We're looking to hire a registered representative of a broker-dealer to work for our registered investment advisory firm as an investment advisor representative. The person has Series 7 and 66 licenses. He'd like to keep his Series 7, just in case things don't work out, but we don't want the hassle of having to clear things with a broker-dealer. It's my understanding that he couldn't just "park" his license with a broker-dealer anyway. How long does the Series 7 remain active once he leaves his broker-dealer?

— S.W., Florida

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