Frequently Asked Questions
FiNet will work closely with you to set a target date for your opening. During the transition period, we’ll work with you to develop a plan, finalize arrangements for your office space and furnishings, prepare signage, stationery, and marketing materials, obtain and test your technology, complete all required registration documents, finalize your exit strategy, and prepare to transfer client accounts after your resignation. Depending upon the size of your practice, this time period may range from 30 to 90 days.
An independent broker-dealer’s office is considered to be an Office of Supervisory Jurisdiction (OSJ), which requires daily supervision by an individual with Series 9 and 10 licenses or a Series 24 license. In addition, you will need any registrations applicable to the type of business you or any of your registered representatives transact on behalf of their clients — for example, Series 31 for managed futures and Series 65/66 for investment advisory business.
There are several ways to establish your new business. You may want to create a sole proprietorship, a limited liability company, an “S” Corporation, or a partnership. Our strategic system partners can guide you toward the right legal entity. You will decide on the location for your office and determine your employees’ salaries and benefits. We recommend that you work closely with your accountant and FiNet’s strategic partners to determine the most favorable setup for your business.
Start-up assistance is available through our various non-equity capitalization programs. Your regional director will give you details on these competitive, innovative loans and start-up financing options.
There is a misconception in the industry that going independent is risky. Although you will own your own business, WFAFN is still responsible for supervising your securities brokerage and advisory business. You will work closely with your regional supervisor to make sure your business is compliant with industry rules and regulations. In addition, you will participate in annual compliance audits. You will also be covered by an errors and omissions insurance policy.
It varies depending on the business mix of your practice. Significant resources have helped reduce the time required to provide proper supervision.
Yes, with WFAFN approval.
All account transactions and maintenance are executed through the Wells Fargo Advisors’ SmartStation® desktop solution.
FiNet distributes 1099 income to Licensees and any registered Financial Advisors. All employee and overhead expenses are administered by the Licensee through his or her choice of business entity.
We leverage the size and scale of one of the nation’s largest financial services firms. Our platform is designed for professional, successful advisors who want to own their own practices without giving up the products, services, resources, and support that both they and their clients are used to receiving. Our minimum for affiliation consideration is $300,000 in production.
This choice is yours. You decide whether to leverage the Wells Fargo Advisors Financial Network name and brand, create your own brand, or a combination of the two.
Ready to go independent?
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