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?
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.
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.
You can put it at an independent broker-dealer. Here is a list of them www.financial-planning.com/cgi-bin/bdconnect.pl beware a lot require some production so check with each one.