In the current time frame, she said advisors should consider submitting a full license application just before Christmas. It can take up to 6 months to complete the process.
“There is a wealth of information out there, so it’s highly recommended that you check out its complete licensing guide,” Meinu said.
“It’s very important to go through the process. It’s not just about signing the declaration and saying,” Yes, I’m completely ready. ” As soon as you do, FMA can ask you to review the documentation and process. You need to fully understand the requirements and make sure you have the right policies, procedures, and frameworks in place. “
“We want you to review all the information in the guide and be really confident before you go into the full licensing process,” she explained. “It’s not a race, but it’s in a limited time frame.”
Mayne said the migration licensing process highlights the protracted issues of advisors and FAPs, and the best strategy is to use the rest of the year to fully categorize them before migrating to full licensing. Said.
“There are some issues we see in the market that are not yet fully resolved,” Meinu said.
“For example, some technology providers aren’t actually building technology for sole proprietorship FAPs, so some providers are causing some problems.”
“There is still a lot of movement of financial advisors and accreditation bodies among different groups, and we have found that some FAPs do not meet the terms of some of the contracts offered,” she said. I added. ..
“My recommendation is to take the time to resolve these issues. There are no prizes for the first licensed issue. Make sure you understand and take the time, but in the evaluation process Please take enough time.
“In my experience, the full license application process should take six months to do business, so I’m aiming to get that application just before Christmas and someone else will do it. Take a nice break, knowing that you’re trying to evaluate. “
When should I start preparing a fully licensed application?
Source link When should I start preparing a fully licensed application?