series 6 sponsorship

Discussion in 'Professional Trading' started by lasner, Jan 28, 2007.

  1. lasner


    I'm looking for series 6 sponsorship. I have the series 7 and was fingerprinted would I have to be fingerprinted for the 6 as well.
  2. The Series 6 is mutual funds. You have already passed it with the Series 7
  3. lasner


    Really you mean to tell me if you passed the 7 you're exempt from taking the 6.

    I got laid off from morgan stanley because I missed the 66. I passed the 7, 31,63.

    I interviewed with a job in a bank I need the 63, 6 and insurance. So you mean to tell me that I don't need to take the 6 if I have the 7
  4. Pathus


    Why did you miss it? Were you a new hire?
  5. lasner


    Yeah I was a new hire.
  6. You have a Series 7 meaning you are a General Securities Rep. A Series 6 let's you sell Mutual Funds, Variable Annuities (a crap product!), and mutual fund wrap accounts. Btw, you'll need your life and health license to sell VA's due to the death benefit riders.

    Didn't you know that the 6 is babyshit compared to the Series 7????

    When I was a broker at mother merrill, they fired guys who failed the 7 the first attempt. They gave second chances for the 66 though. (The 66 is the 63 and 65 combined in one test.) I'm surprised they would fire someone who passed the six-hour Series 7, because you could be selling securities while waiting to re-take the smaller exams. Very strange... If what you said is true, I would start finding other MS brokers who failed the 6, 63, 65,or 66, and KEPT their jobs. Get their names, and talk to an attorney. I'm glad I got away from the wirehouse bullshit, and went with an Independent B/D, and RIA!
    Maybe it was a Godsend if what you're saying is accurate. If you're production was good, seek out an Ind. Firm. Trust me on that!!
  7. It's late, I'm tired. I just re-read your posts. Here's what you need to know:

    1. The bank should know that a Series 7 rep can do everything a Series 6 rep can do, but so much more! Meaning: limited partnerships, REITs, individual stocks, bonds, options, etc., I don't know what bank you interviewed with, but if you'll pm me thir number, I'll call the idiots and educate them.

    Again, if what you are telling us is true, it's SCARY to know that there are good people out there trusting the idiot banks to invest their hard-earned money! If I were you, I would run away from that bank like my ass was on fire! With idiots like that running the show, I can assure you that you'll be in NASD arbitration, and hating life like there's no tomorrow. I'll derive great pleasure calling them up, and asking them if they're smoking crack! LOL!

    Just another reason I hate banks! People-especially retirees-see banks as some sort of "safe" place to invest because they wield that FDIC bullshit, telling the trusting retirees that their money is insured.

    Well, well! If they only told the investor that FDIC is only going to cover a max of $100,000 in loss due to theft, insolvency, etc., NOT investment loss. And the money is insured by the government... That's a scary thought all in it's own! LOL!

    Like the guy said in Monty python's old movie The search for the Holy Grail, "run away, run away!"

    If you're new, an independnt firm may not take you. However, a senior advisor who is indpendent may take you. Then you can build a book, and once you get good traction, and experience, you should be able to sign on with an ind. b/d and ria.

    If you must (sigh) go to a bank or wirehouse, I would recommend you get to Smith Barney or mother Merrill asap with your U4 filled out. They know MS does strange things with their brokers. Hell, look what they did over a year ago firing thousands of brokers with zero notice when the newest genius CEO came in. Your payout will be about 42%. At the banks, you'll really belong to these idiots at a 33% payout. AND, they'll want you to cram bullshit annuities and funds down ALL of your client's throats whether they need that investment product or not. Again, run like hell!

    Independent's are typically on a 90% payout, and have access to thousands of investments that are suitable, and really perform for your clients who trust you to do right by them.

    I use money managers who use derivitaves in the account. They buy in the money puts on long positions, and write covered calls generating income. Pretty cool?
    That's not the half. For our Accredited clients, I use Oil/Gas LP's, private REITs, and evn have a hell of a hedge with equipment leasing placements, meaning when interest rates and inflation go up, their return on the equipment leasing goes up! The money they make with those allocations is... Well, really cool!

    Now, if I could just learn the futures markets for trading for my own account...