I’ve been looking into starting out but don’t understand the first couple of steps. I totally get the business end of it like real estate, office work, etc, but compliance, choosing a broker that accepts small AUM/beginners? Do I really need a CFP? How important are insurance licenses to business models? What if I want other FINRA licenses? Am I my own sponsor? I could go into the details of why but character limits. Any insight or even a place to start looking at information would be helpful.

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You don’t really need a CFP.

Insurance licenses depend on if you intend to use annuities or other insurance strategies for your clients. Keep in mind, as you attract clients you will have people come to you already owning some weird shit their old FP sold them. Your ability to service those products may be a deciding factor in them coming to you/staying with you.

A hybrid firm with its companion BD/RIA side will make the most sense of sponsoring your licenses. Their licensing department may have certain licenses the firm doesn’t sponsor. Ask. They open testing windows for you to take your exams so they really are keepers of the gate.

helpful

To piggyback off of this - if you can find an existing office that’s looking for an advisor or a junior advisor, you could likely join them without needing to meet the BD/RIA’s “normal” minimum.

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I suggest finding a find that will train you, or that has a training program. Too much of a learning curve to start out on your own with no industry knowledge.

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