Would Like to Sell Life Insurance and Annuities Independently

[Mariecarole]

I believe that people are so quick to judge and poor mentality. If you are interested by the industry, more power to you. Don't let anyone tell you what you should do or not do. Use your critical thinking and pursue your interest. I have 2 masters in Art History and French literature. I was a curator and I use to write article for emerging artist. I became a Realtor and practice Real Estate for 10 years then combined my Real Estate with financial services. It made sense to me to become a student of this business so I could confidently refer the people I care about to the right partners. I became a client first and then decided to become a professional. I am now a broker, building my own organization and changing life one at a time. I am affiliated with 95% of the industry. I have all my licenses so I can offer all the options, fixed, index, variable life insurance or active management. Transamerica offers a huge platform of outstanding professionals and elite companies. I know a lot of people who trust me and ask me all the time for advice. I use to refer them to many professionals and never got compensated before. Now I can get paid referring confidently all my friends and family to my partners. I know as a client myself and a professional that what is good for me should be good for the people I care the most. I don't sell, I educate and empower people to make their own decision. That's the power of knowledge. I have as a matter of fact a client that is a very well known surgeon. He is working day and night and became my partner because of the same reasons you mentioned previously. He was looking for residual income. Can't blame him. Unlike you he worked very hard all his career and just got so frustrated right now with Obama care and the way he has to practice medicine now to make as much money as he was 10 years ago. So your idea of having a twin career is very smart.

 

[pcbinsurance]

Paragraphs are your friend (should you ever choose to use them). You claim to be a writer, but I can't see it.

 

[DHK]

A word of caution: Anyone who is "building my own organization" already is showing their own bias (and consequently their conflict of interest) in their career advice to you as to what "is very smart".

It's very easy to get into this business. However, it will take YEARS to become a truly competent professional, depending on the level of expertise you want to develop.

This website is a decent one to review BEFORE jumping into financial services: http://www.financialindustryscam.com/index.htm

If you're looking to equal or surpass your projected earnings of being a doctor, it will take YEARS of additional experience and study.

This article by Wayne Cotton illustrates the various "bowling lanes of learning". https://www.linkedin.com/pulse/20140728172755-206592563-the-bowling-lanes-of-learning

As for me, I'm in the "Comprehensive Planning" stage. But you can't start there. You have to build up your knowledge and experience in various financial disciplines before you can really consider yourself at that area.

I personally believe that the days of "everything with one advisor" are done. Today is the age of the specialist. No one can be an expert in all things to serve everyone.

Just because someone has licenses to "do everything" does not necessarily mean they are competent and skilled to do everything. Licensing means that you can be held liable for your actions (just like in medicine), not that you are necessarily skilled in each area that you are licensed in.

I was once securities licensed. I'm rather knowledgeable in that area. I am no longer securities licensed. Why? Well, I outlined my reasons in this video here. It's 45 minutes, but it's probably worth your time to watch: https://www.youtube.com/watch?v=e6I6ZYt9FpU

In short, if you just want to sell a few policies here and there, you can "probably" do it, but I still wouldn't recommend it as a wise use of your time. If you want to be a planner and do more advanced work... then that really requires a full-time commitment.

Either profession (medical doctor or insurance sales) is either an "employee" or "self-employed"... not necessarily building a business (people at work) or an investment (money at work).

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BTW, MarieCarole probably doesn't really understand online marketing and compliance issues related to being securities licensed. If her posts were not approved by her compliance department in advance... then her posts could be considered "marketing materials" (advertising to over 25 people) and should've required compliance approval. To NOT request approval in advance, could subject her to a compliance violation as well as her firm for not supervising their registered representatives.

Securities licenses are no joke. If she used her real name, well, let's just say that I expected more from someone who has 15 years of licensing tenure.

And believe me... there are LOTS of companies that visit these forums to check out what is being said about them. Better to be safe than sorry.

 

[Cornelius]

Pre-Doc you could get licensed and just team up with a trusted agent. Selling a policy isn't just asking and filling out a application. There's time involved.

