Go there and ask, several doing what you are thinking and can pretty much lay out the reguirements in whatever State you may be in. I wouldn't ask sales guestions there but the technical side they seem to be on the ball.
I was affiliated with Quest Capital for about 3 years. I have mostly positive things to say about them. I can answer specific questions regarding service, minimum requirements, and fees. [email protected]
I got security and life licensed at Morgan Stanley, then got washed out after a year. Afterwards, I worked in a different industry, and the plan was to work as a stockbroker at night part time (did not happen). Quest Capital is perfectly cool with you working another job, as the majority of their reps do. Selling insurance is fine, but you cannot work for another broker dealer (per NASD). You can sell life with them, if they are licensed in your state. One reason to do this, would be so you can market life insurance on your securities web site. As a note, I think down the road they will want Â“approvedÂ” equity indexed annuities to go through them, and not allow Â“unapproved EIAÂ”, like other B/D firms are leaning towards.
Getting set up with them was easy. They mailed a packet that was easy to fill out. I think there is a one time fee of about $600 for setup. Plus you have to pay yearly fees to any states you want to be registered with ($30-$150/ state). Their ongoing fee is $40 / month, which they draft from your checking account. If you want to have one of their template websites, with your info, it is an additional $30 per month. Example: http://www.jmdooley.net/
The payout starts around 60%, but I am not positive. It jumps up pretty quick depending on production (up to 90%). They are a full service firm, and have full products that you would find anywhere else. They clear through ADP, and you have access to ADPÂ’s bond desk, and other resources, etc. You can buy mutual funds in your Quest account, or you can buy funds directly with the fund company, and send a copy of paperwork to Quest. Quest offers a company brochures, and branded folder, and business cards. They also offer a securities based news letter that typically features 3 stocks. All of these items mentioned are not all that great. I donÂ’t think anyone ever used the newsletter.
Most importantly, you can work out of your home. For being off-site, they are very reasonable regarding compliance. They have an annual on site inspection of your home office. Further there is an annual compliance conference that you must attend, historically in California, and one on the East Coast (New York or NJ). Their minimum required production is what the NASD has. Quest seemed to be happy as long as I had some type of revenue on a quarterly basis. In summary, you donÂ’t pay them all that much, but there is not very much support. [email protected]