I need advice with opening a broker dealer. I already am aware of the process of opening one. I wanted to get advice from people who own or at least work at a broker-dealer. I can’t be a prime brokerage yet, but I do intend to take deposits at the start of 2023 in addition to being an NFA forex firm since that’s my area of expertise. I would file to open the firm in August of this year however. I also own a business already with a good credit history now, but in the beginning the business was failing. Currently I attend college in Philadelphia as well as being from the city.There’s a lot of risks to opening a dealer where I am:—it would be in West Philadelphia which is an economic wasteland practically —it would be funded by me entirely —I’d have multiple other businesses under a holding company umbrella. —** I would most likely have monopoly power over the area as I’d be the only broker-dealer in this specific area. I can’t confirm that, but I strongly believe people would have no other choice but to come to me since banks have avoided this area LIKE THE PLAGUE except for Citizens Bank —I’d have other businesses set up to help build the economy (cafes, supermarkets, agriculture, some mining quarries I found dirt cheap around PA) which would again be under a holding company which I would split off into their own companies later. —This is a QOZ, but despite that no one is investing here hence why I’d have monopoly power. People want to leave not come.I feel like I’m insane, but I really don’t want to be the person who “escaped the hood”. I want to help my community because it’s crumbling and I want to scream and if I have the money to at least try to jump start an economy here and give more access to credit and consulting services to help my community businesses thrive, then by all means I’m willing to risk all of my capital or even put myself back in the negative. I can start from 0 again.There’s more of course. This is quite personal to me and I don’t want to splurge and give a life story. I’m outlining a plan that I want to hop on BEFORE I graduate, but I just really want to get other people’s experiences mainly who opened a broker or are working for a broker-dealer. There’s not many resources online. Most of the resources I’ve read were directly from FINRA and the SEC.Thank you in advance, this post was all over the place. see hubwealthy.com/wealthy
0 comments:
Post a Comment