 6) are treated should they desire to come back.  I trained at one of the wirehouses and maintained Q1 throughout trng program and left after 7 years to, as they say, persue other opportunities(had series 7/63/65/3/9/10 clean U4 and had abt $50mm assets).  Now I want back in.  Seems the only way to do it to convince someone to bring me in as a day one trainee.  Anybody have any thoughts on this?

Apr 12, 2012 8:33 pm

Yep, you come in as a trainee. You will have to put up with all the bs that comes along with it.
I had a guy in my training class. Was broker for 30 years. Did real well and even worked his way to a regional manager. Retired, had health problems, wife divorced him, and market crapped on itself (including his $2mm in company stock). He had to go back to work to survive. He ended up having to join the trainee program at 62.

Apr 12, 2012 9:20 pm

Another option too is to start your own RIA.  Of course, you'll have to take your 65 again since it has expired if you've been out for about 6 years, and an RIA takes money to start up.  Also, as I'm sure you know, an RIA only allows only fee-based business, but at least you would be independent.  I am a compliance consultant and I assist advisors in starting their own SEC or State Registered Investment Advisor and establishing their compliance program.  Please visit for additional information on Starting an RIA, and please don't hesitate to contact me with any compliance-related questions.


Tiffany Chamberlain

Managing Director, Polaris Compliance Consulting, LLC

(888) 240-4299

[email protected]