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Licensee vs Credit Rep - what will it cost brokers?

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Licensee vs Credit Rep - what will it cost brokers?

Licensee vs Credit Rep - what will it cost brokers? The difference is minimal.

Let's look at that.  Assume you're a one-person brokerage.  If you're a Pursuit Broker Services Credit Rep, you're paying currently $135 per month and if we assume the Levy is as per the current estimate, a further $114.40 per year for a total of $1,849 per year. 

If you're a Licensee, you'll have a Base Levy of $1,000.  Assuming you use CompliFast to keep your compliance in check, that's another $600 per year.  Your aggregator will likely be expecting to see more than only your self-audit results so let's say you pay for a CompliFast MyQEDFileAudits once per year, that's a further $125 for a total of $1,725.

So, you can see it's fairly cost-neutral.  There are some variables in there.  If you're currently a Licensee, you need to be aware that your aggregator's Credit Rep fees are probably significantly higher than Pursuit's.  On the other side, if you remain a Licensee, your aggregator might have different ideas than merely using QED's audit services at a higher cost than that shown above.

Overall, however, we don't think that cost will really be a major consideration.  You should choose to be a Licensee or a Credit Rep (of either Pursuit or your aggregator) for business operational reasons and because it suits you best.

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