Bankruptcy and FA Position
I'm looking to transition from equities prop trading (Chimera, Tower Hill, Trillium) to a PWM or FA role. I had to file for bankruptcy 4 years ago, how much will that affect my chances of getting hired in one of these roles? Thanks in advance for any insights.
In most cases it makes it very difficult to get hired because it puts the firm at a huge disadvantage if there were ever a customer complaint or lawsuit. It's all about risk/reward and in this case you bring little reward to the table as a new FA but represent a potentially high level of risk to the firm.
First, glad to see you back up on your feet after what I'm sure was a very difficult experience.
Second, I'm not asking, but the reason for the bankruptcy could be a saving grace. Also, being upfront with the employer may be an option to consider (some people will disagree, so give it ample thought). If it was for medical expenses, then I'd be surprised if that wasn't considered differently than, say, wild speculation on securities or legal costs defending yourself in a fraud case.
It's not a black and white matter, but depending on the cause of bankruptcy and the reasonableness of the employer, I wouldn't count yourself out of the running.
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