{"type":"rich","version":"1.0","provider_name":"Transistor","provider_url":"https://transistor.fm","author_name":"The Augment Exchange","title":"Starting a Broker Dealer & The FinOp Playbook | Jay Gettenberg, ACI","html":"<iframe width=\"100%\" height=\"180\" frameborder=\"no\" scrolling=\"no\" seamless src=\"https://share.transistor.fm/e/26be0df1\"></iframe>","width":"100%","height":180,"duration":3495,"description":"Every broker dealer needs three principals: a CEO, a CCO, and a FinOp. Jay Gettenberg has been the third one at more than sixty broker dealers. ACI started as his father's side hustle and grew to about 120 NYSE member firms before the floor went electronic. Jay rebuilt it around fintechs, private placements, ATSs, and carrying firms. Today ACI supports about 200 broker dealers. The FinOp episode: starting a broker dealer and staying compliant.\nIn this episode, Max sits down with Jay Gettenberg, CEO of ACI. They discuss:\n• What a FinOp owns: net capital every minute, and exam prep that starts before the request list\n• Net capital: the $5K, $100K, and $250K tiers, 120% early warning, and a year of fixed expenses up front\n• The NMA: FINRA's 14 standards, and ACI's hand in 25 to 30% of new broker dealers over four years\n• Private placements: no customer funds, and no net capital credit for private stock\n• Rep or owner: 70 to 90% payouts, and the ACI Capital Markets incubator plan\n• PCAOB audits: the cost complaint he hears most from small firms\nABOUT THE GUEST\nJay Gettenberg is CEO and Managing Partner of ACI, outsourced FinOp and accountant to broker dealers. He joined the family firm in 2007 and bought it in 2016. He runs ACI Capital Markets, ACI's broker dealer, and was elected FINRA Small Firm Governor in July 2026.\nLinkedIn: https://www.linkedin.com/in/jay-gettenberg-69955714 Company: acisecure.com\nOUTLINE\n(00:00) Intro\n(01:27) EY to the family firm\n(05:13) FinOp, NMA, CMA explained\n(13:07) Net capital: $5K, $100K, $250K\n(17:42) Private placements and haircuts\n(24:07) Exam prep starts early\n(27:00) The FINRA Board seat\n(28:58) The PCAOB audit cost\n(34:43) The ACI Capital Markets plan\n(41:16) ACI's origin story\n(48:35) Lessons from his parents\nMENTIONED IN THIS EPISODE\nFINRA. ACI Capital Markets. PCAOB. Carta.\nFOLLOW\nMax Melmed on LinkedIn: linkedin.com/in/max-melmed\nThe Augment Exchange: augment.market/exchange\nAugment: augment.market\nABOUT THE SHOW\nThe Augment...","thumbnail_url":"https://img.transistorcdn.com/DYZOGz7RQWCPG4TKQU1ew9K73TgaWaPxYF0HzZBUo-M/rs:fill:0:0:1/w:400/h:400/q:60/mb:500000/aHR0cHM6Ly9pbWct/dXBsb2FkLXByb2R1/Y3Rpb24udHJhbnNp/c3Rvci5mbS8zNjI0/NWE3YWNiOTRjZTFk/YmY2ODg2YzdlMmFm/MTIwNi5wbmc.webp","thumbnail_width":300,"thumbnail_height":300}