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1. How long does it take to open my own office?
2. Will my current firm come after me when I resign?
3. In addition to the Series 7 and 63, what licenses are required to open an independent office?
4. How do you compare with the other independent firms?
5. How do I set up my business?
6. Can I keep my Registered Investment Advisor (RIA)?
7. How much additional risk am I taking on by going independent?
8. How much time and paperwork will be involved in supervising my office?
9. What are your monthly fees?
10. How will I access client accounts get information and place orders?
11. How do I get paid and how do I pay for my employees and overhead?
12. Do you offer any financial assistance?
1. How long does it take to open my own office?
Once you have been approved, you will work closely with our professional transition team to set a target date. During the transition period you will finalize your office space and furnishings, prepare signage, stationery and marketing materials, obtain and test your technology, complete all required registration documents, finalize your exit strategy and prepare to transfer client accounts after your resignation. Depending upon the size of your practice, this time period may range from 30-90 days.
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2. Will my current firm come after me when I resign?
The type of action your current firm may or may not take will depend on many factors. We have a relationship with several outside legal firms that have years of experience assisting financial advisors transition to a new firm. They will provide you with a confidential, complimentary telephone consultation to discuss your particular situation, advise you as to what you might expect and suggest an appropriate exit strategy. If you have a copy of your contract, they will review it with you at that time. If you need their assistance once you resign, they will already be familiar with your situation. In general, they will advise you to leave in a professional manner, pay any monies owed and do not take any original documents from the office.
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3. In addition to the Series 7 and 63, what licenses are required to open an independent office?
An independent broker-dealer's office is considered to be an Office of Supervisory Jurisdiction (OSJ), which requires the daily supervision by an individual with a Series 9 and 10 or Series 24. In addition, you will need any licenses applicable to the type of business you or any of your registered representatives (Series 4 for options trading, Series 65 for fee-based business, etc) transact on the behalf of their clients.
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4. How do you compare with the other independent firms?
Our independent firm was designed for professional, successful financial advisors who want to own their own practice without giving up the products, services resources and support that both they and their clients are accustomed to receiving. Also, unlike other independent firms, we allow dual registrants (reps and RIA's) who want to offer their clients both a fee based offering at a 100% payout and commission based products.
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5. How do I set up my business?
There are several ways to establish your new business. You may want to create a sole proprietorship, a limited liability company, "S" Corporation or a partnership. Our strategic partners can guide you on the right legal entity as well as identifying and obtaining health and welfare benefits for your practice. You will then select your office space, acquire furniture, office equipment and supplies and determine your employee salaries and benefits.
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6. Can I keep my Registered Investment Advisor (RIA)?
Yes. Unlike other firms, we not only allow, but encourage dual registrants (reps and RIA's) who want to offer their clients both a fee based offering at a 100% payout and commission based products.
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7. How much additional risk am I taking on by going independent?
There is a misperception in the industry that "going independent is risky". Although you own your own business, we are still responsible for supervising your securities brokerage business. You will work closely with our Chief Compliance Officer to make sure your business is in compliance and you will be subject to periodic compliance audits. In addition, you will be covered by a required errors and omissions insurance policy.
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8. How much time and paperwork will be involved in supervising my office?
Time spent in management will depend on the number of advisors on location. Assuming that the licensee is the only representative in the office, management paperwork can be completed in a few hours each week.
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9. What are your monthly fees?
All financial advisors are assessed a monthly fee for errors and omission insurance and fidelity bond and a monthly fee per computer to access accounts, enter orders and communicate electronically with the back office. All other costs are ones that you control as you determine how to set up your office.
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10. How will I access client accounts get information and place orders?
All account transactions and maintenance are executed through Streetscape and the MARS Virtual Office back office platform.
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11. How do I get paid and how do I pay for my employees and overhead?
MSI distributes 1099 income to registered representatives and any registered financial advisors. All employee and overhead expenses are administered by the registered representative through a legal entity they form.
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12. Do you offer any financial assistance?
Financial assistance is available. Contact a recruiter for details on this innovative program.
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Call Client Services
(800) 750-7862,
Recruiting (800) 525-3600
or fill out our . |
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