- 1,473
I have my 6&63 License now. I have left my old broker dealer and I have another year to place it with another firm. I hate to just drop it. I do not sell anything that needs this license now. Any Ideas??
Follow along with the video below to see how to install our site as a web app on your home screen.
Note: This feature may not be available in some browsers.
Drop it.
It costs money in registration fees, E&O, compliance, etc. to keep it active. Also, no one wants a RR that isn't producing. In fact, B/Ds are not supposed to allow people to park their licenses. Unless otherwise required to be registered due to your job duties, they are not supposed to have non-producing RRs.
If you have the qualifying securities production history, I'd check out ONESCO.
The only reason I could see having these licenses now... is to help qualify your advice in the event of a "source of funds" from transferring a portfolio of securities to an annuity.
Otherwise, why have the professional, voluntary handcuffs?
I agree 200% concerning mutual funds. I could never justify growing money in a taxable environment when the same returns were available with deferral (VA's). Both have expenses, both have degrees of liquidity.Perhaps Larry as a former sales manager can either validate or invalidate this statement.
A 6 and 63 is nothing but an albatross around your neck. All it lets you do are variable products. And that isn't much any more as indexed products can get you most of the upside without most of the downside. Mutual funds are a money loser, you'll spend more on the paper for copying than you'll receive in commission. Let's be real, the person that will put $100k or more with just a 6/63 are few and far between.
Instead, the 6 and 63 gives management a way to control you. Due to compliance, a captive/career agency can basically observe everything you are doing and make sure you toe the company line. If they don't like it, they simply refuse to approve the OBA or use the power of FINRA to stop you.
Step up and get a 7 and/or 65 so that you can handle real securities in profitable amounts to justify all the headache you will have to endure.