HELP!!! HOW TO GET Series 7, ANY INFO APPRECIATED!

[sergman89]

Mr. Bright,

I've been reading your posts and you sound like a human puppy. All over the place and confused. I would strongly suggest you do some reading up on the basics of what you're asking about as it is pretty clear you don't really have a clue. Asking questions here but not understanding the answers isn't going to help you.

Outside of "making a bunch of money" you have no idea what a series 7 is about. You haven't mentioned a series 6 either which from reading your last post would make more sense.

And I know you're next question would be "what's a series 6?". Really, honestly, google the terms and do a little reading then come back and ask questions where you will be able to understand the answers given.

And switch to decafe.. OK?

Lol your predicition on my knowledge is incorrect, I knew about a 6 before 7 and 7 is what I am confused about. I am aware of a series 6 my cowworker has the 6 and 63, well he had atleast for quite some time.

I dont mean to sound as if I am giving an attitude to anyone, I apologize now if thats how it is taken.

I have googled all of them, and read a few of them did you read my post before yours, the second to last paragraph. Is that incorrect, if so then what site should I go to, to learn exactly what a series 7 is for.

Again I do apologize if I appear to be rude everyone! As for misreading what people are posting I am sure I am misunderstanding it and when I google what a series 6 and 7 is it sounded like 7 was a better fit.

 

[xrac]

HAHA if you spoke to my mother you would know why, she wont help me get anything I have to get it on my own. When I was a kid I asked for a bike and she gave me a lawn mower and told me to buy my own bike.

She wont even assist me in getting a series 7 although she has the ability to do so.

I dont mind, I would rather make my own money and get my own cert's and finding the information out on my own.

As a quick question to my understanding a Series 7, which is insurance gives me the ability to be my own agent. Meaning that while being sponsered I can give the corporation that sponsers me lets say 10% and then I make all the profit on my insurance sales and technically I am my own business.

After a series 7 I can get a series 65 as well to boot to add investments to my book of business. I have ADD to a certain extent where I need to constantly learn things and do things. My number one goal is to be able to offer everything anyone would need insurance wise to include variable annuities, and investment advice once I gain enough experience.

Dont misunderstand my intent for gaining this as a childish hope of gaining some title that just sits in my resume to never see the light of day. I did post this as well to gain more information as to what exactly ( BROKEN DOWN BARNY STYLE ) a series 7 is good for, because all I think I know is in the paragraph above.

Mr, Bright you do not understand what the 7 is all about yet. I would not pursue a 6, or 7, or 65 until I have a better understanding of what each entails and what you will need to do. I would read this forum but I would also go to the Registered Rep forum and read. Registered Rep Forums |

There is a lot about the negative side of having a 6 or 7 on this forum if you will search and also on Topgunproducers.

 

[DHK]

mr. bright...

You have a LOT to learn about the investments business. While I am a proponent of the Series 65... I wouldn't recommend it to you. (The last thing YOU need is to be left alone in the investments business when you're getting started.)

Why? You need to experience life as a registered rep FIRST so you can learn "what stupid is" and how to avoid it.

I would find an insurance company that works in "total financial planning" - such as MassMutual, Guardian, NYL, NWM, MetLife, Prudential, etc.

BTW, these FINRA licenses are LICENSES... not 'degrees'. Just because you can pass them, doesn't mean you know the difference between **** and shinola. 95% of the exam materials are NOT applicable to the life of a registered rep.

If you're going to sell more 'mutual fund' type investments and variable insurance contracts, then all you'd need is a Series 6.

If you're going to deal with individual stocks, bonds, ETF's, Muni's, Options... in addition to mutual fund type investments and variable insurance contracts... then you'll want the Series 7.

You'll typically be required to also take the State License exam - the Series 63. This talks about "Blue Sky Laws" in issuing securites and other laws.

If you're going to serve the public in a fee-based capacity, you'll want to pursue your Series 65.

If you're getting your Series 7 and also plan to serve in a fee-based capacity, you can get the Series 66... which combines the Series 63 & 65 into one exam.

Clear as mud?

