Help with Ohio National and Onesco

walthamny

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I am having a hard time with Onesco. I have been selling Ohio National Life products and very happy with the service. They are a top company for life insurance. However, I had a very disappointing series of events with Onesco, their broker dealer side. I have been trying to get appointed with them since the 3rd week of July. It took 2 phone calls to get their marketing guide. The recruiter apologized for this. Then I had to prove my production numbers. I am a captive agent with NY Life, I receive a W2 at the end of the year. This includes my life and securities production. NY Life does not break down a separate GDC. I provided them with my W2's and showing how much annuity premium I had in the last 3 years. I average about 600,000 in new variable annuity premiums in the last 3 years. This was okay with the recruiter after few phone calls and on August 7 he forwarded my file to licensing. Then it has been a nightmare with Onesco. Nothing happened for weeks in the licensing department unless you pushed. It took 2 phone calls and I almost had to beg them to send me fingerprinting cards. Then they asked me for a fee for FINRA registration. This check was lost in their mail room, it had to researched and located. Then I find out the amount of check is incorrect so I had to overnight an additional check. Then they had asked for production numbers again. I told the recruiter has them and apparently never forwarded them. So I had to submit them again. Then they were all at a conference for one week. This last Monday they asked for details of my mutual fund production and 1099's again. I supplied them but also told them I only have life and variable annuity production I dont sell much mutual funds. Over the 8 years at Ny Life, I probably accumulated about 500K in mutual funds and may be over 4 million in variable annuity assets. Today I found the COO has rejected me as I can not show 1099 for my GDC.

Question is how did other captive agents ever show their GDC numbers when they left to become independent? And does anyone here have any idea on how to deal with Onesco's insistence on GDC's here. I can show premiums and I can supply W2. I still have a high regard for Ohio National but obviously disappointed with Onesco.

Thanks
 
It use to be as long as you would register when you signed on with Ohio National they would immediately register you with ONESCO. I guess that has changed? I know the production required to stay registered was rather low as well, and that they would count ONFS production towards that requirement.
 
The requirement is 20,000 GDC per year for 2 years.

I did not get appointed with Onesco when I first got appointed with Ohio National because I would have had to resign from NY Life to do that. I wanted to test out their life division and see if it can work before jumping the ship.
 
Thank you for sharing this information. Please note that ONESCO is diligent in its approach to contracting and on-boarding new representatives. We cannot reply specifically to these comments because of privacy concerns. It is important to us that prospective and new registered representatives have a good experience when applying to transfer their broker/dealer registration to our firm.

Due to regulatory and corporate requirements, ONESCO conducts an extensive background check on all prospective registrants. This is to ensure applicants meet our contracting and conduct standards and are actively engaged in the securities business. It is always ONESCO’s desire to efficiently process all applications received for registration/contract consideration.
 
Thank you for sharing this information. Please note that ONESCO is diligent in its approach to contracting and on-boarding new representatives. We cannot reply specifically to these comments because of privacy concerns. It is important to us that prospective and new registered representatives have a good experience when applying to transfer their broker/dealer registration to our firm.

Due to regulatory and corporate requirements, ONESCO conducts an extensive background check on all prospective registrants. This is to ensure applicants meet our contracting and conduct standards and are actively engaged in the securities business. It is always ONESCO’s desire to efficiently process all applications received for registration/contract consideration.


You sound like a politician.:skeptical:
 
You sound like a politician.:skeptical:

Just thank FINRA for that.

The moral of the story, the OP screwed up when he didn't immediately register with ONESCO. Then he just had to fog a mirror. Now he has to prove he is actively writing securities. My regional warned me of that when I first contracted with ONFS. If you are going to register, it will never be easier than doing it immediately.
 
Thank you for sharing this information. Please note that ONESCO is diligent in its approach to contracting and on-boarding new representatives. We cannot reply specifically to these comments because of privacy concerns. It is important to us that prospective and new registered representatives have a good experience when applying to transfer their broker/dealer registration to our firm.

Due to regulatory and corporate requirements, ONESCO conducts an extensive background check on all prospective registrants. This is to ensure applicants meet our contracting and conduct standards and are actively engaged in the securities business. It is always ONESCO’s desire to efficiently process all applications received for registration/contract consideration.
I'm skeptical that you are actually with ONFS or ONESCO. I don't believe for a minute they would respond on an online forum regarding the appointment process.

I may have been born at night... but not LAST night.

Mods, might this be a confusion and future problem?
 
It's *possible* that there is a home office employee who is responsible for social media... or has a "google alert" for when ONESCO is mentioned? It could be a compliance function. (Maybe a new required position requiring a new securities license so FINRA can help "boost the economy"?)

A simple IP check would help authenticate this user.

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Sam has shared before that he knows that there are life insurance and B/Ds that check out this forum on a regular basis.
 
I'm skeptical that you are actually with ONFS or ONESCO. I don't believe for a minute they would respond on an online forum regarding the appointment process.

I may have been born at night... but not LAST night.

Mods, might this be a confusion and future problem?

I don't know, that sounds just like something you'd hear from compliance or a home office hack. It was completely non-committal.
 
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