Series 65? Should I Get It?

[Larry Tew]

For the person that said I need to do so much with a BD to keep my license, that is one of the points of doing the 65 - you don't have to be affiliated with a BD at all.

To the person that asked if I am with a captive agency, no I am not. I own my own agency. I will be meeting with families to discuss, among other things, setting up college savings plans using an IUL. I will need to discuss 529 plans, and occassionally sell some if it fits the client better (that should be few and far between). But I also deal with clients who have old 401ks and other savings accts and I want to be able to discuss securities with them. Some of the money might go to securities, some to annuities, but I want to be able to discuss all options. Right now without a securities license it is real iffy to discuss what they currently have (securities) even if you are only moving it to an annuity. I want to be fully compliant.

Sounds like you've made up your mind to move forward with this. I can 2nd everything that's been said here about the utter idiocy of FINRA. But even with your 65 you still have regulatory hassles.

In my opinion, the "I can't mention the word s-e-c-u-r-i-t-i-e-s without being licensed" argument is flawed. Fee planners talk about all financial products in a general way and are not afoul of the law for it. I don't have to be a registed rep to say "Joe, the Dow is around 11,500 to 12,000 these days. That's where it was in 1998. How do you feel about that?" There are many other ways to talk about securities without "talking" about securities.

I have a lot of people that either I've mentored over the years or they've mentored me that have given up their securities registration. I have yet to have one tell me that looking back they think they made a mistake.

Not trying to discourage you, just helping you make sure you count the cost either way.

 

[briko3]

You can use that technique even when you KNOW you're going to end up writing business that doesn't require a license. It's just a good way to drive the wedge of doubt about a competitor without badmouthing.

 

[Cornelius]

I have access to the 65 option. If you want to get an idea of what's available feel free to contact me and I will give you a contact number for a person to talk to.

As it's securities business I won't go into too much detail on a public message board and also I'm not currently 65 licensed yet.

 

[Norwayguy]

Your focusing on what you can't do without the Securities registration. Have you considered what you can't do WITH the securities registration. If you go the Series 6 route you will be limited in what FIAs you can sell and your free speech rights...You have more flexibility witht he 65 and less regulatory burden but its still a good size expense and if you go on your own you have to create the whole wheel. After 10 years being registered I dropped it last year a couple things changed I left an agency and had to leave my book so I started from scratch and the real killer I was now a registered branch and it was too time consuming.

 

[djs]

... but I want to be able to discuss all options. Right now without a securities license it is real iffy to discuss what they currently have (securities) even if you are only moving it to an annuity. I want to be fully compliant.

I applaud your way of thinking. You are taking a good common sense approach to being able to do the right thing for the client.

You may want to talk to a few licensed agents and get their opinion on what advice they can and cannot give under these licenses. You may find your hands are tied more with a license than they are without it. Yes, this can contradict common sense.

Dan

 

[tjinca1]

I feel a little bit different than most have expressed here. If you do leads or anything where you're in competition with someone else, you can make a lot more sales with it than without it. All you have to do is show them something an unlicensed person can't show them and point out..."oh...they must not be licensed". Drive the wedge and get the business.

I agree, I believe it will help the sale. Much more cred with it, plus you meet those clients that might want some in an annuity, some still in the market. And since I do college savings, everyone knows what a 529 is, so I'll have to write som occassionally.

 

[VolAgent]

I agree, I believe it will help the sale. Much more cred with it, plus you meet those clients that might want some in an annuity, some still in the market. And since I do college savings, everyone knows what a 529 is, so I'll have to write som occassionally.

Your prospect decided you were credible or not long before you opened your mouth to tell him you are securities licensed.

 

[tjinca1]

Your prospect decided you were credible or not long before you opened your mouth to tell him you are securities licensed.

Of course, but it can only help.

 

[Cornelius]

Shoot me a message with an email address and I will send you a number to speak with someone who can answer all your questions. As mentioned I would answer some of your question but we never know when we cross the line and who is monitoring what we post.

 

[Larry Tew]

Your prospect decided you were credible or not long before you opened your mouth to tell him you are securities licensed.

X2. Even A.L. Williams agents figure out a way to pass the 6 and 63. More licenses or alphabet soup on your business card will not buy you the credibility you want.

If you want to be able to sell securities, by all means you're going to have to go 6 / 63 or 65. If on the other hand you're thinking that the securities registration will somehow make you more credible and that's your motive, I think you'll be disappointed.

Lastly, being securities licensed is not a moral decision or pre-requisite for doing the right thing for your client. I still have the occasional client that wants securities. I have an individual I bring in to help with that. He brings me in on non-securities issues and over time, it has balanced out fine.

This isn't a right or wrong issue... but it is a decision that you want to be as fully informed on as possible.