Once you have clients... then you get to practice the futile art of: Economics Demotivator® - The Original Demotivational Posters
- - - - - - - - - - - - - - - - - -

I have ADD to a certain extent where I need to constantly learn things and do things. My number one goal is to be able to offer everything anyone would need insurance wise to include variable annuities, and investment advice once I gain enough experience.

Based on this paragraph, I'd be considering the Series 6, 63 & 65. You can upgrade to the Series 7 later.

But most importantly, you need to work in a structured environment that is geared towards investments and professional investment advice.

Personally, I would completely avoid all the MLM companies for this: Primerica, World Financial Group or any other MLM. My impression of them is that they think their licensing training is all they need.

Wrong!

Find someone who is successful at explaining and selling investments and learn from them.

This message is brought to you by the letters E & O.

 

[LGilmore]

Mr. Bright...

I have a 6 and 63 which allows me to sell MF and VA, VL etc...

With the others I would suggest if you're going to do this go in as a career agent with a reputible company. Learn the business. After 5 years, either like where you are or start out on your own. While a career agency can keep your life business, they cannot keep your securities business which would go with you if you decide to go on your own.

At 22, you have a lot of energy which is great, the problem is going to be making sure you understand client risk tolerence and their very "short" memmories about your conversations about it. It's great to be eager and all, but you really need to think about what you want, how you're going to get there and what pitfalls you'll have.

 

[Yagents]

I wholesaled mutual funds to advisors/brokers for 10+ years.

When I left, I let my 6, 7 and 63 expire on purpose. I didn't want to "produce" for any BD to "hang my licenses", and I didn't want to deal with the compliance nightmares. I also wanted to grow a fee based practice under a fiduciary standard, which was best for my clients.

So, I kept my series 65 and registered as an RIA with the help of www.eadvisorcompliance.com . I got an insurance license and off we go. With these two licenses, the ONLY thing I could NOT sell was a variable life and variable annuity. Two products I never did want to sell anyway.

health insurance is the best door opener to getting more business under the 65 fee based license.

After stock market crashed.....again, I gave up my fee based asset mgmt practice, but kept my 65 just in case. After 2 years, I've decided to let is lapse.

The only way to do it right, is to do it on your own. I never met a happy registered rep in 12 yrs of schmoozing.

 

[Norwayguy]

Lol your predicition on my knowledge is incorrect, I knew about a 6 before 7 and 7 is what I am confused about. I am aware of a series 6 my cowworker has the 6 and 63, well he had atleast for quite some time.

Have you asked your coworker why he gave up his FINRA registration?
- - - - - - - - - - - - - - - - - -

As a quick question to my understanding a Series 7, which is insurance gives me the ability to be my own agent. Meaning that while being sponsered I can give the corporation that sponsers me lets say 10% and then I make all the profit on my insurance sales and technically I am my own business.

A Series 7 has nothing to do with insurance other than the fact that you can be insurance licensed and hold those registrations as well.

Your understanding of life as a registered rep is very minimal. You will be a Registered rep of a Broker/Dealer get used to that term. You don't "GIVE" the B/D anything when you sell a Mutual Fund the compensation is called GDC, Gross DEALER Compensation, your B/D give you a percentage. Now it is true I have seen B/Ds allow Reps to keep 90% of the GDC but I have never seen a B/D sponser someone with no experience and start them out on that comp level additionally if a B/D is giving you that much of the comp they would normally charge you bucko fees so they make money.

If you work at a wirehouse as a Series 7 your split would typically be in the 30% range starting as a newbie at a captive carrier you might start at 40-50%. To give you a little insight to the money your talking about lets say you sell John Smith on the idea of putting 100K into Capital World G&I a mutual fund sold by American funds A Share The load is 5.75% or $5,750 that comes out of Mr Smiths investment American funds holds back .75% and reallows to the selling B/D 5% assuming you are on a 50% split you get 2.5% or 2,500.

By the way the above example was simplified and actually overpays you because on A Shares American funds offers breakpoints you only have a 5.75% sales charge on sales under 25K at the 100K level the sales charge is 3.75% American funds keeps .75% so you and the B/D split 3% for a grand total to you of $1,500 as your clients account continues to grow the upfront commission you collect decreases.

