Frequently Asked Questions



Do you have any production minimums?
If your production level at Brooklight Place Securities, Inc. (BPSI) is less than $20,000 of gross dealer concession (GDC), affiliation fees may apply. If your production is under $20,000 GDC and you intend to remain a registered representative in good standing, affiliation expenses can be discussed. BPSI will take into consideration your prior year’s commissions.

Do you have any specific requirements with regard to errors and omissions (E&O) insurance?
Yes. All Registered Representatives of Brooklight Place Securities, Inc. are required to have coverage through CalSurance Associates, Inc. There are no exceptions to this requirement. All Registered Representatives of BPSI are required to have this sponsored coverage at all times, beginning with the first month they are registered with the firm. (Coverage with any existing E&O plans will not be allowed to "run out" before new coverage is acquired.)

Do you have compliance requirements, such as meetings and audits?
Yes. Pursuant to standard FINRA requirements, all registered representatives are required to complete an Annual Compliance Questionnaire, Annual Compliance Meeting, Firm Element and Anti-Money Laundering trainings.

Audits are scheduled annually and each representative should anticipate a meeting at their place of business by a registered Principal of the firm.

What fees are associated with becoming a registered representative with Brooklight Place Securities, Inc.?
In addition to any FINRA registration fees and various state fees, BPSI requires you to maintain a firm e-mail address. Any technology costs are done a la carte or as needed.

I have a current customer complaint. Will this or any other disclosure have a negative impact on my chances of becoming licensed with Brooklight Place Securities, Inc.?
NASD Conduct Rule 3010 requires investigation into the background and reputation of all candidates to determine "the good character, business repute, qualifications and experience" prior to their qualification for registration with a member firm. Brooklight Place Securities, Inc. has established standards and policies designed to comply with this rule. It is our policy not to register individuals whose qualification investigation reveals certain elements including, but not limited to customer complaints. Some of our other grounds for review include securities or industry violations, production status with former broker-dealers and bankruptcies.

I have a book of business that I would like to bring along. How do I do that?
Unfortunately, FINRA rules prohibit Brooklight Place Securities, Inc. from accommodating block transfers (inbound or outbound). A Change of Dealer (COD) form may be used in place of a block transfer. In this case, a registered representative fills out a COD form that is signed by your clients. This will change the account's broker-dealer to BPSI. These efforts help to ensure that we have updated records pursuant to the SEC Books and Records requirements and ensure that we comply with FINRA rules pertaining to block transfers. Software and prior planning can help made this process easier. Contact us to find out more regarding you and your client's transition to BPSI.

I am a Registered Investment Adviser. Does Brooklight Place Securities Inc. offer any type of fee based programs?
Brooklight Place Securities, Inc. has an agreement with Interactive Financial Advisors, Inc., an SEC registered investment advisor. A registered representative of Brooklight is permitted to become an investment advisory representative with Interactive Financial Advisors, Inc. Interactive Financial Advisors, Inc. provides money management models, software and a process within which to work.

I have been out of the business for a while and I am approaching my two-year window for termination of my FINRA registrations. I’m looking for a place to put my license. Can Brooklight Place Securities, Inc. help me?
FINRA strictly prohibits member firms from registering individuals who are not actively engaged in the securities industry. Therefore, Brooklight Place Securities, Inc. will not park, shelf, preserve or hold your license for this reason. Furthermore, if you have been out of the securities business (not associated with another broker/dealer) for more than one year, a compelling reason for affiliation will need to be reviewed. For consideration in this instance, please submit a detailed letter for review by the committee.

How quickly can I become licensed with Brooklight Place Securities, Inc.?
From start (pre hire paperwork, initial screenings) to finish (FINRA Form U4, E&O purchase, orientation), the process may be completed in 2 weeks. BPSI is generally very nimble in the affiliation process.

I have a Series 7 license and I process trades for my clients through a clearing firm. Currently my clients are trading on margin. Is Brooklight Place Securities, Inc. able to support this business?
Brooklight Place Securities, Inc. has a relationship with RBC Correspondent Services of Minneapolis, MN for clearing services. BPSI does not allow margin accounts, through our clearing firm, RBC. Furthermore, we are unable to support options trades or online trading for clients, at this time.

I don’t have a copy of my 1099 for production verification. May I send you a copy of my commission report from my existing broker/dealer that details my yearly GDC?
Certainly. BPSI uses past commission production to determine payout at the firm. We will accept any report detailing your commission history. In fact, this may be a better alternative for those representatives that are not able to segregate fixed insurance business commissions from their 1099s.


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