- Thread starter
- #21
- 132
Hey Guys,
Just wanted to reach out. Yes I do not come on the forums as much. I think the forums are filled with great information but also alot of nay sayers, so i decided to keep my distance, keep my head down and do some production.
Here is in update on my b/d:
As this month we had an audit by finra. Guess what they were after ? RIA's and EIAs through OBA's. Finra is apprently mandating that all EIA's get supervised, thus B/D's are asking for a kickback or an over ride since they will be on the hook for it. With that being said, I heard through the grape vine that the SEC is going to be handing off all their sec registered advisors ( yep you guys that let your 6 or 7 expire, lost your license and still subject to same rules, a tough pill to take)....So what I am saying is basically, all EIA's that are sold through any body that is a licensed securities advisor will have to be reviewed by a b/d, which means you will have to abide by finra's regulations. Heres the kicker, they are asking compliance officers to do random 1099 checks on their advisors to see where the income is coming from.
I say all that to say is that I feel like I am being handcuff. My bd once allow to work with any fmo of our liking, now currently is only working with an in house fmo' ( which i heard they are an AFMO) so they can get an over ride. And yes EIA's are know running through the grid.
I almost feel hopeless, I dont want to switch bd's because I do have a lot of clients brokerage accounts. I like to be able to choose my FMO's as I count on them to give me leads, ideas and use them for support.
Just wanted to reach out. Yes I do not come on the forums as much. I think the forums are filled with great information but also alot of nay sayers, so i decided to keep my distance, keep my head down and do some production.
Here is in update on my b/d:
As this month we had an audit by finra. Guess what they were after ? RIA's and EIAs through OBA's. Finra is apprently mandating that all EIA's get supervised, thus B/D's are asking for a kickback or an over ride since they will be on the hook for it. With that being said, I heard through the grape vine that the SEC is going to be handing off all their sec registered advisors ( yep you guys that let your 6 or 7 expire, lost your license and still subject to same rules, a tough pill to take)....So what I am saying is basically, all EIA's that are sold through any body that is a licensed securities advisor will have to be reviewed by a b/d, which means you will have to abide by finra's regulations. Heres the kicker, they are asking compliance officers to do random 1099 checks on their advisors to see where the income is coming from.
I say all that to say is that I feel like I am being handcuff. My bd once allow to work with any fmo of our liking, now currently is only working with an in house fmo' ( which i heard they are an AFMO) so they can get an over ride. And yes EIA's are know running through the grid.
I almost feel hopeless, I dont want to switch bd's because I do have a lot of clients brokerage accounts. I like to be able to choose my FMO's as I count on them to give me leads, ideas and use them for support.
