To conduct securities transactions and business with the investing public in the United States, both firms and individuals must be registered with FINRA (in some cases, registration with the SEC may be required). Firms must apply and meet certain membership standards to become a FINRA-registered broker-dealer.

In addition to filing the FINRA New Member Application (NMA) Form and applicable registration forms, PRIVATE PLACEMENT MARKETS will work with the client to  prepare the required supporting documentation that addresses how you will satisfy the Qualifications and Standards of Admission as well as other applicable statutory and regulatory requirements.


NOTE: FINRA will not begin reviewing your membership application until it is substantially complete, so it is important that you strictly adhere to specific deadlines during the process.

Phase I - What we will do before we file with FINRA

  • Establish a corporate entity for the new Broker Dealer.

  • Determine who will be the officers and directors of the Broker Dealer.

  • Reserve a name for the Broker Dealer with FINRA.

  • Establish an accounting system and decide on an independent auditor.

  • Fund the Broker Dealer with assets allowable for net capital.

  • Enroll in a study class and prepare for the required FINRA examinations.​​

    • MYTH: the traditional thought is that the series 7 is required to form a Broker Dealer, this is actually not a true statement. A Broker Dealer may be registered with a Series 66 or 65 License, and neither of those tests require sponsorship. PRIVATE PLACEMENT MARKETS can give you the applicable study material, direct you to online course materials, and register you for both the Series 66 or 65 Exams.  ​

  • PHASE I TOTAL COSTS: $500​ (plus cost of incorporation)

Phase II - The staff of B/D Solutions moves into action

  • Gather all the information necessary for filing with FINRA and other agencies.

  • File initial papers with the SEC, FINRA and/or State regulatory agencies.

  • Submit the requests to take the required FINRA exams.

  • Request waivers for any other exemptions (if required).

  • Schedule the FINRA "Pre-Membership Interview" at the FINRA District Office.

  • By the end of this phase, you should have completed any licensing testing with FINRA.

  • PHASE II TOTAL COSTS: $500 (plus FINRA testing costs)

Phase III - The FINRA Pre-Membership Interview

  • Preparation of the Principals to attend the FINRA Pre-Membership Interview.

  • Attend the FINRA Pre-Membership Interview.

  • Work to provide FINRA any additional materials they request as a result of the PMI.

  • Continue to communicate with Home State regulators to obtain concurrent approval.


Phase IV - After FINRA Approval

  • Submit applications to all remaining states requested by your firm (general state fees range from as little as $100 to as much as $500+)

  • PHASE IV TOTAL COST: $75 per State

MYTH BUSTER: There are many firm's that charge substantial amounts of monies to register you as a Broker Dealer, and use many sophisticated terms to justify those large fees and costs for their services. The truth is, the Registration of a Broker Dealer is only hard ONE TIME, and that is the first time. The Management of PRIVATE PLACEMENT MARKETS has been through the process multiple times, and it is a simplified process for them, and that is why there is a "flat fee" for each phase of the process (which is due at the start of that phase, and if you discontinue the process at any point, there are no additional costs or fees). 

There is no circumstance on Earth where your all in costs for the registration of a Broker Dealer (not including any State Filing Fees detailed in section IV above) exceeds $2,000 USD. If they do, you paid for a product and/or a service that was greatly overcharged. 

Mr. Steve Muehler

Founder & Managing Member

Private Placement Markets

101 California Street

San Francisco, CA 94111


Phone: (877) 259-8066

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Private Placement Markets, LLC (a Delaware Limited Liability Company) provides no depository services and is not insured by the FDIC. Private Placement Markets is an Investment Banking Industry Document Preparation Company and Capital Markets Advisor. Private Placement Markets does not offer, and does not offer to provide any broker dealer or market maker services. Private Placement Markets operates this website (referred to as the “Website”). By accessing this Website and any pages thereof, you agree to be bound by its Terms of Use and Privacy Policy. Past performance is no guarantee of future results. Any historical returns, expected returns, or probability projections may not reflect actual future performance. Private Placement Markets does not provide financial planning services. Private Placement Markets does not provide tax advice and does not represent in any manner that the outcomes described herein will result in any particular tax consequence.


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