Series 7 and 6? - Anyone out there have a lot of licensing knowledge?

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RC13 in Brunswick, Ohio

60 months ago

Does anyone know if you can leave your Series 7 with the Firm you are appointed with and get a Series 6 with a Life Insurance company...rather than moving the series 7, that is?

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Wealth Manager in San Ramon, California

60 months ago

Are you still going to maintain employment with the previous firm (dual registration)? Most firms I know do not allow this. If not your series 7 will remain with the former firm and remain active for 2 years. If you want to maintain the license you will need to transfer it before the two years are up or it will expire. Then you would be forced to take the test again..wm

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RC13 in Brunswick, Ohio

60 months ago

Thanks, Wealth Manager... Can you go a little deeper, though. I am looking at leaving the Series 7 with the firm where it is at and going to work for an insurance company. They offer variable UL's and Annuity products. So, I would just need a Series 6. I can't go to another wire-house that would require a series 7 due to a non-compete clause... So, I can't transfer over my series 7... Can I leave it there and just test for the 6 and place it with the insurance company?

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Wealth Manager in San Ramon, California

59 months ago

Hi RC13, Don't know if that will work or not since both licenses are through FINRA. I would recommend that you consult with an attorney prior to doing anything. Good luck!

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OpportunityAdvocate in Orlando, Florida

59 months ago

RC13 in Brunswick, Ohio said: Thanks, Wealth Manager... Can you go a little deeper, though. I am looking at leaving the Series 7 with the firm where it is at and going to work for an insurance company. They offer variable UL's and Annuity products. So, I would just need a Series 6. I can't go to another wire-house that would require a series 7 due to a non-compete clause... So, I can't transfer over my series 7... Can I leave it there and just test for the 6 and place it with the insurance company?

This would not work. You do not have an option here, as you can't be appointed through two broker dealers at the same time (which would be needed if you were to sell variable products throught the insurance company). It would be considered selling away, and a conflict of interest. Taking the series 6 when already having the series 7 would be pointless, and not resolve your situation.

Something you may want to consider is checking with the compliance dept. of the firm you're leaving, let them know your intentions, and see if it would be a conflict by going to work with the insurance company. Typically they won't consider it a conflict as long as you are not contacting any of their current clients, or contacted leads. I have had to do this in the past myself.

I would check with an attorney just as WM has suggested as well. Many times the firm you are leaving has a non-compete in place just to scare you from staying in the industry within the area you worked for them at. Their main concern is you taking clients with you, from them. Beyond that, these firms and their broker dealers will probably leave you alone. Legally, they can't prevent you from continuing to work in your industry. It's very rare for a non-compete to hold up in court as long as you haven't intentionally attempted to steal clients from them.

I hope this helps.

(I have my series 7, life, accident and health, and am currently studying module 3 toward earning my CFP.)

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Registered Rep in Brentwood, New York

56 months ago

I was using my series 7 and was layoff. I have been trying to get a similar job. However my 2 year mark is coming. I was offer a position at another firm but it is not an ideal opportunity. Does anyone know how long you must stay with a firm to extend another 2 years?

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nc in New York, New York

53 months ago

not directly on topic, but does anyone know of any insurance or other companies that will sponsor you for the series 7?

i'm trying to obtain that license, but not necessarily stay with the company that gives it to me.

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Dman Advisor in Lincoln, Rhode Island

53 months ago

nc in New York, New York said: not directly on topic, but does anyone know of any insurance or other companies that will sponsor you for the series 7?

i'm trying to obtain that license, but not necessarily stay with the company that gives it to me.

They will all sponsor you for that exam. Just don't tell them you are not staying. Again, do not tell them what you just said.

Dman Advisor

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Dman Advisor in Lincoln, Rhode Island

53 months ago

I should say one more thing. Are you aware that you can call FINRA directly and ask these questions? They will tell you that it is up to the hiring firm as to which licenses you are to hold for the position. This site does not allow me to post tel. #s.

The unfortunate truth is that incompetence and corruption, [remember these 2 things in your stay in the ins. world], dictate the answer to the question.

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nsaiyed in Sugar Land, Texas

45 months ago

hi.. does any one know if any firm would sponsor me for series 6 license without employee with them..

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DW Lawrence in Satellite Beach, Florida

28 months ago

pacs3llc in Vicksburg, Mississippi said: I want to become a Lincoln Financial Advisor, become series 7 licensed and bring my current contacts in the legal field (I am an attorney) in as clients, and go for becoming a CFP and/or RIA. Suggestions, helpful tips, words of wisdom, encouragement: all are welcome.

I hope you haven't made your decision just yet. I am in the process of finalizing an SEC RIA application to open as a hedge fund. I have some very valuable advice for you. I would absolutely pursue RIA. Your an attorney. Your clients could have the best of all worlds - unbiased legal advice and sound money management for one reasonable advisory fee. You should drop me an email. dakota@blueskyegroup.com. Good luck.

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AlexMiller00 in Orange, California

13 months ago

I have some questions about Money Transfer Businesses and Series 7 licensing I am working for a company that is creating products around CryptoCurrencies I.e. bitcoin or litecoin. From my understanding each state is requiring Money Transfer Business licensing or Money Services Business, would employing someone with a series 7 license be helpful. Does a CryptoCurrency like bitcoin qualify as a commodity because they are being bought, sold and traded with USD/other currencies. The US government is calling crypto currencies A financial instrument? All your input is very welcomed and appreciated!

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