Broker Dealer Suggestions

[DHK]

I sure hope that you aren't one of the ones at an insurance b/d recommending a fund like this: https://www.google.com/finance?q=MUTF:SNPBX&ei=7EOTVdn6E4anjAHGg7CABw

SNPBX is an S&P 500 index B-share mutual fund from State Farm with a high CDSC and expense ratio. Selling this should be outright criminal... and a reason why there should be a fiduciary duty in investment recommendations.

 

[Golfnut2112]

Uh... hello. I've had a Series 7 & 66 and helped grow a book of investment business from about $11m to about $60m before I left the credit union at the end of 2007. It was about a 3 year period.

So yeah, I can make comments about mutual fund share class suitability.

Your assumption is nullified.

My B/D would require that we give a full disclosure and let the client choose. However, I always advocated for the A-shares over C-shares depending on time horizon to have the funds be invested.

Why are you not security licensed now?? I have known people to drop their 7 but never their 6 if they can produce and are making money. The compliance with a BD is not that bad.

 

[DHK]

Because I CHOSE not to be securities licensed now. I would prefer to sell indexed insurance products and most B/Ds at the time didn't seem to allow them.

Plus, and this was stupid on my part, at the CU, I didn't have production done in my own name, so I had no proof of my production. It was all done as part of a "partnership". This made things more difficult to get signed on to an independent B/D, such as ONESCO. I simply didn't know.

 

[Golfnut2112]

I sure hope that you aren't one of the ones at an insurance b/d recommending a fund like this: https://www.google.com/finance?q=MUTF:SNPBX&ei=7EOTVdn6E4anjAHGg7CABw

SNPBX is an S&P 500 index B-share mutual fund from State Farm with a high CDSC and expense ratio. Selling this should be outright criminal... and a reason why there should be a fiduciary duty in investment recommendations.

I do mainly the American Funds and vanguard EFT's

 

[DHK]

And to have the freedom to market how I see fit (without doing anything stupid)... is quite nice!

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American Funds are good funds. Nice low expense ratio. I typically put CWGIX and CAIBX together along with a 3rd fund, depending on risk tolerance.

I also used Franklin Templeton - Franklin Income fund and Founding Funds Strategy.

 

[Golfnut2112]

Because I CHOSE not to be securities licensed now. I would prefer to sell indexed insurance products and most B/Ds at the time didn't seem to allow them.

Plus, and this was stupid on my part, at the CU, I didn't have production done in my own name, so I had no proof of my production. It was all done as part of a "partnership". This made things more difficult to get signed on to an independent B/D, such as ONESCO. I simply didn't know.

I am switching to ONESCO in October and from what I understand they allow you to do indexed products under a OBA. You also may want to look at brooklight place securites. If you do Ohio National life products it may be easier to contract with ONESCO. If you call them ask for Tim Menton he is really a nice guy and helpful.

Sometimes this forum is like a boxing match lol


Good Luck

 

[DHK]

Thank you. Yes, I spoke with ONESCO a few years ago. However, without prior proof of securities production, they weren't able to assist me.

My Series 7 & 66 are long expired as of 2011. The last time I was with a B/D was in 2009... so I'd need to take the exams again.

I'm at a point where I'm looking at IAR/RIA only right now... and I keep going back and forth on it. At least my ChFC is a Series 65 exempt designation, so no new exam required.

 

[DHK]

Thank you! I will keep that in mind. You're right - I'd only need the 6/63. I never used my 7, except for transferring stock certificates and liquidating them to fund a mutual fund or variable annuity recommendation. I think I did one unsolicited stock transaction, and that was it.

 

[KRobby]

I can honestly say I have no idea what point you are trying to make.

Your hypocrisy of taking the high road while selling 99% C shares. I figured you wouldn't get it, somewhere along the line you've been brainwashed. Did you start at a wire?

Just curious what do you market? You seemed to really get offended when I made the comment do whats in the best intrest of the client and you will be fine, your dumba$$ response was ----you want him to work for free?

FIAs, old school product campaigns baby. If they fit, they're sold, everybody wins.
+7-8% commish depending on the state.

-Robby

 

[Golfnut2112]

Your hypocrisy of taking the high road while selling 99% C shares. I figured you wouldn't get it, somewhere along the line you've been brainwashed. Did you start at a wire?



FIAs, old school product campaigns baby. If they fit, they're sold, everybody wins.
+7-8% commish depending on the state.

-Robby

Take the high road on what??? All I posted was do the right thing for the client and you will be fine, and it was not even directed at you!!! WHY ARE YOU SO OFFENDED BY THAT COMMENT?

Most people over 70 do not want to pay a load, it does not matter to me which way they go its their choice, when I deal with people under the age of 65 they almost always go with A shares.Your comment of"7-8% commish depending on the state" shows the only thing you care about is your fat commission, your a annuity peddler and nothing more, what the hell do know about suitability or do you even care about it? How long do you lock the money up go get that 7-8% COMMISH? BTW I also sell annuities when appropriate and I have nothing against annuities.

I just found one of your post that shows you are just looking for the big commission and don't give a damn about your clients. This is one of your posts from March

"Find the products you can sell, flip & crunch your #'s and sell the high commish boys"

I BET YOUR CLIENTS LOVE YOU!!!!!