Jim/Kevin,

Another way is if your firm does a spot credit check and whoopsie your other employment shows up and you get canned. Let's say your client/other employer has a problem with you and then uses your termination at your BD as grounds for dismissal at your "other job" OR lets say for the sake of arguement you do a poor job as an advisor and your client/other complains to your BD ...you're busted

There a numerous ways your BD can find out. It seems as if your mind is already made up. Take the job and don't disclose .... you career not mine.

This sounds like Amway.

No, it is not Amway...it is something even better and grander than AmWay...most MLM systems never work...the chips are stacked against you...this one guarantees me that I will be making $500,000 FROM THE GROUND UP---you read correctly---FROM THE BOTTOM LEVEL!

This one is different.  You are truly your own boss and there is NO INCOME CEILING!!  Imagine if you will the possibilities on just the 2nd level...or 3rd level...or THE FOURTH LEVEL!

Lol...back to reality...compliance jerk...i spoke with a trusted friend in the business and he is pretty sure it is goign to get turned down (the request)...so i should ask, but be prepared to make a career decision.  So I am thinking about it...it is a great opportunity.  my client is 28 years old and made $600,000 last year (i saw the w-9 and took his huge SEP check).

compliance..thank you for your advice.

David

Of course an employer is listed on your credit report and everytime an insurance company has you fill oout an appointment form you give them permission to check your credit report and I even beleieve that part of your credit can be checked by your current employer

kevin/jim/david/sapphire

Please stop wasting space. make your decision and leave ej  you'll be better for it

Mr. Morrison,



Get out there and make your money. The brokerage industry is rife with

bullsh*t like asking “permission” to work outside the industry in order to

provide for your family.



A buddy of mine is a branch manager for one of these “independent

firms”. Do you know what his salary is? Zero. He only gets about 10% of

the production on his grid. Only the brokerage industry can get away

with nonsense like that.



I can just hear some manager saying “well, if you put in the extra time

into your career you can turn the corner”. Maybe this isn’t the career for

you.



Take your shot. Nobody is gonna ask the IRS for records. That’s stupid.

Skee,

I like your refreshingly different outlook.  I can tell you are going to upset a few people on here though...but more than likely most of those will be the privileged, silver-spoon types who were handed a business and didn't have to go out and earn it.

I have the same opinion...under a cloak of "integrity and honesty and truth" we are not permitted to seek additional means of compensation. 

Samantha

JimMorrison:

...Also, just to reiterate the first question...other than a snitch, does anyone know of another way a B/D could find out (aka...searching gov't files via IRS or other gov't entity)?

------------------------------------------------

They could pull your credit report and find out that way. Typically, your current employment is listed first on your report. Some B/D's periodically pull credit reports, on their brokers, to make sure the broker isn't falling behind on bills, incurring substantial debt (versus their income), or to uncover any other "red flag"-type issue that could present problems at some future date. Yes, you give the B/D permission to pull your credit anytime, simply by being an employee.

OPTIONS:

Tell your B/D about wanting to work a second job. If he/she says NO, you either quit the B/D or don't work the second job. If you quit the B/D and later hate the second job, you can come back to the brokerage business (although at a different B/D). OR If you later hate the B/D, you could go to work at the second job.

If you don't tell your B/D about the second job, they'll find out about it anyway and the NASD might ban you from the business. And if you end up hating the second job and are banned from the brokerage business, you'll have to find something else to do.

[quote=JimMorrison]

No, it is not Amway…it is something even
better and grander than AmWay…most MLM systems never work…the chips
are stacked against you…this one guarantees me that I will be making
$500,000 FROM THE GROUND UP—you read correctly—FROM THE BOTTOM
LEVEL!

This one is different.  You are truly your own boss and there is NO INCOME CEILING!!  Imagine if you will the possibilities on just the 2nd level...or 3rd level...or THE FOURTH LEVEL!

Lol...back to reality...compliance jerk...i spoke with a trusted friend in the business and he is pretty sure it is goign to get turned down (the request)...so i should ask, but be prepared to make a career decision.  So I am thinking about it...it is a great opportunity.  my client is 28 years old and made $600,000 last year (i saw the w-9 and took his huge SEP check).

compliance..thank you for your advice.

David

Rightway-were YOU writing SEP checks for $42,000 (or any checks of that size for that matter) at age 28?  Yeah, I wasn't either.  He has done a good job for himself.  He owns a $600,000 house outright currently.  He has a good business model and I have an invitation to join him.  It is something to think about.  I think doberman hit the nail on the head when he laid out the options.  Thank you doberman.

