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Parking a Series 7 (Read 616 times)
FoolMeOnce
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Parking a Series 7
Sep 13th, 2007, 11:23am
 
Greetings-

Does anyone know if there is a way to park a Series 7 License while you are not practicing with it? I switched from AMPF to operations position at a different firm and unfortunatly my position is not one that requires the license. I would like to keep it for credibility. Has anyone else had to do this?  

Regards,
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vulforthehomeless
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Re: Parking a Series 7
Reply #1 - Sep 13th, 2007, 4:16pm
 
I'd check with the SEC to be 100% certain but I think you have 2 years with an inactive license before you have to retest. You still have to pay your fees.
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FoolMeOnce
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Re: Parking a Series 7
Reply #2 - Sep 14th, 2007, 6:31am
 
I am aware of that.  And you don't check with the SEC, its the NASD which is now FINRA since the NYSE and NASD joined forces.  My license will expire in 10 months unless I'm able to park it somewhere.
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FoolMeOnce
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Re: Parking a Series 7
Reply #3 - Sep 17th, 2007, 1:52pm
 
Someone has to know how to hang onto a Series 7 while you are not practicing with it.  Lets get creative.
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MINvarPORTwiz
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Re: Parking a Series 7
Reply #4 - Sep 17th, 2007, 4:25pm
 
...if U work in the oopserations dept of a B/D I am surprised they won't file a u4 for you? Most back offices arer soely in need of peo[ple who are actually licensed -- who in their rite mind would wanna chase lost trade tickets and change of address forms when they can learn about annuities and ILIT's?
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bluebox
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Re: Parking a Series 7
Reply #5 - Sep 17th, 2007, 8:13pm
 
FoolMeOnce wrote on Sep 17th, 2007, 1:52pm:
Someone has to know how to hang onto a Series 7 while you are not practicing with it.  Lets get creative.


a series 7 makes you a Reg. Rep. In order to keep it active you need to be an RR for someone.
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FoolMeOnce
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Re: Parking a Series 7
Reply #6 - Sep 17th, 2007, 8:45pm
 
The firm I work for is a RIA, but not a NASD broker/dealer.  We specialize in SMA account for trust banks, or independent brokers.  The trust banks or independent brokers are responsible for all the due diligence to the end client.  The bank or broker is our client so technically the relationship managers do not need a Series 7.  So therefore I cannot be sponsered at this firm.  The CEO lost his 24, 7, 27, and a few others.  

So here is an idea I have.  Could it be parked in some dump like Primerica?  I know Primerica is a part time gig.  Would it work out if I did not produce any activity and just use the establishment for that purpose?  

Min, yeah back office is not sexy work, but its stable.  It works for me while I am studying for my CFA.
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MINvarPORTwiz
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Re: Parking a Series 7
Reply #7 - Sep 17th, 2007, 9:28pm
 
what level are you studying for? are U taking an exam in June?

The last thing I would think you'd wanna do is have both ameriprise and some place like primerica, or first command, or waddell / read, or......on your U5. Plus they'd never go 4 it. No one is going to have to credited to them as a licensed RR without submitting to their own compliance. Ever heard of 'failure to supervise'?
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bluebox
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Re: Parking a Series 7
Reply #8 - Sep 17th, 2007, 9:29pm
 
FoolMeOnce wrote on Sep 17th, 2007, 8:45pm:
Could it be parked in some dump like Primerica?


why would want to be a RR for a firm you call a "dump"?
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FoolMeOnce
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Re: Parking a Series 7
Reply #9 - Sep 18th, 2007, 5:07am
 
I'm taking Level 1 in June.  Right now just casually reading and catching up on different subjects from school.  I'm going to have a tight schedule around November to ensure I do not fail.  

Granted the Sereis 7 is not an extremely difficult test, I was hoping to keep it as a credential.
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MINvarPORTwiz
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Re: Parking a Series 7
Reply #10 - Sep 18th, 2007, 10:08am
 
I am contemplating taking CFAI in june too (if I pass the CAIA on Friday).
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FoolMeOnce
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Re: Parking a Series 7
Reply #11 - Sep 18th, 2007, 10:47am
 
Good Luck Min.  

Upon inquiring with an analyst at my firm about becomming a CFA.  He asked me two questions.

1.  Do you like finance?  
2.  Do you want to work in the industry?

If you answer yes to both, then he said you're crazy not to take it.  As you know the CFA is a worldwide designation that is extremely reputable.
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vulforthehomeless
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Re: Parking a Series 7
Reply #12 - Sep 19th, 2007, 11:28am
 
I had my head up my ass for the SEC comment. But in an effort to redeem myself I may have a possible solution for you. Some of the P&C firms like Farmers, Allstate etc. enable you to start part time (or as what they call a reserve agent) and they also provide some financial services to their customers. As a result, you could use your 7 there and even make a little money on the side for the P&C business along with securities. Downside would be having to get the P&C license and the time involved --but it maybe worth it. I don't know how your current firm's compliance dept. would view this approach, and it may not approve it. However, it is the only thing I can think of right now to help with your situation. Let me know if it works out for you
-Homeless
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What's the difference between Ameriprises' James Cracchiolo and Star Trek's captain Kirk?&& &&-Captain Kirk can run an Enterprise
 

 
MINvarPORTwiz
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Re: Parking a Series 7
Reply #13 - Sep 19th, 2007, 2:36pm
 
...I think there's a huge problem with working for 2 securities firms at the same time though
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Chuckle
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Re: Parking a Series 7
Reply #14 - Sep 19th, 2007, 11:47pm
 
You won't likely pull off employment at Primerica/Farmers/etc and your current firm at the same time unless you do it under the table and lie on your U4 - you don't want to do that. You'll spend more time trying to figure out how to get around the system and keeping up your CE (satisfying the firm element will be tough/impossible) than you will by just letting it go and taking the tests again at the point in time you need them. It's not that expensive and the tests aren't that tough. Don't sweat it...

Smiley
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