After years of not working in the industry I have decided to get back in. I used to Work for Morgan Stanley and JpMorgan Chase and had a series 7, 66, 31 and insurance license. However, I decided to leave the industry at the end of 2003 and my licenses have, of course, expired by now.
Instead of working for a compny I have decided to start my own investment advisory firm and build my book on my own terms. I have just filled out my IARD entitlement forms so I can submit my form ADV. I've looked over the form ADV and there are questions such as "how many clients do you have" "what's the value of the assets under management" etc...etc.. The problem is, that I don't have *any* assets under management yet and no clients. Obviously, I will have to sponsor myself as a rep of my own investment firm and get licensed again.
Has anyone gone this route before? Will there be any problems sponsoring myself and with submitting the form ADV *without* having any clients and/or assets yet?
Also, California seems to require RIAs to get certified by the state as an investment advisor. Does this certification happen automatically by just submitting form ADV or do I have to do anything special? (The state of california website wasn't all that clear about it).
Thank you very much in advance!