Define what you mean by “dual register”.

[quote=Devil’sAdvocate][quote=BankFC]

The only people who compare our profession to doctors are people in our profession.

We are not the same.

[/quote]

The reality is that it's not a profession.  Professions have educational requirements.

This is a career choice, a selling career.  It's not unlike any other sales career.[/quote]

I am registered to trade with one firm, I would like to register to provide financial planning etc. with another firm that provides many investment options that I could in turn offer potential clients.  My current firm doesn’t offer such an option.

[quote=Matthew]I am registered to trade with one firm, I would like to register to provide financial planning etc. with another firm that provides many investment options that I could in turn offer potential clients.  My current firm doesn't offer such an option.[/quote]

I'm not aware of any firms that allow this, and I would think it would be a tough sell, particularly if you are looking to do this part-time.  It sounds like you need to find another firm that does everything you are needing.

[quote=famd]Yes, DA, I am looking to park my license (at this time I have the 7 and looking to join a B/D to get my 66, etc.) as well as slowly build my business. If it gets to a point where I have more clients than time to afford to spend with them and meet their needs, then I will seriously look at doing it full-time.[/quote]

I don't think you're gonna have to worry too much about going full time.

[quote=Matthew]I was looking at becoming a RR, I currently have series 7, 63, 55 licenses, what other licenses would be needed. I primarily would be dealing with clients in NJ, NY, GA, and maybe CA.  I currrently trade equities and would look to dual register.  What firms allow dual registration?[/quote]

I would make sure that you get a driver's license.

What would work is be part time with the intention to transition over full time.  I know a guy who was part time advisor till he made his first 15k, then reduced his day time job down to part time.  Eventually he made much more as an advisor than his original job and pulled the cord on his old career.  It's tough to do, but I've seen it done.

Or get a salary at a wirehouse and pull the plug on your old career from the get go.

Being part time can be done. The only thing is if you are expecting to be a "wealth manager" for high net worth people,than that can  make it very difficult. If you start by focusing on one thing,like preferred stocks,munis ,etc. You can build revenue,at which time you can then transition into a full time career and go after your target market. 

[quote=famd]Yes, DA, it can be done as a second career as long as your clients understand so, of course, and that you are able to perform to if not exceed their expectations, along with some flexibility in your first job. I have been doing it for the past couple of years but I need to sign up with a B/D in order to retain my licensing. That is why I am looking more so to joining an online B/D that somebody might be able to give me feedback on. Either the ones I listed above or any others. [/quote]


http://www.1dbreps.com/enjoyyoursucess.php

I would love to hire a series 7 and insurance licensed part-timer right now, for my indy b/d neighborhood office. Someone could get an income and learn the business by servicing my lower book. Surely there are plenty of independent b/d offices that could use a part timer. Look around your neighborhood.

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I think I can pitch in on this subject because I had spent 15 years or so trying to answer this question. The answer of course would be yes you can do it part-time. But WHERE or WHAT broker dealer would you go with to maximize your chance? That IS the more important question.

I am an Enrolled Agent. My primary business is Tax Preparation and Tax Planning. Financial Planning is the complementary part of my business. As I often say to my clients: There are two ways to have more money -- earn more, and pay less. (Earn more returns from your money and pay less tax, legally of course, are two ways to do that.)

So last year I chose to change to another broker dealer for the 3rd time in my FA career, and I truly believe would be the last time. I think the two main factors to consider if you want to start out part-time is that, you need to find a BD that gives you a little less quota pressure. As you have less available time to build per given period of time. You don't want to set yourself up for crashing and burning. So that would most likely mean you would want to go with an "Independent BD." A couple of characteristics of that type arrangement are that you get paid on 1099's, and you pay for your own expenses.

So that "you pay for your own expenses" part is very important. Remember if you want to have more money (in this case, be profitable on your FA business,) you pretty much have to earn more and/or pay less? COST makes all the difference, as I have learned. And some BD will not tell you all those hidden charges before they sign you up. Well, probably all of them do that. But some do it more blatantly than others. So best of luck out there! If there's one thing you should take away from this post, is that Controlling Your Cost matters a lot for you, especially for the FA's that may not have as much available time to increase FA revenue quickly (which is the most part-time FA's.)

Well, there is one thing you can do - continue to do your research to find a lower cost BD that's still a good value. In my case, my current BD is definitely not as "fancy." There's no high-end planning software that comes with your subscription. But they don't charge thousands of dollars to renew your licenses either. My previous BD charged me more than 3k per year to renew, to be more accurate. And hundreds of dollars each month on top of that for maintenance.

Or, you can take the easier route -- Get in touch with me. I'll tell you which company my BD is.

Yeah yeah. Don't post to criticize that I'm "just trying to recruit." I think I have a valid point. And for the rookie reading this, or even an experienced FA who is still struggling to find a reasonable solution to provide financial planning service to clients, I'll throw in one more clue - or at least a possible indicator that the BD maybe of lower cost: that it may just be an insurance-based BD! See they are trying to encourage to the core of their agents to add on FA business. But for their agents, FA business is more like a "part-time" business. They cannot make it so demanding that, a part-time FA would have touch time to succeed.

Got it? Now e-mail me :) Because not all insurance-based BDs are created equal. Also, you should be looking at a team that will have the proper, reasonable motivation to coach you to success. And I came from primarily FA business to gradually adding on insurance-based business. I can explain that to you the pros and cons of this route, in a private message.