You need a 6 or 7 with a 63 or 66 at a minimum.
Life only agents can work with those advisors but can't legally be paid on securities or investment advice production.
Agent Licensing test is hard
- Thread starter Cornelius
- Start date
Life only agents can work with those advisors but can't legally be paid on securities or investment advice production.
Wow! Yes if agent does not have securities license, up line or other rep can handle that.
We ARE the big picture ones. We look at life insurance needs until they have enough accumulated so they don’t need it. We look at debt & help them get in track to eliminate debt. Helping them by asking questions in their total financial goals so emergency fund. Short term goals & long term goals & calculating what they need to be investing to get there. Also college savings if relevant.
& as they get closer to retirement considering annuities to protect income, etc. Helping them roll over old retirement assets. Just helped a recently laid off friend to roll over pension into annuity. Will look at her 401k, etc. & offering additional non-licensed products including Legal protection & ID Theft. & Vivint smart home/home security & recently added Medicare Advantage & supplements by referral. Also Auto & HO & biz ins by referral.
& our office offers extensive coaching to help new agents pass their tests quickly. & then pushing them on to SIE & rest of securities licenses. Including managed accounts for those who want to go into that. Also mortgages now. & new agents are mentored as needed. Same w experienced agents/reps. Always others who can help w more complex issues. & our office is also mostly very young & diverse. & reaching into underserved communities.
Got out today
That's understandable, seeing as you've blown through 1,322,812 bodies in just the last 4 years alone. lol
- 30,350
Glad to hear. Was it hard?
had to make run for it.. Hard to doge those needle arrows in a wheelchiar but I made it. Heard Nurse Cratchet has put out a hit on me.
Of course people have to be appropriately licensed to offer or get paid for any products or services. So a life only licensed agent will set them up w an investment licensed person if that person was not on the appt. Non-securities licensed agents can’t even talk about investment products.
Some states do not require 63. Not sure which ones. Just heard there are some.
How can one sell a product that's part of a complete financial solution unless they understand all the options available before recommending only the insurance product they're licensed for?
- 4,912
I think you meant you helped roll it to an IRA. Did you disclose to the person that an IRA has less creditor protection compared to the employer plan? Did you disclose that an employer plan has access at age 55 without 10% IRS penalty compared to age 59 1/2? Did you disclose that the person could have rolled to their new employer plan, thus retaining the right to take loans that are not permitted with IRAs? Disclose the fees/surrender charges they will incur with the annuity compared to the employer plan?
If not, you likely are in violation of your fiduciary/best interest responsibilities to the person.
I sure hope your E&O insurance knows all the roles you are selling/advising/referring
Wow. That was a long time ago. Apparently they were harder in some states than others.
Also quite some time ago life & health were bundled together. So many of us have both but. It newer agents.
Just last mo, Sept our office along had 12+ people pass their life exams. We have organized study sessions to help new people quickly get licensed. & ongoing training to help them become proficient. W help always available. This is in OR although w zoom we now have people located remotely in other states.
