 I believe, as far as FINRA is concerned, merely applying for registration should not be considered an outside business activity.”Alan J. Foxman, partner, Dew Foxman & Haugh
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Can an employee broker register as an RIA before quitting?
Alan J. Foxman | On Wall Street, May 2016
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Summary: I’ve decided to leave my broker-dealer and start my own investment advisory company. I’m not ready to let my firm know, as I’ve heard it can take several months to get approved and I’m pretty sure they’ll terminate me once I tell them. However, I’m worried that, if I don’t tell them, they will mark up my U5 by saying I failed to advise them that I was engaging in an outside business activity. Can I begin to register as an RIA without letting my firm know?
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