Independent with a series 6 and 63. Is it possible to build a practice selling A share of mutual funds?

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Oct 3, 2010 2:11 pm

I have just gone independent with a series 6 and 63. I have about $1.5 mill in AUM. I decided to go independent because I wanted to offer my clients better, and more cost effective investment options. The firm I was with mainly pushed proprietary products. Was this a bad move? Can I build a practice without a series 7 ? Is it possible to build a practice just working with mainly A shares of mutual funds. If I get my series 7, would this help my income, and how?  Feel like I'm on an island so any info is appreciated.

Oct 3, 2010 2:55 pm

What better and more cost effective investment options are you going to be able to offer without a 7?

Better Mutual Funds? Not the answer. Nobody is going to give you moeny because ou tell them you can offer better Funds. Whats your value added? You can't offer ETF's, can't do fee based, can't really offer fee based Financial Plans. In addition, with A shares, you will be constantly under pressure to bring in new money - or do mutual ffund switches, which your compliance folks won't appreciate.

Did you make a mistake? Depends on if you have enough capital to live on while you build it up.

Get your 7, and 65 or 66

Oct 3, 2010 8:01 pm

Thanks Sportsfreakbob, will look into getting series 7 and 65. I appreciate any advice to get my practice moving forward. Also any recomendatons, Kaplan, STC,... etc.  

Oct 3, 2010 9:03 pm

Kaplan is vastly superior IMO. You get lots of sample test questions, good printed material, recorded video presentations, MP3's for your iPod. The MP3's are especially good because you can set your iPod/iPhone to just repeat sections while you mow the lawn or whatever.

I've seen others post about the superiority of the questions from Pass Perfect but I have no personal experience with them. I have had personal experience with Fire and Kaplan and have seen the STC material someone else used. There's no comparison in my view.

Oct 4, 2010 9:42 am

To answer your question, no you do not need your 7 to build your business.  Pick your niche and work it.    You decide who and what you are to your clients.

Oct 4, 2010 10:59 am

One can make a practice selling whatever they want if you're willing to put the work it, but I see no reason to be in this business and not have all of the tools available in your arsenal. Without a 7 or 65/66 you simply can't offer everything that myself or many other people can offer and that will hurt you in the long run. What is your background? 1.5 million is not much in assets; are you working with a senior advisor to learn the ropes a bit more? Any sort of mentor?

Oct 4, 2010 11:14 am

I've been in the industry 4 years. Been independent for 9/mo. Before going independent had about $4 Mill AUM. Lost many clients by making this change. Old Company's Kool-Aid began to ware off. Its Just me and maybe a old colleague thinking of establishing a DBA. Have no senior advisors since its realy just me. I talk to another Indie advisor who I can bounce ideas off of, but thats about it. Thats why I'm looking to this forum for some guidance and support.

Oct 4, 2010 3:16 pm

Blackcat seems like I read in one of your other post you were with First Investors. I would say get your S7 & 65 and then try to get with Edward Jones. It seems like with the right training and a decent company to affliate with you could really get going.

Oct 8, 2016 9:23 am

I am just getting into the business. I have my series 6 and 63 and I am life license. Currently I am with Primerica and I want to do some research to see what other companies will allow me to you all my licenses with out having to click in?