Firm Update

It was May of 2000 and college graduation was a few shorts weeks away. I was looking forward to starting my new job working with Ruth Guillaume at an LPL Financial office in Inverness, IL. Everything was ready to go except for one small detail – I must pass the Series 7 exam. Passing this exam allowed me to conduct ‘general securities business’ and Ruth was expecting I would pass this test so I could start working right away. I was nervous, but I did pass the exam.  

 A lot has changed since 2000 including the need for the Series 7 license. A securities license is needed to help clients buy and sell stocks, bonds, mutual funds, and other investment products while getting paid a commission. We are still buying and selling stocks and mutual funds for clients, but this is done as part of a comprehensive financial plan and we are paid on a flat percentage fee basis. A series 7 license is not needed to provide that service to clients. 

As of November 2022 I am dropping my series 7 license and that will result in a few small changes. If clients have investments held directly with mutual fund or annuity companies some adjustments will need to be made. We will reach out directly to any clients that will be impacted. It will not have any impact on 99% of the work we do with clients on a daily basis. LPL Financial will continue to serve as the custodian for most of our client’s accounts while we also use TD Ameritrade and Fidelity when appropriate. We will not be able to open brokerage accounts any longer, something we have not done in years. All investment advisory services will continue to be offered through Private Advisor Group (PAG). Private Advisor Group is a nationwide Registered Investment Advisor (RIA) firm that specializes in working with independent financial advisors. The main benefit that PAG offers us is the ability to focus on the day to day needs of our clients. They handle many of the back-office compliance and supervision tasks much more effectively and efficiently than we could on our own.

We value the opportunity to partner with organizations that support our desire to offer the best service possible to our clients. Private Advisor Group has over in $25 billion in assets and works with 750+ advisors nationwide. More information about PAG can be found on their website here. The form ADV for Private Advisor Group can be viewed on U.S. Securities and Exchange Commission website here.

This will also change my email address. Only eric@gf-wealth.com will be active, eric.freckman@lpl.com will no longer work.