TPA/Broker combo

[Guest toddez]

I currently work in the TPA division of a CPA firm. I used to be a licensed broker, but my licenses have since expired. I am interested to re-licensing so I would be able to share in the commissions in order to offset plan administration costs. Since my firm isn't a broker/dealer firm, I'm not sure what I would need to do or if I could even attain my licenses.

At this point, I'm still just exploring the idea, but I would love to hear your thoughts on what it would take to become a broker dealer and/or partner with a broker dealer.

[ERISA13]

I also work in the TPA division of a CPA firm and have been considering ways to boost my TPA income. Before getting in the TPA world I was a Series 7 licensed broker. My licenses also expired and I could not find a way to keep them active where I work now since they are not a broker/dealer. It is my understanding to hold an active Series 7 license you have to be sponsored by a broker/dealer and be using the majority of your time working in the area of investment sales. I do believe there are TPA firms who also have licensed reps who handle the TPA duties as well as manage the assets so you might be able to go to a place like that and do both. Not being licensed can be an advantage as a TPA since other brokers will not feel threatened that you might try to replace them in addition to being the TPA. It would be nice if TPA's compensation was more. I feel most are underpaid for the work they do and I'm not sure what the best "next career" move for a TPA would be to get a higher income.

[Bird]

I think it would take A LOT to become a B/D. There's all sorts of compliance/oversight that needs to be done and you need a lot of assets under management to justify that. I dunno, maybe you can ramp up to that level pretty quickly. But I'd start by just becoming a broker again - you might be able to develop a relationship with a local/regional B/D, or perhaps one of the larger national firms caters to independents.