Now if you sold your client on the idea of an annuity your comp would be in the range of say 3-8%. As an insurance agent you don't need to keep a million perspuctuses on hand making sure they are up to date, you don't do blotters.

What we can't express to you in this medium is how difficult it is to do a lot of Insurance and Investments they are a polar opposites of each other. With Investments you paint a blue sky clear sailing environment with insurance your painting what can happen and how to protect.

Focusing on just 1 segement will make you more money. I was a registered rep for 10 years till I let my registration go last year and not only am I happier but I am able to post this message on this forum without having to worry about a B/D compliance dept picking up on it.

 

[sergman89]

Mr, Bright you do not understand what the 7 is all about yet. I would not pursue a 6, or 7, or 65 until I have a better understanding of what each entails and what you will need to do. I would read this forum but I would also go to the Registered Rep forum and read. Registered Rep Forums |

There is a lot about the negative side of having a 6 or 7 on this forum if you will search and also on Topgunproducers.

THANKS, looking through the page now.
- - - - - - - - - - - - - - - - - -

mr. bright...

You have a LOT to learn about the investments business. While I am a proponent of the Series 65... I wouldn't recommend it to you. (The last thing YOU need is to be left alone in the investments business when you're getting started.)

Why? You need to experience life as a registered rep FIRST so you can learn "what stupid is" and how to avoid it.

I would find an insurance company that works in "total financial planning" - such as MassMutual, Guardian, NYL, NWM, MetLife, Prudential, etc.

BTW, these FINRA licenses are LICENSES... not 'degrees'. Just because you can pass them, doesn't mean you know the difference between **** and shinola. 95% of the exam materials are NOT applicable to the life of a registered rep.

If you're going to sell more 'mutual fund' type investments and variable insurance contracts, then all you'd need is a Series 6.

If you're going to deal with individual stocks, bonds, ETF's, Muni's, Options... in addition to mutual fund type investments and variable insurance contracts... then you'll want the Series 7.

You'll typically be required to also take the State License exam - the Series 63. This talks about "Blue Sky Laws" in issuing securites and other laws.

If you're going to serve the public in a fee-based capacity, you'll want to pursue your Series 65.

If you're getting your Series 7 and also plan to serve in a fee-based capacity, you can get the Series 66... which combines the Series 63 & 65 into one exam.

Clear as mud?

Once you have clients... then you get to practice the futile art of: Economics Demotivator® - The Original Demotivational Posters
- - - - - - - - - - - - - - - - - -


Based on this paragraph, I'd be considering the Series 6, 63 & 65. You can upgrade to the Series 7 later.

But most importantly, you need to work in a structured environment that is geared towards investments and professional investment advice.

Personally, I would completely avoid all the MLM companies for this: Primerica, World Financial Group or any other MLM. My impression of them is that they think their licensing training is all they need.

Wrong!

Find someone who is successful at explaining and selling investments and learn from them.

This message is brought to you by the letters E & O.

Ok I looked at the other forum and researched it a little and you guys are looking to be right. I know a few people who have it and are succesful, but they have a lot to gain from exagerating how great it is. I dont think I am going to get a series, and I appreciate everyones response. I appreciate everyones time in explaining to me! I will stick with insurance ... sounds better for me

 

[Cornelius]

Mr. Bright before you make a final decision on the 65 send me a pm with a contact email address and I will give you a contact person to speak with.

I myself do not have the 65 yet and due to potential unknown regulations I don't post any information about potential opportunities that are available with the 65..

 

[xrac]

THANKS, looking through the page now.
- - - - - - - - - - - - - - - - - -


Ok I looked at the other forum and researched it a little and you guys are looking to be right. I know a few people who have it and are succesful, but they have a lot to gain from exagerating how great it is. I dont think I am going to get a series, and I appreciate everyones response. I appreciate everyones time in explaining to me! I will stick with insurance ... sounds better for me

Based upon what I know I think it is a smart choice.

 

[Franz Kafka]

due to potential unknown regulations I don't post any information about potential opportunities that are available with the 65..

At least you've got the lingo down ..