Series 7 Without working for a firm????

Discussion in 'Professional Trading' started by Rowan128, Aug 2, 2006.

  1. Rowan128


    I currently trade/work for myself, but I am looking to make myself more marketable. How can one obtain a Series 7 or get sponsored by a firm to get the license, but not work for them? I have heard Qwest Capital will sponsor you without a commitment to work for them.

  2. Look at the classifieds in the WSJ, there are usually firms advertising that will sponser you for a reasonable fee.
  3. Rowan128


    Are they reliable?
  4. No firm is going to sponsor you so you can get a license, then just turn you loose and forget about you.

    They will be *required* to supervise your activities just like any of their other reps, and you will be required to comply with the firm's policies as well as all regulations.

    The notion of getting a license just so you can say you have one is rather silly.
  5. I am not sure if they are reliable or not, I do know one person who had a good experience with one of them. The thing is the test is really not difficult and I am nor sure if you will be more marketable with one.
  6. If you are in the U.S. some states will let you sit without a sponsor. I looked into it years ago just for the hell of it. Decided not to do it due to the fact that I wasn't interested in becoming a broker.
  7. Rowan128


    From what I heard, a firm like quest capital will sponsor you granted you pay the $1,000 dollars in registration in application fees. Then after you get your license you do not have stay with them....
  8. I don't believe that is correct. It's not up to the states in any case. "Supervising your registerd reps" is an NASD regulation... and a big one, too.
  9. I suppose you could get licensed, then quit the firm. However to remain licensed you'd have to get with another firm and have them be your sponsor.

    If you were "between" sponsors, you'd have up to 2 years of inactive status before you'd have to retest to reactivate your license. During the time you were between firms and not currently sponsored, it would be illegal to hold yourself out as "Series 7" licensed.
  10. Okay, but if I work for a firm and quit my seven is still valid for two years. Supervision is only a responsibilty of the sponsering firm if you are an employee.
    #10     Aug 2, 2006