Fintech leader sets eyes on broker-dealer to power digital trading, underwriting, other services
MEMPHIS, Tenn., April 28, 2022 /PRNewswire/ — Planet Wealth, Inc. today announced it has initiated the process of acquiring a broker-dealer with the intention of itself becoming an independent global investment bank. Adding broker-dealer capabilities will provide massive value for the company’s community, eventually offering Planet Wealth members the ability to buy and sell securities on a variety of exchanges directly from the Planet Wealth platform.
Perhaps more importantly, achieving registered broker-dealer status will give Planet Wealth the ability to underwrite security offerings generated by its clients. Planet Wealth members will be able to form businesses, price and market new security offerings tied to their investment ideas, and sell those securities to interested parties to raise funding capital. This means that every Planet Wealth community member will be legally able to form a business and fund it fully without ever leaving the Planet Wealth ecosystem – no astronomical Wall Street fees, no time-consuming legal struggle, and no barriers to entry beyond joining thousands of others along Planet Wealth’s rapid growth trajectory.
“Our goal is to empower everyone who wants control over their financial destiny without relying on anyone else to make it happen… even us,” said Greg Sossaman, CEO of Planet Wealth. “We’re turning the Wall Street paradigm on its head. There are so many investors who have felt locked out, priced out and frozen out of traditional financial markets for so long, but those days are ending. Planet Wealth will soon offer everything you need and everything Wall Street wants to sell you, but at a fraction of the cost and on your terms – not theirs.”
Acquiring an existing broker-dealer offers a number of advantages over setting one up from scratch, including speed to market. Once a purchase agreement is entered into and regulatory conditions are met, Planet Wealth can begin operating as a broker-dealer almost immediately. The company already satisfies the vast majority of relevant regulatory criteria. Every broker-dealer, new or existing, is subject to FINRA restrictions prior to and in the course of acting as a broker-dealer on behalf of its clients.
About Planet Wealth:
Planet Wealth is democratizing access to America’s investment system – taking it from Wall Street to Main Street. Planet Wealth aims to provide income and wealth-building opportunities that empower strong income and return potential for the average player; to assist the masses in building financial networks worldwide which wield as much power as the pros, taking advantage of opportunity with their combined force. Headquartered in Memphis, TN, the company launched on July 4th, 2021. https://planetwealth.com/