Financial advising and Trading full time at the same time?

Discussion in 'Professional Trading' started by SnookFishing, Feb 26, 2007.

  1. I have been looking for a job as a financial advisor but have ran into the problem that most firms out there (merrill, raymond james, ect.) will not allow you to continue day or swingtrading your own account while also serving as an advisor for them. The whole conflict of interest bs. I basically have a large book of business waiting for me in the form of 401k rollovers into IRA on a group of retired executives but would like to continue trading.
    My question is, does anyone out there know of a way to be able to do this? Work as an advisor but still being able to continue my short term trading on my own account. I do have my series 7, 55, 63, and 65.

  2. any help would be appreciated as i have to make a decision soon.
  3. No way around the conflicts since you have to divulge your brokerage statements to your employer and they can see what you do unless you want to commit fraud. Doing it through a family account is a shady way but bad news if you get caught.
  4. thanks for the reply.

    is there a way to set up a company in order to manage money for others without going thru a broker/dealer. and this way you keep 100% instead of say 35 to 45 % and not have to deal with the issues of not being able to trade?
  5. You could get trading POA's on accounts, that may be an option.
  6. Please excuse my ignorance, but I'm not sure what a POA is.

    Could you give me more info?
  7. dac8555


    wait a minute...if you are a cant have an online account that you trade? i dont remember that rule?

    Why the hell cant you do your research and enter orders at night? I understand why they wouldnt want to pegged to a screen on their nickel...but other than that...what is the conflict?
  8. I totally agree with you. the thing is the compliance department at some of these firms are on this power trip and as a new broker won't even want to argue the fact. It could also be that they don't like that one may have an account with IB and paying the low fees instead of their higher fees.

    I would like to, if possible, manage money without going through a broker/dealer and continue to trade on my own account. the money managing will not occupy too much of my time as it will be long term asset allocation without much turnover.
  9. I think he's talking about getting Power of Attorney to trade the accounts, but I think there are better ways.
  10. What you could do since you already have your 7,63 etc is open your own office or home office through broker dealer that caters to brokers who want to be "independant".

    You still need to disclose your accounts, but they usually have fewer trading restrictions.
    #10     Feb 26, 2007