Curious if anyone would be willing to share the process with me regarding contracting with building a financial services practice along side of my Insurance agency? Anyone who's seen this process happen or has knowledge of starting a financial services practice from ground zero. My guy is a young professional with plenty of potential and connections in the community so the leads,etc aren't a concern. It's the licensing, broker dealer, designations, etc that I need to work through.
Adding financial services
- Thread starter 1manshow
- Start date
- 11,294
Depends on what and how you want to offer it.
If you want to offer securities on a commission basis, you'd need to get registered with a broker/dealer and get the appropriate licenses - Series 6 or 7, and series 63.
If you want to offer asset management services on a fee-basis, you'd need a Series 65 and either create or get registered with an RIA firm.
If you want to do both, you'll want to start by finding the broker/dealer. They'll have an RIA to do your fee-based business with.
Just be aware that broker/dealers need to know about all your Outside Business Activities - including selling insurance. They may even require you to put that business through their commission grids.
If you want to offer securities on a commission basis, you'd need to get registered with a broker/dealer and get the appropriate licenses - Series 6 or 7, and series 63.
If you want to offer asset management services on a fee-basis, you'd need a Series 65 and either create or get registered with an RIA firm.
If you want to do both, you'll want to start by finding the broker/dealer. They'll have an RIA to do your fee-based business with.
Just be aware that broker/dealers need to know about all your Outside Business Activities - including selling insurance. They may even require you to put that business through their commission grids.
- Thread starter
- #3
- 11,294
If you want the greatest control, I'd stick only to the RIA business model - whether you start your own, or become registered through someone else's.
It's the broker/dealer model (and compliance) that is over-burdensome.
It's the broker/dealer model (and compliance) that is over-burdensome.
- Thread starter
- #5
- 11,294
RIA Compliance Software and Services - RIA in a Box
Or you can join other "insurance-friendly" RIAs and be an IAR for those RIAs. These are two that I have checked out in the past.
POM - POM
First Advisors National
Btw, if you have a team of agents, then First Advisors National has an override compensation system for anyone you bring in 'under you'.
Or you can join other "insurance-friendly" RIAs and be an IAR for those RIAs. These are two that I have checked out in the past.
POM - POM
First Advisors National
Btw, if you have a team of agents, then First Advisors National has an override compensation system for anyone you bring in 'under you'.
- Thread starter
- #7
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