Hi LeaseNoMore,

With this economy, many advisors have personal credit issues.  I worked in a senior compliance position at a very well-known indy (I'm a consultant now), as well as consulted for others, and generally they will pick someone up in your situation. Granted, I don't know the details of your situation, and cases are typically reviewed on a individual basis.  At some indy firms the advisors are accepted with no problems.  At others, the advisors are accepted with the stipulation of a certain number of months under heightened supervision, just because there is a slightly higher risk of hiring someone with credit problems, from the firm's perspective.  Generally, just from my own experience, I find that bankruptcy disclosures on U-4s are not as serious as large amounts of unpaid liens and judgments, for instance, from the IRS.  Again, all are reviewed on a case by case basis. 

To answer your next question, when you go from one firm to another, yes, you do have to complete a new U-4, background check, etc.  

Regards,

Tiffany Chamberlain

Managing Director, Polaris Compliance Consulting

www.polariscompliance.com

[email protected]

[quote=LeaseNoMore]

I'm about 10 months in with 4.2m AUM.

I'm getting nervous because of some personal credit issues relating to my prior life.  I'm wondering... if Big Brother says bye-bye, would an indy pick up someone in my situation?

And, if you go from one firm to another, do you have to re-do the whole U4 thing, background check, etc.  I was pure as recently as when I started with Firm A.

Thanks.

[/quote]

Of course you have to register, U-4 etc.. but I doubt they'll look at your credit if you're Indy and not an employee.