Starting a new Broker/Dealer can seem like an overwhelming task. At Brokerage Consulting Group, our experienced consultants can perform the majority of the workload for you, helping to free up your time for business development and marketing. Our approach to new start-ups utilizes a turnkey process, working closely with you to complete all necessary steps both accurately and quickly. While many firms use a "cookie-cutter" approach for new start-ups, at Brokerage Consulting Group we custom develop every new registration package to best suit the needs of you, the client, along with FINRA requirements.
Whether you're just beginning or have already begun the process, Brokerage Consulting Group can help you complete the process. Aside from the complete start-up process, we can assist you individually with any of our start-up services.
Our start-up services include:
If you are considering starting your own broker/dealer, you probably have a lot of questions and concerns. We know you need facts and information before deciding to move forward. Following are a few of the most commonly asked questions regarding starting a broker/dealer. Please review these questions and answers, then contact Brokerage Consulting Group, LLC for more details about starting the process.
Q. What do I do first?
A. It's easy. Contact
Brokerage Consulting Group, LLC for a free, no obligation proposal or
use our Start-Up Estimate
Calculator for a general estimate of your registration costs.
Q. How long will it take to start a broker/dealer?
A. Based
on our past experience with all FINRA districts, it takes approximately
4 - 6 months from the date we make the first submission to FINRA office
in your district to receive final FINRA membership approval. The length
of time it takes to gather information and documentation required for
the submission depends on you, or the person appointed to work with Brokerage
Consulting Group during the registration process. We do the majority of
work for you; however, there are some things we can't do and some
questions that we rely on you for the answers.
Q. How much will it cost?
A. Cost will vary. It depends on
the type of firm you want to own, the products you want to offer and the
number of representatives, branches and states in which you want to be
registered. Brokerage Consulting Group offers a tool on our web site
that will allow you to request a free estimate of start-up costs. Please
click the link to our Start-Up Estimate
Calculator. Then, contact
Brokerage Consulting Group for a more detailed proposal and
information on how to get started.
Q. Do I have to use a firm like Brokerage Consulting Group, LLC or
can I handle the start-up process myself?
A. Yes, you could
handle the registration process yourself, but why would you want to?
Your time is valuable and may be better spent building your business. contact Brokerage
Consulting Group to see how we can ease the burden of the
registration process.
Q. If I have already started the process, but now I need some experienced
help to complete it, can I call Brokerage Consulting Group?
A. Yes, Brokerage Consulting Group is prepared to handle the registration
process for your firm from the start or pick it up at any stage in the
process. Call Brokerage Consulting Group for a quote based on your
specific situation. Our experience could be just the additional help you
need to complete the process.
Q. Do I have to be securities licensed to own my own
broker/dealer?
A. If you are an owner and/or officer of the new
broker/dealer, FINRA will probably require you to become registered as a
principal on the firm. However, this is an area where we need to discuss
your particular situation to accurately determine your registration exam
requirements. Also, FINRA requires each broker/dealer to have a minimum
of 2 qualified principals (depending on the business you want to
conduct), as well as a Financial and Operations Principal. If you wish
to handle products such as Municipal bonds and/or options, your firm
will also need a qualified Municipal and/or Options Principal.
Note: In special circumstances, you may be eligible to apply for a Waiver of the Two Principal Requirement.
Contact Brokerage Consulting Group to discuss your specific exam and licensing requirements.
Q. I currently work for another brokerage firm. Will they discover
that I am trying to start my own firm?
A. This is a difficult
question to answer. Please contact
Brokerage Consulting Group to confidentially discuss your particular
situation.
Q. My business will require the services of a clearing firm. Can you
refer one to me?
A. Yes, Brokerage Consulting Group maintains a
list of clearing firms you may wish to contact to discuss clearing
services available.
Q. I will need some initial help setting up our compliance, supervision
and/or financial systems. Can Brokerage Consulting Group help?
A. Brokerage Consulting Group has a staff of consultants with the experience
to help you set up various systems or controls. We can also continue to
offer the support you need after you become a FINRA member firm.
Q. My U4 is not exactly "clean." Can I still start a broker/dealer
with any "Yes" answers on my U4?
A. It depends on the problem(s)
that occurred in your past. Contact
Brokerage Consulting Group to confidentially discuss your history
and how it may or may not affect your chances of owning a
broker/dealer.
Q. I currently own/manage a broker/dealer, but I need to add additional
services or products. Can Brokerage Consulting Group help me with this
process?
A. Yes, Brokerage Consulting Group consultants have
extensive experience filing for any material changes in your business.
Contact
Brokerage Consulting Group to discuss a filing (1017 Filing) and the
costs associated with the change process.
Q. Can't I just buy a broker/dealer? Wouldn't it make the process
easier and faster?
A. A few years ago it was easier and faster to
buy a firm; however, that is no longer necessarily the case. The time
and energy you are likely to spend purchasing a firm is almost the same
as starting one. However, your situation may be conducive for purchasing
an existing firm. Contact
Brokerage Consulting Group to discuss your particular position and
get the pros and cons of purchasing a broker/dealer so you can determine
which path is best for you.
Q. I am ready to get started. Why should I choose Brokerage Consulting
Group, LLC?
A. Brokerage Consulting Group has the experience,
the industry contacts and the knowledge to guide you through this
daunting process. We are also available 24/7 to answer your questions.
Contact
Brokerage Consulting Group to get on the road to owning your own
broker/dealer.
Q. I just need assistance with registering my firm and representatives
in additional states. Can Brokerage Consulting Group handle this process for
me?
A. Yes, Brokerage Consulting Group has extensive experience
working with the various state regulators. Each state has a different
set of requirements and fees in order to register the firm and its
representatives. Free up your time so you can grow your business and
allow Brokerage Consulting Group to handle this registration and licensing
process for you.
Our experts at Brokerage Consulting Group can assist you with registering your Broker/Dealer in all 52 jurisdictions. Pricing for state registrations is on a sliding scale, and the fee declines as the number of states increases. Additional costs will include state fees, and any other directly related expenses.
Brokerage Consulting Group provides services in all aspects of Individual Licensing and Registration issues.
Below are our most frequently requested services for licensing and registration:
For assistance with Individual Licensing and Registration issues, call us today.
