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:
Initial start-up interview to determine your specific needs
Preparation of your business plan
Development of Written Supervisory Procedures
Creation of a continuing education program which includes the written training plan and needs analysis
Preparation of the Form BD
Completion of Form U4
Application for fidelity bond
Application for FINS#
Registration with Lost and Stolen Securities Program
Completion of miscellaneous FINRA forms
Request waiver of two principal requirement, if applicable
Initial brokerage accounting consulting, including net capital computation
Creation of a business continuity plan
Provide clearing firm referrals
State registrations
Serve as liaison with district office and provide all response follow-ups
Preparation for, and attendance of, FINRA membership interview
Development of an anti-money laundering program
And much more
Start-Up FAQs
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.
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.
State Registrations
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.
Individual Licensing and Registrations
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:
U4/U5 Filing and Amendments
State Registrations
DRP Filing
Open Exam Windows
For assistance with Individual Licensing and Registration issues, call us today.
