u/Financial-Motor-3875

Moving from BD to RIA

Currently I’m working as registered staff with a BD. They sponsored me to get my SIE, 7, 66 and state life and health in 2024. I’m in the market for a new job. I just completed 2nd round interview (1 more to go) for a company that is apparently only a RIA. After the interview, I got an email saying this:
“If you moved over and registered with (new company), your Series 7 and 66 would convert to an active Series 65. The Series 7 and 66 will deactivate after 2 years unless you either relicense with a BD firm before the 2 years is up, or enroll in the MQP through FinPro, which can extend the validity of your licenses for an additional 3 years (5 years total). You'd be eligible to enroll in the MQP the BD registration has been effective for at least one year. “

Does anyone have any experience with this? This job at the new company seems to be what I’m looking for with 30%+ pay increase, but I was not aware of this at all. I’m young, I’m 24, not saying I’ll need my licenses forever as my end goal is CFO. Obviously, ideally, I would want to be with the new company for more than 5 years. But if anyone has any advice or experience with this I’d greatly appreciate it!

reddit.com
u/Financial-Motor-3875 — 16 hours ago

I have a second round interview with a company on Thursday. I did not check brokercheck before the first interview (yesterday), but I finally did today. Smaller company, looks like 3 people in the office are licensed. 1 older gentleman, doesn’t seem to be very active with clients currently, no disclosures. 1 assistant role, 1 disclosure from 2013 which was a bankruptcy. Head advisor, 5 disclosures, 13 firms, 37 years experience. All disclosures from 1987-2004. First 2 disclosures are for grand larceny (1987,1988). Last 3 disclosures (2003, Jun 2004, Oct 2004) are all settled customer disputes for unsuitable investments purchased, and the last 2 were not very specific on what happened. All 3 disclosures amounted for settling over $225,000.

How big of a red flag is this? When I go to the interview, should I bring this up and how?

reddit.com
u/Financial-Motor-3875 — 17 days ago