From PA

Sep 14, 2007

  1. ffei
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    ffei New Member

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    I own a mortgage brokerage company in PA with two partners. I have always interested in insurance/financial industry.

    My background is strongly in mortgage industry. I ran a traditional office for a mortgage banker firm for a couple years and decided to go start on my own. The reason why I want to learn about this industry is to have the capability to offer more to my clients and keep them around. In mortgage, once the deal is close, chances are, you will never see your client again. My other partner is taking his P&C and other guy is taking his RE license.

    I am now sponsored by Mass Mutual and they want me to take series 6/63 right away and demand a lot of time away from my mortgage company. Should I go captive with them for a couple of years then go indi? My money is structuring mortgage and I only want to offer additional services to my clients. Does Mass Mutual allow you to work part-time on insurance/financial side?
     
    ffei, Sep 14, 2007
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  2. CHUMPS FROM OXFORD
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    CHUMPS FROM OXFORD Guru

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    I don't think captive companies are enthusiastic about their reps working elsewhere. Just my opinion though.
     
  3. ffei
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    ffei New Member

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    This is very true! The recruiter and manager were bashing on mortgage industry saying insurance is making more money etc.

    I didn't tell them right now I'm closing 4 loans a bad month average at $13K since I own my own company and on good month.. you can guess.

    There is no way a new insurance agent gonna have a hit like that. They don't get that I already have a list of clients that really in dire need of insurance. They like the fact that I have that list but they don't like that fact that I own a mortgage brokerage company?
     
    ffei, Sep 15, 2007
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  4. CHUMPS FROM OXFORD
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    CHUMPS FROM OXFORD Guru

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    Maybe you could get the best of both worlds by working with a local experienced insurance rep. You refer clients and he gives you a mutually-agreed amount of compensation.

    It is not rebating. I suppose, however, that the client must be made aware that he/she may be approached.
     
  5. Winter_123
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    Winter_123 Guru

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    What did Mass Mutual say when you asked them? You will find that unless you are going to lean into the securities business that having a securities license and being under the thumb of the NASD/FINRA will really cramp your style. You cannot place an ad or send out a letter that does not need to be reviewed and approved by your broker dealer and their compliance group, also know as the Sales Prevention Division. If you are going to do enough business to justify the extra hoops that you will need to jump through on a daily basis then maybe it would be worth it but it is not worth it if you are just doing a transaction here and there if your main focus is insurance and annuities.

    Winter
     
  6. ffei
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    ffei New Member

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    I will give mass mutual a try. I need to follow up with my current clients anway. Is Mass Mutual a good company to start with?
     
    ffei, Sep 19, 2007
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  7. InsuranceJosh
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    InsuranceJosh Super Genius

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    Why not just hook up with an indy life agent and work with them?
     
  8. ffei
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    ffei New Member

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    it's hard to find an idy agent around here
     
    ffei, Sep 21, 2007
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  9. salpro22
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    salpro22 Guru

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    I just sent you a PM.

    -J.R.
     
    salpro22, Sep 21, 2007
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