I am currently a wealth advisor with a book of around 26MM. I am 27 years old and have been doing this for around 6 years. I have my series 7, 65, and 63. I went to a non-target school for my BA in Business Administration with a specialization in Finance and have a minor in Economics. I graduated with a 3.7 GPA
Long story short, due to some very, very unfortunate (and may I say unfair) circumstances, the state that where I conduct most of my business in will be suspending my license, and most likely barring me from the industry. This will likely have a ripple effect to all other states where I am registered with FINRA and hold an insurance license. The matter the state was investigating me for was non-customer related and did not affect any Broker-Dealer, but was instead outside the scope of the wealth management business (it was a civil, not criminal, court case)
This was an on the record with a government agency that regulates IARs in my state. I asserted my 5th amendment privilege on advise of my attorney once they began to ask about the ongoing civil case I am in. Anything I say during an OTR can be used against me in a court of law. I plead the 5th, they suspend me. Very unamerican.
Based on that, I am unlikely to ever be able to hold any professional or governmental license. This would include CPA, CFA, an attorney's license, or anything registered with FINRA or the SEC.
I am in need of a career shift and have no clue where to start. I have had this one position ever since post-grad, and although I have done well, I don't have much to show outside of it. Nothing really extra to pack on my resume either. Are there any courses to fill my resume that I can get real quick before being suspended? Ideally, I would apply for positions with a resume that shows I have my S7, S65, and S63 since technically I do still hold those.
I have not started extensively looking yet as I am still going through the shock and depression of all of this. I am trying to think of industries I can start applying to. PE and venture capital seem possible, but they are extremely hard to get my foot in the door. I was also thinking of corporate finance, but am hoping that an employer when running a background check doesn't immediately disqualify me. Consulting seems like a drag but maybe that's possible?
I'd appreciate any help you all can give. Thanks.
Blink three times if you committed tax fraud
Nope. Just got suspended for refusing to answer questions in regards to a civil case involving real estate. If it was for tax fraud, it wouldn't be the state agency that regulates IAR licenses investigated me but someone much bigger :)
Oof that’s too bad. If they are just suspending one of your licenses, that isn’t the end of the world at all. There’s tons of opportunities like u were mentioning, and $27 mm book before 30 is pretty damn impressive for everyone. Is that $270k per year in fees?
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