So the million dollar question is are there any securities reps that manage and insure assets? And...what would be the plan for insurance agents that want to also do securities? I've heard that it's really expensive to keep securities license and then you have to find a brokerage to run your securities based funds through. Not sure if this is true.
RMD 70.5 Solutions
- Thread starter Justin Bilyj
- Start date
So the million dollar question is are there any securities reps that manage and insure assets? And...what would be the plan for insurance agents that want to also do securities? I've heard that it's really expensive to keep securities license and then you have to find a brokerage to run your securities based funds through. Not sure if this is true.
- Thread starter
- #12
When I network at events I always ask FA's if they do any insurance planning.
I have not met a single FA that does Disability, Medicare, Health, Property and Casualty, or Long Term Care, except by the captive Mass guys...
I have not met a single FA that does Disability, Medicare, Health, Property and Casualty, or Long Term Care, except by the captive Mass guys...
So why is this the case? It makes no sense, and it's probably the reason I don't want to get securities licensed. Yet, this could be an opportunity.
I was taking to Paul at Newman LTC, and he mentioned a study he did on how a LTC event of 3 years (which is pretty conservative) would destroy someones assets...yet most FA's don't insure their clients assets.
Top it off by them telling their clients that insurance is a waste of money.
Bingo...and remember that insurance premiums are usually paid from the checking account ($ that the advisor does not have under management), not the investment account.
It isn't always an "either/or" proposition (your AUM argument)...often it's an "AND".
- Thread starter
- #15
I talked to a gentleman earlier this year about ltc, he said his Financial Advisor told him long term care insurance was a rip-off and that he should just ignore it.
I did a double take....talk about malpractice.
I did a double take....talk about malpractice.
Yep...and we're the ones that can't talk about risks of playing the market.
I have a couple of financial advisors that have been a good referral source for me, the key for me has been to start the discussion with Medicare and social security planning which they find a little less threatening and can see the value that we can offer their clients.
- 438
You guys start sending your insurance clients to me for their investments and I'll start sending my investment clients to you for insurance.
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- #19
True. I do it all, and the various securities fees run 5k year for Broker/Dealer ("brokerage" is wrong term)
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As a CFP I do LTC plenty. And GUL, term. But many of us never do commissions at all. And no, I am obviously not going to get a P&C license! And Health/Medicare is farmed out - no way can keep track of that as well as a specialist in it.
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