Check out this site. The White Coat Investor

 

[LGilmore]

Well if the poster actually is in residency I honestly can't understand what the hell he/she is doing. One more year of low pay and long hours and you can get a big jump in pay and reduce hours if you wish.

Most doctors can have as many hours as they wish once they get the white coat. Why on earth would you trade your medical hours of service, which are paid at a much higher rate to sell insurance on commission?

There is no practical logic to what the OP wants to do. So is there another problem? OP if you come back, please PM me because I would love to hear why you're thinking this way and please don't tell me the real estate guy has convinced you of anything as I'm not buying.

And to the WFG people who suddenly chimed in, are you guys crazy or something?

 

[axeman462]

Well if the poster actually is in residency I honestly can't understand what the hell he/she is doing. One more year of low pay and long hours and you can get a big jump in pay and reduce hours if you wish.

Most doctors can have as many hours as they wish once they get the white coat. Why on earth would you trade your medical hours of service, which are paid at a much higher rate to sell insurance on commission?

There is no practical logic to what the OP wants to do. So is there another problem? OP if you come back, please PM me because I would love to hear why you're thinking this way and please don't tell me the real estate guy has convinced you of anything as I'm not buying.

And to the WFG people who suddenly chimed in, are you guys crazy or something?

See that, outside the political arena you and I agree on a lot! lol

 

[Cornelius]

There are people on the insurance and securities side who do make some great income. If the OP does build up some AUM over time he could surpass his doc income. I'm just saying there are possibilities.

 

[DHK]

There are people on the insurance and securities side who do make some great income. If the OP does build up some AUM over time he could surpass his doc income. I'm just saying there are possibilities.

Uh... maybe.

Let's suppose that doctors earn $250,000 per year. How much in AUM would you need to net a $250,000 per year income AFTER expenses?

Well, we don't necessarily know about the expenses, so let's assume that instead of earning a full 1% per year... that he earns .5% per year on the AUM.

$250,000 / .5% = $50,000,000 in AUM

How many YEARS would it take a FULL TIME professional to do that? Depending on who you're targeting, it could take 8-10 years, if you listen to Dave Mullen with Altius learning. (His training is to focus wirehouse advisors to get 1 $250,000 client per month, and 1 $1 million client per quarter. In 10 years, you have a book of $100 million.)

Most AUM programs have certain minimum balance relationship requirements that must be met.

So... who is going to give a part-time advisor/full-time doctor their life and retirement savings to manage for the SAME FEE that would be charged by a full-time dedicated professional who has a separate office and staff?

Granted, I'm only talking about fee-based income. But similar skills are required to work in more advanced uses of life insurance and annuity planning.

No. I don't want to mislead anyone to believe that they can earn a fortune "on the side" in this business. Too much to learn.

The "math" may work out... but the true logistics and human behavior probably wouldn't work in this scenario.

 

[LGilmore]

Another aspect is what ever hospital or practice he goes to work for may not want him being a part time agent. Much like our E&O, malpractice insurers would shite bricks over something like this. Imagine the potential problem of a doctor providing financial product advice to a patient that goes astray....

Just a dumb idea on so many fronts. And no, just because it's a "free country" and a person can do what ever they want, doesn't mean there wouldn't be repercussions for those choices. I can't see a practice wanting a part time financial salesman as part of their medical practice.

And having a son whose now been in practice two year and out of residency, I have to wonder where the guy has time to do this to begin with. If he truly is a medical resident, he's working his ass off. The average is about 70 hours a week as hospitals figured out they only pay salary for 40. Residency is like a giant frat hazing.

 

[Cornelius]

Ok I expect to get blasted but from my understanding WFG and other places do support series 65 reps by use of 3rd party money managers. So it basically can come down to AUM and commission schedules.

No I'm not promoting or in WFG. I just used them as an example. Heck even Primerica also supports 65 business. I'm just saying there are possibilities as I'm sure some of the agents at those companies may have clients who are professional's. Get a few wealthy referrals and let the money grow and big things can happen.