Any Downsides to Getting Licensed - Series 7 and 63?

Discussion in 'Professional Trading' started by aeliodon, Feb 28, 2007.

  1. Any Downsides to Getting Licensed - Series 7 and 63?
  2. rwk


    Your data costs more.
  3. Yes data costs more. That doesn't concern me. Just wondering if there was some other downside before I get licensed.
  4. I have those licenses. What do you plan to use them for? If you're not in the business of selling investments or investment advise, you may want to pass. It's very expensive.

    My understanding is a broker dealer will have to sponsor you. At least that was what I was told when I got mine. I've worked at Edward Jones (horrible job) and been independent. Now I work at a no load mutual fund house and trade my own account.

    Yes, data feeds are more expensive. When I was independent it cost me about $700 per year to renew my licenses. In addition, I had to carry E&O insurance. If you publish anything having to do with securities, you may have to have it reviewed by the NASD before release or if you affiliate with a broker/dealer, their compliance department. I run a health insurance business aside from my duties at the mutual fund company and it was an interesting experience getting them to allow me to continue the business. I hope this helps.
  5. you also have to put up with the NASD and regulators who look to make your life miserable
  6. and you actually have to study, which will consume a few weeks of your life.
  7. What is E&O insurance?
    So can't I publish a blog about the markets if I'm licensed?

    The data fees aren't really all that expensive it seems. The renewal fees are expensive if your sponsor doesn't cover them. As I understand it your trading as a licensed professional falls under greater scrutinize under the NASD and SEC.

  8. Errors and omission insurance.....BIG scam because they almost never pay out and the deductible is around 25k to the broker/trader

    You CANNOT post a blog as a licensed person UNLESS compliance approves it ( slim and none on that front)
    the level II ffes are around 55.00 for series 7 ( professional) users...
  10. E&O = Errors and Omissions insurance. ie. malpractice.

    You can publish a blog only if your sponsoring BD allows it and it is inline with the compliance department. Once again, why does the poster want a license? If to trade his own account, there's no need. Sell stocks? Forget about trading, you'll be on the phones 16+ hours a day trying to build a book of business.
    #10     Apr 30, 2007