Simba

Jimbo,

Get a grip, fish or cut bait, go to work........................If you can't prospect go to Edward Jones they have the best training for newbies, if you have tried to prospect and can't or won't then go to a Bank, be happy and live a good life helping people.........  If, you don't want to help people the do us all a favor and get out of the business.........

The business is not for everone..........................

[quote=JimMorrison]

Rightway-were YOU writing SEP checks for
$42,000 (or any checks of that size for that matter) at age 28? 
Yeah, I wasn’t either.  He has done a good job for himself. 
He owns a $600,000 house outright currently.  He has a good
business model and I have an invitation to join him.  It is
something to think about.  I think doberman hit the nail on the
head when he laid out the options.  Thank you doberman.

Simba

[quote=skeedaddy]Mr. Morrison,



Get out there and make your money. The brokerage industry is rife with

bullsh*t like asking “permission” to work outside the industry in order to

provide for your family.



A buddy of mine is a branch manager for one of these “independent

firms”. Do you know what his salary is? Zero. He only gets about 10% of

the production on his grid. Only the brokerage industry can get away

with nonsense like that.



I can just hear some manager saying “well, if you put in the extra time

into your career you can turn the corner”. Maybe this isn’t the career for

you.



Take your shot. Nobody is gonna ask the IRS for records. That’s stupid. [/quote]



Skee-



You simply don’t know what your talking about, so you’re making
yourself look like a complete fool.  (Note that I did not say you
ARE a fool, just making yourself look bad.  I don’t mean this to
be a personal attack, but rather clear up some clear misconceptions you
may have.)



You are required to ask ‘permission’ under NASD rules.  This rules
were put in place to avoid advisors putting themselves in ethically
compromising positions-situations which could create a conflict of
interest such as WORKING FOR A CLIENT ON AN OUTSIDE JOB.  It’s
also meant to keep advisors from taking jobs that might end up
reflecting negatively on them or their firm.  It’s just one of the
rules that are openly disclosed. You should know it’s part of the
bargain when you join the industry, and if you didn’t it’s your own
fault for not doing enough homework.



For what it’s worth, early in my career I had a few part time jobs and
side business enterprises to help put bread on the table.  I never
found that any particular firm had a problem with reasonable disclosure
of a legitamate job.  They’re not looking to interfere with your
personal life, just protect you, your clients, and themselves.



Obviously your knowledge about the independent channel is also somewhat
lacking.  If your buddy is a ‘branch manager’ and has other
brokers working under him, it’s not because someone in upper management
forced that deal on him.  As an independent OSJ you decide if you
want to take someone on, and you negotiate the terms of your over-ride
agreement with that party.  You might be responsible for providing
them with physical infrastructure, or you might not.  It’s up to
you to work that out.  For all you know, your buddy could be
getting the 10% cut for nothing more than compliance supervision, and
his payout on that cut could be 75-90%.  Not so bad if you look at
it that way, right?



'nuf said on that topic.



Mr. Morrison-you have to make a business decison.  Personally, I’d
be rather skeptical, this despite the fact that I know a couple of
clients who have made a very good living in MLM organizations.



I would encourage you to simply find out the procedure for disclosing
outside jobs or outside business interests, and then simply file the
form and disclose it in a very matter of fact manner.  “No big
deal-here’s what I want to do.”  You might be surprised to find
they approve you, unless this business venture involves some sort of
financial services.  That is an entirely different issue.



Hope this helps.

If its a MLM good luck. They come and go and the only people who make money are those who are tricking the rest of the members. This is from my personal experience.

As for a side job/career. I would think its in your best interest to leave the firm and focus on the side job. This way if you ever decide to come back you will not have a serious black spot on your record. If there is a 10% chance you will get cought you will.

Good luck and think of the long term not just a quick move that may burn a lot of bridges, MSRB illegal and betray others (firm, clients and supervisor).

Duke1, Joedabroker, Executivejack & others have all given you very good advice. I hope you'll follow it.

Working a 2nd job for a client screams of conflict of interest. Preferential treatment on syndicate issues, trades, and commission reductions are the first that come to mind- there are lots more.

Undisclosed financial arrangements with clients outside the firm are a no-no for good reason. Think back to your Series 7 exam- there really is some stuff in there that it's important to know.