My GA Said "I'm Making A Mistake" For Resigning

[StrictlyIndependent]

I resigned this week from my agency because I am going back to focusing on Investments with a friend of mine. We will run our own independent B/D osj office and recruit stockbrokers, FA's, Health and Life insurance agents.

Told my GA that I would like to stay on as a broker here to work a joint rep with my estate planning partner and I would be brokering at another Life Carrier as well for small business owner product placing sales.

He said "I'm making a mistake"

Let's see I'm going back to focusing on a 9 yr career where I've earned 100k+ and will have a life Ins division with my new B/D and still have my broker contracts with him and other outside carriers, still able to network with CPA's, attorneys, and have a book of brokerage accounts to tap into.

Am I wrong?
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No advice?

 

[ticker_shuffle]

Doing what you want to do is never a mistake, so long as you can live with the consequences.

Now, if you are getting back into investments and are planning on getting long the stock market right now...well that would be a mistake.



I have been loading up on puts past couple of weeks myself.

 

[Franz Kafka]

Now, if you are getting back into investments and are planning on getting long the stock market right now...well that would be a mistake.

And your prediction is based on??

I'm not long the market - just curious why you think the market will tank at this time. 20 weekly SMA hasn't been broken since March 09 (yet).

 

[StrictlyIndependent]

I will be going long and short, writing covered calls and long puts on some larger positions, tax-free bond funds and reits. I will recommend insurance products so if the market crashes I'll have something to hold on to.

 

[arnguy]

It's a definite maybe!

 

[BNTRS]

Why would this be a mistake? I'm not sure I'd focus heavily on the stock brokerage side of things right now. But you bring a lot to the table in experience. Your GA just doesn't want to lose an agent. Careful with the appointment. I think I remember you saying you are at Mass at the moment. If he terminates the appointment you have with them, you'll have to get another with another GA, which should be possible in the City, but might cause problems. Unless the guy is a real jerk, shouldn't be a problem.

 

[StrictlyIndependent]

Why would this be a mistake? I'm not sure I'd focus heavily on the stock brokerage side of things right now. But you bring a lot to the table in experience. Your GA just doesn't want to lose an agent. Careful with the appointment. I think I remember you saying you are at Mass at the moment. If he terminates the appointment you have with them, you'll have to get another with another GA, which should be possible in the City, but might cause problems. Unless the guy is a real jerk, shouldn't be a problem.

I was just a broker there, I never became contracted. First day in the business I went straight to estate planning and decided not to harrass friends and family for business. I have a few cases open and one prospect is pushing us to close by year end( about 50k premium). I don't think he wants to miss out on that override.

Being a stockbroker is what I known for years so I'll build back up in no time and I will be the "GA" of my indy branch and recruit guys. I just laughed when he said I was making a mistake.

Thanks for the responses guys!

 

[Franz Kafka]

I was just a broker there, I never became contracted.

If you just have a broker contract with a Mass agency, I don't understand why you had to "resign" (I assumed you had a career contract when you said the word 'resign'). As a broker you're completely independent already and usually don't have to submit any biz (maybe some agencies require an app a year). You don't have to tell the agency of ANYTHING you do as a broker. You could join any B/D you'd like or be your own RIA (which is what I would do if I were interested in selling securities).

 

[BNTRS]

I was just a broker there, I never became contracted. First day in the business I went straight to estate planning and decided not to harrass friends and family for business. I have a few cases open and one prospect is pushing us to close by year end( about 50k premium). I don't think he wants to miss out on that override.

Being a stockbroker is what I known for years so I'll build back up in no time and I will be the "GA" of my indy branch and recruit guys. I just laughed when he said I was making a mistake.

Thanks for the responses guys!

As a broker I assume this means you were playing with the idea of career contract with them. It wouldn't change overrides for him if you're a broker or agent. I would strongly advise you to get details on an ERA schedule, that kind of premium should grant you additional commissions or put you well on your way.

 

[StrictlyIndependent]

As a broker I assume this means you were playing with the idea of career contract with them. It wouldn't change overrides for him if you're a broker or agent. I would strongly advise you to get details on an ERA schedule, that kind of premium should grant you additional commissions or put you well on your way.

Yes your assumption is correct. The person in charge said I was welcome to broker there after I fill out some paperwork. What does a good ERA schedule look like? Is that the same as receiving an allowance as if I were an agent? I'll post the details when I look over the paperwork. Does anyone know where I can purchase E&O and how much $ a year?
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If you just have a broker contract with a Mass agency, I don't understand why you had to "resign" (I assumed you had a career contract when you said the word 'resign'). As a broker you're completely independent already and usually don't have to submit any biz (maybe some agencies require an app a year). You don't have to tell the agency of ANYTHING you do as a broker. You could join any B/D you'd like or be your own RIA (which is what I would do if I were interested in selling securities).

They were paying for my E&O so I didn't want to run up a debt. I'm not so fond of this agency so after these few deals I'll broker with a different Mass GA. I'm going to check the details in the broker paperwork before I sign anything.