Investments and P/C Insurance

dustin · 10-08-2008, 11:18 PM

ANY HELP IS APPRECIATED!!!

I am a young financial planner with very good sales ability, however my age prevents me from landing the large investment accounts. i currently have about $10 mil in assets under management and some life and health insurance polices. i want to diversify my income sources and expand my book of business. in short, i am looking for a platform that allows me to do p/c in addition to the other products.

So far i have found going captive is the only way. i am currently independent and would like to stay that way. two questions:

1) do you know of an independent platform (broker/dealer) which would allow me to do investments, life, health, and p/c?

2) if i have to go captive, which program do you all suggest - allstate, state farm or nationwide?

bobson · 10-09-2008, 10:31 AM

Originally Posted by dustin

ANY HELP IS APPRECIATED!!!

I am a young financial planner with very good sales ability, however my age prevents me from landing the large investment accounts. i currently have about $10 mil in assets under management and some life and health insurance polices. i want to diversify my income sources and expand my book of business. in short, i am looking for a platform that allows me to do p/c in addition to the other products.

So far i have found going captive is the only way. i am currently independent and would like to stay that way. two questions:

1) do you know of an independent platform (broker/dealer) which would allow me to do investments, life, health, and p/c?

2) if i have to go captive, which program do you all suggest - allstate, state farm or nationwide?

My advice is don't even think about it. Jack-of-all trades is master of none. I can see investments and life and health insurance. And I can see P&C insurance and life and health. But there is no way you can do P&C, life and health, and investments.

P&C is such a broad sepctrum that it just doesn't make sense to mix in investments IMO.

saieddie · 10-09-2008, 10:58 AM

I tried doing the life/health/securities/p and c deal, with Metlife. I don't see why you couldn't do it, but its going to be really difficult w/out an assistant and csr. The way the market is now, I see life and securities, health, and p/c as three different specialties. Find your niche and work it.

dustin · 10-09-2008, 11:30 AM

Thank you for the advice, but please keep to the subject of my questions:

1) do you know of an independent platform (broker/dealer) which would allow me to do investments, life, health, and p/c?

2) if i have to go captive, which program do you all suggest - allstate, state farm or nationwide?

saieddie · 10-09-2008, 12:30 PM

Try Obamas platform, it seems to be working pretty well.

gstker · 10-26-2008, 12:15 AM

Originally Posted by dustin

thank you for the advice, but please keep to the subject of my questions:

1) do you know of an independent platform (broker/dealer) which would allow me to do investments, life, health, and p/c?

2) if i have to go captive, which program do you all suggest - allstate, state farm or nationwide?

Hello Dustin

Cambridge Investment Research will allow you to do it. I just started what you are considering. Although I will not concentrate on Investments, if I come across it I want to be able to handle it. I was an investment advisor for some larger firms for 10 years so for me it easy. My focus is going to be P and C, thats where my minds needs to think. Allstate and State Farm will not let you do fee based AUM, so if you are into that I would stay away. One reason why I did not go with an allstate, I want Fee based Managed Investment accounts.. Fairly easy to deal with. I choose Smart Choice as my P & C provider.. they are giving me access to Travelers, MetLife, Encompass, Dairlyland, Safco, and Foremost with no minimums. The commission is higher then allstate, and the training and support seems to be the same, minus a district managers pocket book or leverage to give you accounts.

Hope this helps.

James

dustin · 10-27-2008, 11:15 AM

THANK YOU JAMES!!! exactly what i was looking for!!!

gstker · 10-27-2008, 11:33 AM

Originally Posted by dustin

THANK YOU JAMES!!! exactly what i was looking for!!!

If you are worried you wont meet Cambridges 100k production min, look at TPA2.com, they are an OSJ for Cambridge. They assist insurance agents, CPA's, and Lawyers get involved with Investments.

LGilmore · 10-27-2008, 12:05 PM

Try symetra. As long as it's within the rules of the game, you should be OK.

dustin · 10-29-2008, 12:55 PM

I found tpa2.com. i may have to use them. i am over the minimum now, but i dont anticipate all of my clients leaving with me.

Looks like smart choice doesnt do business in florida. i am looking at iroquois group and siaa. however iroquois group has not returned my phone call, and siaa only provides an email request. so i havent heard anything from either.

Does anyone know of independent companies like smart choice, siaa, or iroquois group which will allow you to sell p/c insurance as an independent without any minimums?

Thanks again for your help james. definitely put me on the right track!