Chapter 7 question

S

SoCalOptionsWriter

Do you need a sponsor to take the Series 7 test if it's for RIA registration? What do folks who are older, switching careers and might need the license simply for registration do, they really don't want to be brokers? It would be kind of silly to spend 40 hours a week doing front desk work or cold calling, just to get a ticket, no?
 
Series 7 - you seem to be confusing bankruptcy with RIA registration. You don't need a 7 to be an RIA unless the firm requires it. You need to be sponsored for a 7 - any breathing chimp can pass it. It has an overall shitty pass ratio, but a huge pass ratio for first-time testers. You'll need a 65 and the new 99 if you are going to interact with customers. I've taken it on three occasions - it goes away if you are out of the industry for two years or more. Get the study guide and do the test questions. Tried to get the 2-year window extended last time with no success. Some of the rules may have changed since I took it. Back then it had over a 90% pass for the first time with an overall pass rate of about 60%.
 
And to follow up on the response, it appears, and someone tell me if I am wrong, that I do need a 7 to be an investment advisor in California, and apparently I have to be sponsored for like two frigging years? Seems strange. Is Nevada any different, I wonder?
 
In the great state of California, they do have some funky rules based on the products you offer.
Chat with State security administrators to get full details. Part of the requirement is based on client geography as well as yours. Fee-based is a little easier, otherwise, you may need a B/D somewhere in the equation and they will have their own requirements. There might be a better structure - the devil is in the details.
 
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