You will need one of the following in order to be in compliance wih registration – series 65, series 66 or obain an exemption during the ADV filing process if you hold any of these professional designations – CFP, CFA, CPA. No firm sponsorship is required which means anyone can sit for the series 65 exam.
The series 6 allows someone to sell mutual funds, unit investment trusts, variable annuities and variable life only and requires the indivudual to be sponsored by a FINRA registered firm ie. need to work for a broker dealer.
Generally if your assets under management (Aum) is under $100 million your initial filing will be with your home state (with exception of NY and Wyoming). Over $100 million you will file with the Securities and Exchange Commission. It’s imperative to not only track your assets but also where your clients are located (by state) and determine at what point you will be required to file with other states. Examples – a few states require to be register before clients obtained, most other states before 6 total clients, some states require balance sheets, letters to state board if not located in particular states, etc. Please note – each state means an additional filing fee for not only the firm but each registered individual. Legal analysis/due diligence should be performed on each states’ regulations vis a vis your particular situation.
Visit us at http://www.bostoncompliancellc.com for more information.
Hope this helps and good luck!
source: http://www.bostoncompliancellc.com
The series 6 allows someone to sell mutual funds, unit investment trusts, variable annuities and variable life only and requires the indivudual to be sponsored by a FINRA registered firm ie. need to work for a broker dealer.
Generally if your assets under management (Aum) is under $100 million your initial filing will be with your home state (with exception of NY and Wyoming). Over $100 million you will file with the Securities and Exchange Commission. It’s imperative to not only track your assets but also where your clients are located (by state) and determine at what point you will be required to file with other states. Examples – a few states require to be register before clients obtained, most other states before 6 total clients, some states require balance sheets, letters to state board if not located in particular states, etc. Please note – each state means an additional filing fee for not only the firm but each registered individual. Legal analysis/due diligence should be performed on each states’ regulations vis a vis your particular situation.
Visit us at http://www.bostoncompliancellc.com for more information.
Hope this helps and good luck!
source: http://www.bostoncompliancellc.com
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