An OSJ principal approves new accounts and advertising; reviews and executes customer orders; and maintains custody of customer funds and/or securities.
Individual representatives are required to have Series 6 or 7 FINRA registration.
Compensation is based on total commission and fee revenue minus any operating costs, which are passed through without any markup.
McNally provides full support and compliance guidance with all SEC, FINRA and state securities boards’ rules and regulations.
OSJs require registration as a General Securities Principal, FINRA Series 24.