CA Life & Disability Analyst License (New)

[VolAgent]

Is that not allowed?

I can name many profession that charge fees and then make recommendations.



I wasn't thinking you had to generate enough revenue to survive from fees. Too bad it would be looked at as a conflict of interest.

I guess that doesn't apply to the medical, legal and many other professions.

Yes, but they aren't the financial industry. We are always assumed guilty until proven innocent.

To me, it is like the guy who goes and gets a Series 65 and then always sells FIAs. Even if you do it perfect, you are putting a big target on your chest.

I guess you could do reviews and charge fees and also sell insurance, but there better be plenty of other sales besides your fee clients.

 

[CALTCAgent]

Yes, but they aren't the financial industry. We are always assumed guilty until proven innocent.

Agreed.

I guess you could do reviews and charge fees and also sell insurance, but there better be plenty of other sales besides your fee clients.

I get some clients that want me to come over and review in person. Many times I just can't, but they aren't satisfied by the phone only. Or they want me to help them fill out a form in person. I offer to help on the phone, once again they get upset.

Granted this doesn't hapenn often. But I'd like to offer another option.

 

[djs]

Nice to see that simply being a member of the bar gets you an exemption as well. Just because you know one area of the law doesn't mean you know them all. Also, since when does knowing the law enable you to give financial advice?

Ahh, but the same is true about insurance licenses.

This is why I get my financial advice from a hairdresser...... that license gets you all the inside information

Dan

 

[VolAgent]

Ahh, but the same is true about insurance licenses.

This is why I get my financial advice from a hairdresser...... that license gets you all the inside information

Dan

I guess they hand out different insurance licenses in CA then. Nothing about my insurance license says I can give financial advice unless it is incidental to the sales process. And even then, they are ready to pounce.

 

[DHK]

What is the definition of 'financial advice'?

Advising someone to pay off debt is financial advice.
Advising someone to establish an emergency fund is financial advice.
Recommending insurance to protect your family is financial advice.
Discussing retirement plan funding is financial advice.
Advising someone to obtain a checking account or a loan or a credit card... is also financial advice, isn't it?
Recommending a client get a will &/or trust established is financial advice.
Recommending a client file their taxes and see a CPA is financial advice, isn't it?

Are ALL these things 'incidental' to the sales process?

If you are charging a consulting fee to discuss SECURITIES or analyze INSURANCE POLICIES, then you must be properly registered/licensed to do so.

As long as you are looking out for your client's best interests... I don't think you'll ever have anything to worry about.