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For them to allow an OBA that was an RIA, you would have to be bringing a HUGE track record to the table. Even then, you will tear out your hair and your eyeballs dealing with compliance over your independent RIA . . . until you either leave or shut it down.
That plan will not work. You would be an employee of State Farm, you would be securities licensed through them, and it's FAR from a part time job. They would almost certainly not allow you to maintain an outside RIA.
K that's what I thought. It was a long shot idea.
I think it is about as good of a captive setup as there is, though. I understood that it is a contractor relationship but I'm sure they wouldn't allow an OBA.
I heard state farm was getting out of advising, and focusing on just insurance again. Can anyone confirm?
Yes. They outsourced all the service on their mutual fund clients to a call center
My father was with State Farm for 50 years.
My brother is an agent for 20