Broker Dealers That Are FMO Friendly? HELP!

[budfox7]

Hello guys, I know I can come to this site for some good feedback. I am securities licensed 7,66,63 and need a good broker dealer that allows relationships with FMO and other marketing organization. Is there a list out there that any one can supply or guidance. I am making a move quick.

Look forward to this answer, this is a MAJOR topic for me.

 

[budfox7]

I finally found one! Message me if you are interested in one, i have all the details on a BD that will work if you are independent and would like to run EIA on outside FMO paper, you dont have to run it through the grid and man no monthly association fees and 80-90% payout!!! Message me if you want to know more, not a recruiter, i dont even work there yet! But I know this information is valuable to some that have series 7,66 licenses.

 

[onesource22]

Send me some info... [email protected].

Thanks,
Mark

 

[PrivateEquity]

Why not post publicly for all to see?

 

[sman]

ONESCO allows you to do Index Annuities as an OBA and it does not run through them.

Welcome to ONESCO

 

[Larry Tew]

ONESCO allows you to do Index Annuities as an OBA and it does not run through them.

Welcome to ONESCO

I was with ONESCO in 2007 and 2008. I had to change my BD because of a salaried training position with another company. At the end of 2009, I tried to move back to ONESCO but could not due to low securities production while at the other BD.

They are a good BD for life producers, but right now they are harder to get appointed with than they used to be. My regional officer couldn't even get me in. I've been a RR since 1983 with a totally clean FINRA broker check. Right now, it takes securities production history to appoint with them.

 

[sman]

I believe they have a $10k minimum which isn't that much. I realize if you were in a non-producing position it may as well have been $100k. At $20k they have no fee. I think their starting payout is either 70% or 75%.

Yes, they are fine if you are a life producer, but just as good if you aren't. I don't do a ton of life business and the majority of life I do isn't through Ohio National Life. They are perfectly fine if you only do securities as well. They have a very fair payout too. The plus for those who do Ohio National Life business is that the commissions for the life count towards your moving to a higher payout on the BD side (the life commissions do not run through the grid, they are paid directly from the carrier so you don't take a haircut on life commissions).

They have some great managed programs and offer some additional benefits if you hit certain levels of production.

I'm sure many BD's are raising their production requirements due to the added cost of regulation. Which BD did you end up with?

I was with ONESCO in 2007 and 2008. I had to change my BD because of a salaried training position with another company. At the end of 2009, I tried to move back to ONESCO but could not due to low securities production while at the other BD.

They are a good BD for life producers, but right now they are harder to get appointed with than they used to be. My regional officer couldn't even get me in. I've been a RR since 1983 with a totally clean FINRA broker check. Right now, it takes securities production history to appoint with them.

 

[DHK]

I've only heard good things about ONESCO. It's truly an independent broker/dealer arrangement since they don't care about any marketing you do... unless it involves securities.

If I were to affiliate with a B/D again, ONESCO would be a serious contender for me.

Didn't know their production requirements were so low! Only $10k in GDC??? Whoa! Unfortunately, all my GDC production was with a credit union and it wasn't even in my name! So I had no proof (other than my own production notes in an Excel spreadsheet) to show ONESCO that I would know what I was doing.

Oh well. Glad to get rid of FINRA anyway!

 

[Larry Tew]

I agree that ONESCO is a good BD. The production to STAY in is more lenient than the production to GET in. Even your ONL life and DI FYC counts towards your minimum requirement... ONCE you are appointed. Much of my securities production over the past two years was split business or done with / for others as part of my training role.

I U-5'd at the end of 2010 and am considering my options.

 

[sman]

Didn't know their production requirements were so low! Only $10k in GDC??? Whoa!

Don't hold me to that. I don't know if that's the amount, but I think it is.