Frequently Asked Questions About Compliance—Registration
WHEN ARE MY LICENSES AVAILABLE?
FINRA licenses usually transfer from one broker-dealer to another within 24 hours. However, there is no guarantee on the timeliness. If a Representative has a disclosure, the transfer could take several days or weeks. State registrations generally take 24 hours. If there are previous disclosure items on a Representative’s CRD record, some states may not approve the registration or will require additional time to approve.
WIS is not involved in the timeliness or final decision of the respective regulators.
HOW CAN I VERIFY THE STATES I´M REGISTERED IN?
You can access the FINRA Broker-Check system through the following link. http://www.finra.org/Investors/ToolsCalculators/BrokerCheck/index.htm. Once at the site, click on the “Get Detailed Report” section on the right side of the screen and scroll down to Broker Qualifications. A list of states will appear with registrations.
IS THERE A DIFFERENCE BETWEEN STATE SECURITIES LICENSING AND STATE RIA LICENSING?
Yes. While the process is the same, there are separate registration fees for both. Contact Compliance Registration for registration fees.
WHAT IF A STATE LICENSE HAS NOT BEEN TRANSFERRED BUT I NEED TO PLACE A TRADE FOR A CLIENT WHO RESIDES IN THAT STATE?
Every state’s security laws are different. You will need to contact compliance prior to initiating any trade to discuss.
HOW DO I GET APPOINTED WITH INSURANCE CARRIERS?
Contact CPS Insurances Services at 800-326-5433 for appointment with carriers or log onto their website: http://cpsinsurance.com. You must register with CPS to log in.
If you were previously appointed for Life Insurance and Annuity Contracts with specific insurance carriers, you may contact the carrier directly and request their required re-appointment forms.
HOW DO I GET LICENSED FOR INSURANCE FOR A PARTICULAR STATE?
Go to that State´s Department of Insurance website and look for non-resident producer licensing. Follow the instructions as listed by the State.
WHEN DOES MY INSURANCE LICENSE EXPIRE AND HOW CAN I VERIFY MY CONTINUING EDUCATION REQUIREMENTS FOR MY INSURANCE LICENSE?
You can access the status of your insurance license through your State´s Department of Insurance.