Well, he really has no recourse. If the broker won't give him an account, seems the only option for him is to find a different broker for his needs.
%% I would try again if it was me, asking polite to speak to an AMP manager; BUT make SURE to be real honest. State farm has mutual funds + some good ones/ some of the regs are so stinking complicated. State Farm has a well known bank now........................................................ THE first time a US broker asked about ''pro''/LOL i looked it up in dictionary + that made it clear as mud\LOL .So i asked , good thing for me; i had a business, + another contract with State Farm but not thier bank or brokerage.{IF you accidently lied; me i would admit it+ do it right, now} I changed something @ SCHW/I'm not retired but i explained i dont make enough [as of DEC20,2022 to pay Fed tax.] So i asked them should i give my company name?? Yes, even though it was a hassle a bit to change it...............................
I agree 100% and that is why I added the caveats about whether or not the OP sells mutual funds, variable life and annuity products, or any other securitized financial instruments. Any of those and he would fall under the pro designation. That still doesn't explain why AMP wouldn't take his account unless they really are such a small, undercapitalized and understaffed firm that they couldn't handle the additional regulatory burden, which is, imo, minimal. I've had all my licenses in the past, Series 3, 7, 65, Life and Health, etc. But back then this really wasn't an issue that I recall. That might have been because my accounts were always with the firm with whom I was employed. I think I may have had one broker ask if I had ever been FINRA registered. Most ask if I am currently a registered person, which I am not and haven't been for a long time.
%% Exactly\ nothing like being correct. A female cop asked me about 50 days ago, '' do you have a firearm with you'' accidently speeding 45 in a 30 mph; she saw my NRA sticker + I vote sign on my auto. I smiled + said no, NOT with me THEN as she was checking my drive liscense, she said ''i will tap on your window , when i'm thru'' She was maybe about 80% sure i was telling her the truth/LOL So, typical good gov worker being careful.......................................... I've always wanted to ask the US Border Patrol Dept, why does the US gov assume business + pleasure is a difference, but I'm much too shy to make a stinking scene. [ US Entry form asks ''business or pleasure'' LOL
Right...this is not what happened. The 1st application was not declined, additional information was requested. Instead of providing the additional information, a 2nd account application was submitted with different information - Declined. Our new accounts application process is simple, fast and industry standard. As long as you have the min. financial requirements and pass the ID verifications, account approvals are very quick.