Looking to hold my series 7 license, anyone?

Discussion in 'Prop Firms' started by FastandFurious, Sep 19, 2007.

  1. well, my series 7 is about to expire and I am looking for someone/some group to park it. Does anyone know the procedure about doing this?
     
  2. "parking" a securities license is a prohibited practice, it violates NASD rule 1031.
     
  3. Tell them you have some business to introduce and do not let them know you are parking. Open up a few IRA accounts, no worries.
     
  4. I was wondering what firms does this?
     
  5. you should pm someone about this.
     
  6. who do you recommend?
     
  7. I believe the prop firm have to be NASD registered no?
     
  8. Surdo

    Surdo

    No kidding!

    Perhaps you should change your handle to "Slowandclueless".
     
  9. gangof4

    gangof4

    little harsh.

    if he was a broker and decided to try trading his own acct., he might not want to park it @ a prop shop as there is a stigma attached if he later tries to/needs to get back into that game. so, if not @ a prop shop, it's quite difficult to find someone who will let you hang your license without being a full time employee.

    when i went off on my own as an RIA with a 65, i did not and did not want to do transaction (ie: commish) biz, but would have preferred to keep my 7/24/63 active nonetheless. given my RIA status, related SEC requirements and the lack of a willing BD, i ended up having them all expire- not my ideal.

    my situation was 13 years ago, so you've got more options. what i will add is that it is easier to find someone to 'hire' you with a current license (which will reset the clock) than find someone to sponsor you to go thru the pain in the ass of testing for a new one. not just your 7, you've prolly got at least a 63 also. don't let it expire if you think there's a chance you'll need it later.
     
  10. #10     Sep 19, 2007