The concept of the Series 7 license being held by a firm is unique to the broker dealer industry. While there are some exceptions, even the smallest of broker dealer firms will often require an advisor to have at least $100,000 of annual brokerage revenue to consider allowing a hybrid relationship.

Will filing Chapter 7 affect my insurance license?

No, a bankruptcy will have no effect on your professional license.

Does FINRA require credit checks?

Although FINRA expressly disclaims any “requirement” to obtain credit reports on applicants, FINRA does include the review of credit reports among the ways the rule can be satisfied, along with (1) fingerprint checks, (2) searching a reputable national public records database, such as LexisNexis, and (3) reviewing a …

Is it worth getting Series 7?

The Series 7 license, along with the Series 66, grants individuals the right to buy and sell securities on behalf of others. Once you have earned your Series 7 license, salary and career options are numerous, so be strategic and use this valuable asset to your advantage.

How far back does a FINRA background check go?

Under Rule 3110{here}, member firms must do the following: –Conduct background verifications for new hires and transfers from other firms. This includes certifying that the firm has spoken with the applicant’s former employer(s) for the past three years.

What shows up on a FINRA background check?

The amendment’s requirement that firms conduct a “national search” is a minimum requirement, and the need for a public records search is “mandatory.” According to FINRA, the latter may include, but is not limited to “general information, such as name and address of individuals, criminal records, bankruptcy records.

How does bankruptcy affect my series 7 license?

Bankruptcy automatically stops collection actions, including wage garnishments and lawsuits, but it is not always desirable. Financial advisers, brokers and consultants may have their licenses revoked or restricted.

Can you be a registered investment adviser with a series 7 license?

Unfortunately, you cannot. It may seem at first counter-intuitive that after leaving a brokerage firm with a valid Series 7 license you can’t work as a Registered Investment Adviser without first taking the less rigorous Series 65 license exam.

How long can you keep a series 7 license?

A complication of the Series 7 and 66 licenses is that you can only maintain them in good standing for two years once you’ve left an investment firm. It would be nice if there were a work-around, but there really isn’t.

Can a broker dealer use a series 7 license?

But the Series 7 license entitles you to work for a broker-dealer and a broker dealer doesn’t have a fiduciary responsibility to their clients. To be specific: they don’t have to give clients the best possible investment advice, only advice that’s “reasonable.”