The system in its most basic and low cost form provides the following to our reps: - Account Workbook: Name or Houshold account lookup – balances, positons, account overview, order entry and reporting, account activity, access to client documents, statments, position reports, etc. Turnover rates between three and six may trigger liability for excessive trading. Independent Broker Dealer – World Capital Brokerage, Inc. 5. See SEA Rules 17a-3(a)(6) and 17a-4(b)(1) and (b)(4). I just find that to be a huge, huge determinant. 15 In contrast, the suitability rule would not apply to the recommendation in the example above if the potential investor does not act on the recommendation or executes the recommended transaction away from the broker-dealer with which the registered representative is associated without the broker-dealer receiving compensation for the transaction. Integrated professional level quotes and news package provided by Thompson Reuters. Broker dealer with no minimum production video. 20070091803 (Oct. 20, 2010) (discussing reverse convertibles exposing investors to risks in addition to those risks associated with investment in bonds and bond funds, and having complex pay-out structures involving multiple variables); Jeffrey C. Young, Exchange Act Rel.
In general, an associated person may rely on a firm's fair and balanced explanation of the potential risks and rewards of a product. If you come to us in a group, we can make a "group payout deal" based on the total volume of the group. That's rounded up a bit, but that's a good number that includes a few bucks for your firm CE. Best 11 Broker Dealer With No Minimum Production. You are never expected to sell minimum amounts of any product or service. Moreover, the relative importance of the issuers to other factors in making fixed-income investment decisions varies depending on the total mix of the relevant facts and circumstances.
55 Accordingly, broker-dealers should assess whether allocation recommendations involving certain types of sub-categories of broader market sectors or even more limited groupings are so specific or narrow that they constitute recommendations of particular securities. Where at a Merrill Lynch if you don't do $300, 000 or $500, 000, or a $1 million, or whatever they decide the number is in a given year---you are going to always be worried about their number(s). Platform fee – First Clearing Smartstation – $70. Other "red flags" exist indicating that the customer information may be inaccurate. For purposes of the suitability rule, how should a firm document recommendations to hold in particular and recommendations of strategies more generally? Some third-party vendors have created and aggressively marketed proprietary "Institutional Suitability Certificates" to facilitate compliance with the new institutional-customer exemption. No minimum stock broker. We realize your primary business may be insurance, accounting or some other related field. Nothing in this guidance, moreover, relieves a firm from having to ensure that a customer's investment profile or factors within that profile accurately reflect the customer's decisions. 07 states that "an institutional customer may indicate that it is exercising independent judgment on a trade-by-trade basis, on an asset-class-by-asset-class basis, or in terms of all potential transactions for its account. " 20 FINRA notes that there are SEC and other FINRA rules that explicitly require specific types of documentation. If you are at the lower payout and reach either of these levels before the end of the calendar year, you will be paid on all business at the higher rate retroactively for the entire year.
34 See Notice to Members 04-89 (reminding firms that "recommending liquefying home equity to purchase securities may not be suitable for all investors and that [firms] should perform a careful analysis to determine whether liquefying home equity is a suitable strategy for an investor"). That's just $20, 000 of expenses, so that would net you $65, 000 a year. We strive to provide you with everything you need to facilitate growth and a strong, prosperous business. In general, unless you are fairly new in the business, it may not be worth your while. Under this provision, the suitability rule would not apply, for example, to a general recommendation that a customer's portfolio have certain percentages of investments in equity securities, fixed-income securities and cash equivalents, if the recommendation is based on an asset allocation model that meets the above criteria and the firm does not recommend a particular security or securities in connection with the allocation. First, let's talk about the two main types of independence that you want to think about, and I think one of them fits a lot better at the lower end of the production scale. The firm has three senior managers and they are always available via a phone call to the office or cell phone. Full Back office functionality for sales assistants and back office personnel. No matter how high or low your production level, you will always receive SCF's Diamond Standard of service. What if a customer refuses to provide certain customer-specific information? "Bond Center" incldues current offerings from participating dealers of corporates, munis, CDs, etc. Can I maintain an independent practice on only $100,000 of revenue. Special Payout of 90% on all business done above 300, 000 during each calendar year.
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