I am new to the forums. I have had my life/health insurance license for about 5 years. I spent a couple of years working for a captive agency selling crap health insurance until I learned the business and realized I was a moron for thinking it was a decent product. I then moved into banking and obtained my securities licenses (series 6,63) and I am seriously considering going back into insurance sales as an independent agent. I have been a top producer for the captive agency I worked for as well as the bank I have been working with, so I definately have the drive to make it in "the field".. Any suggestions would be appreciated. First off, is "going independent" the best way to go? I have some ideas of some of the companies I'd like to represent, but any feedback would be much appreciated! Also, would like to continue to sell some securities products.. How does that work with the broker/dealer thing??
I am new to the forums. I have had my life/health insurance license for about 5 years. I spent a couple of years working for a captive agency selling crap health insurance until I learned the business and realized I was a moron for thinking it was a decent product.
Dude, you've got to tell us who you were with for the "crap health insurance"! Does it start with an "M"? Were there association dues? :lol:
UA.. through a marketing company with association dues.. I was young and stupid... LOL..
Look, I would say about 90% of us started either with a UA,MEGA,NAA or similar outfit. I, for one, don't feel stupid for doing it because I know what both sides are like now. Stupid would have stayed.
As hard as it is to go independent selling insurance, it is that much harder if you are also focused on selling securities. However, if you really want to go that route, I suggest that you look into a cfp designation.
If you want to focus on insurance at first, until you are off the ground, give us some more details about what types you would like to sell, and we will give you more specific advice.
As hard as it is to go independent selling insurance, it is that much harder if you are also focused on selling securities. However, if you really want to go that route, I suggest that you look into a cfp designation.
If you want to focus on insurance at first, until you are off the ground, give us some more details about what types you would like to sell, and we will give you more specific advice.
I would think that is a bit much if one want to sell securities, just go out and get your 7 license. Or if one wants to give advice take the 65 test and be a IA. Why would one want the CFP destination? It would seem to me that the IA or RIA is much easier and more friendly to the independent advisor, and also lets one to stay away from the NASD/SEC Regulaions. This could be really beneficial if one wants to sell or consult on Insurance also.
I will be actively pursuing health sales with life as a cross sold product. I have a pretty decent book that I have stayed in contact with for the most part and live in the town I went to high school in, (around 200k people) so I have a decent natural market. Not too concerned with finding a stream of prospects... just trying to get as organized as possible to get off the ground running..
As far as securites sales, let me be more specific. I am only interested in being able to do some variable products (i.e. VUL, VA's, etc). However, if someone wants a mutual fund, I would like to be able to provide that service. My question is how do I do that as an independent if I have to be with a broker/dealer???
Also, any advice on good company's to get appointments with would be appreciated. I have several in mind, but once again, any feedback would be appreciated.
Health companies really depends on where you are located. As far as VUL's and VA'sgo, I don't think you will find too many fans of them on this site. Although some companies are starting to change things, most VUL's do not have any secondary gaurantees attached to them. That being the case, they would only be a good product as an investment sort, and not for the death benefit.
I will be actively pursuing health sales with life as a cross sold product. I have a pretty decent book that I have stayed in contact with for the most part and live in the town I went to high school in, (around 200k people) so I have a decent natural market. Not too concerned with finding a stream of prospects... just trying to get as organized as possible to get off the ground running..
As far as securites sales, let me be more specific. I am only interested in being able to do some variable products (i.e. VUL, VA's, etc). However, if someone wants a mutual fund, I would like to be able to provide that service. My question is how do I do that as an independent if I have to be with a broker/dealer???
Also, any advice on good company's to get appointments with would be appreciated. I have several in mind, but once again, any feedback would be appreciated.
As I stated, get your 65 out of the way, a easy one most consider it a joke of a test. Get license by your state as a IA, get a custodial B/D anyone you like its only a custodial relationship. You stated you are in a bank already? Sell the IA Consultation (Independent Investment Advice) to them and I would suggest looking into LTC Asset Protection if you are at a bank to go along with your Health and Life business.
What exactly is the process for the IA?? I don't think the bank will pay for me to get my 65.. I intend to leave the bank within the next couple of months.
Another delima I face is getting my appointments setup without the bank canning me... LOL..
As I stated, get your 65 out of the way, a easy one most consider it a joke of a test. Get license by your state as a IA, get a custodial B/D anyone you like its only a custodial relationship. You stated you are in a bank already? Sell the IA Consultation (Independent Investment Advice) to them and I would suggest looking into LTC Asset Protection if you are at a bank to go along with your Health and Life business.
This is an old post, but I am interested in this as well. I had my 6 and 63 and let them lapse a few years ago. I don't want to make commission and I only want to be paid a fee for investment advice.
My question. Does anyone know if I also need my 63 for my state?
Thanks
ETA: Went to my state's licensing website (duh!) and I only need the 65.
The true advantage to be independent in this business is that if you're going to send anybody's kids to private school, it will be yours. I hated working as a capitve agent as my relationship wasn't the best with the sales managers. They weren't there for my benefit, I was there for theirs. The risk was all mine.
No one needs to tell you if your sales are down. A little thing known as a commission check does a pretty good job of it.
As far as BD, yea you'll need to find one. Look at how they handle production. Do they have requirements? or a minimum fee?
The production requirements put you back into that pseudo employee realm again. Same game, what can you do for them?
I am looking around right now myself. I have turned a couple BD off as I have not come in with the I plan to make 5million in sales this year approach. Hey, doesn't everybody love you when you're making money? I always want to find out how they treat you when you don't. What's the bottom line? I guess that's pretty blunt, but life experiences in work and sports have taught me that everybody loves you for the big sale or winning points, the trick is finding someone who still loves you if you miss the shot.
The only people I feel are my employers, are my clients. Everybody else either helps me help my clients or they are just in the way.
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