Probably leaving biz- have a few questions

1 reply [Last post]
kona2015's picture
Joined: 2010-05-25

Hello everyone.  I am a broker at an Indy and am most likely leaving the biz in the next couple of months.  I have been in the business for 7 years, and they have been a struggle to say the least.  I have discovered that this is not the career for me.  I have another opportunity waiting on me and I am looking to move on.  I enjoy the teaching aspect dealing with clients but do not enjoy the day to day stuff.  Along those lines, I would like to keep my license (7) active in case something comes along that will allow me to do what I enjoy.   Is there anywhere I could set my license in the meantime.  Can my license stay active if I am not transacting biz and not registered with anyone?  I am considering doing one on one financial coaching to people that will involve asset allocation, budgeting...etc...  Investment 101 so to speak.  I do not want to be involved in the holding of assets or transacting that business.  I would charge a flat fee for this serives.  Do I even still need my license for this?  Also, I am considered an independent contractor for my B/D.  What is involved with selling biz?  How should I be structured?  Any help is appreciated. 

B24's picture
Joined: 2008-07-08

You are looking at being an RIA.  Keep your 66 (and charge fees), maybe get your CFP.  Can't keep your 7 unless you are with a B/D, but you don't need it unless you want to work for commissions.You can sell your book to another rep if you want, if it is worth much.  Maybe 1x T-12 gross revenue for commissioned biz, and 1.5-2.0x for recurring revenue (fee biz).

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