Our turnkey membership & registration solutions provide a one-stop shop for your firm's broker/dealer registration. Our system includes preparation of your firm's Written Supervisory Procedures (WSPs) Manual, Continuing Education Training Plan, Business Continuity Plan and development of all FINRA, SEC and state forms.
When registering as a new broker/dealer, you must submit successful applications to the FINRA, the SEC, and the Home State. This process can be confusing and complicated. B/D Compliance Associates, Inc. assists the applicant firm in making an efficient and complete application to all three agencies.
The FINRA application is the most arduous. Some of the many areas FINRA will scrutinize (Reference FINRA Rule 1013):
The cost fee to set up a new broker/dealer can be expensive if you do not know what you are doing. Law firms provide consultative work for ’33 Act issues, and their hourly rates can be excessive as they attempt to understand the complexities of a successful application under the ’34 Act and FINRA rules. You want to hire someone who has years of experience setting up new broker/dealers and who will do so for a fixed cost. In addition to our consultative fee, you will need to consider other expenses such as clearing fees, state and FINRA registration fees, annual independent financial audit fees and other expenses. FINRA requires each applicant also to have sufficient capital to cover 6-12 months of fixed expenses.
*Results are not typical, and require the applicant firm to have appropriate supervisory principals on staff at the time of the initial application. Other factors may significantly affect your company's actual application timeline.