CA Life & Disability Analyst License (New)

[Dave020]

CA Insurance Commissioner has announced requirements for the Life & Disability Analyst License in CA.

Charging a fee to review existing life and di contracts now requires a separate license

http://content.govdelivery.com/atta...e+and+Disability+Insurance+Analyst+Notice.pdf

 

[DHK]

Nothing new there. It always required a separate license.

Although it is nice to see the very end of that paper on the 'exceptions':

; and finally, an investment advisor, as defined in Section 25009 of the Corporations Code, when acting in that capacity.

I think that point was rather nebulous in the past.

So there's another reason to obtain a Series 65 and register or affiliate as an investment advisor.

 

[bluemarlin08]

I don't see any problem with having to have a separate license, but can't understand why an exemption is given to an investment adviser. I haven't seen many investment advisers that have exceptional knowledge of life and especially disability.

 

[VolAgent]

I don't see any problem with having to have a separate license, but can't understand why an exemption is given to an investment adviser. I haven't seen many investment advisers that have exceptional knowledge of life and especially disability.

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?

 

[DHK]

I think it's because knowledge and being held liable are two different things.

Attorneys can be held liable for faulty advice, just as an investment advisor.

 

[VolAgent]

I think it's because knowledge and being held liable are two different things.

Attorneys can be held liable for faulty advice, just as an investment advisor.

The mere act of charging for your advice pretty much opens you up to liability.

 

[Dave020]

Nothing new there. It always required a separate license.

Although it is nice to see the very end of that paper on the 'exceptions':

I think that point was rather nebulous in the past.

So there's another reason to obtain a Series 65 and register or affiliate as an investment advisor.

Sorry, I meant a new agent release, not a new requirement. Must be a reason Jones sent this out today.

 

[CALTCAgent]

Does anybody have or use the analyst license?

If so in what situations?

I have thought it would be nice to have the ability to charge in some situations, like other professionals do.

 

[VolAgent]

Does anybody have or use the analyst license?

If so in what situations?

I have thought it would be nice to have the ability to charge in some situations, like other professionals do.

It depends. Do you want to be the first guy run in for charging a fee and then recommending and executing a replacement?

It seems to me that unless you did this for a bank with a large trust department or an estate planning law firm it would be hard to generate enough revenue from fees to survive without selling some insurance. Which then sets you up for accusations about conflict of interest.

 

[CALTCAgent]

It depends. Do you want to be the first guy run in for charging a fee and then recommending and executing a replacement?

Is that not allowed?

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

It seems to me that unless you did this for a bank with a large trust department or an estate planning law firm it would be hard to generate enough revenue from fees to survive without selling some insurance. Which then sets you up for accusations about conflict of interest.

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.