Help - I Need a New Broker/dealer

[ohsaycanuc]

I am leaving Farmers - yeah! going IA. I have my 6 & 63 and have done ok with AUM with Farmers. I really don't want to give up my licenses with FNRA, the tests were really difficult and I sure don't want to do that again.

Does anyone know of an independent life insurance marketing firm that would let me place my licenses with them?

I am appointed with ECA Marketing in CA and they only do fixed annuities and life, no variable stuff, so I need someone I can put my licenses with.

How hard is it to find someone that will let me do this?

 

[Franz Kafka]

Google "independent broker dealers" and see what you can find. I've heard some good things about these guys (never used them and never will - I'm not a reg rep): brokersXpress | Online Broker Dealer for Investment Reps & Advisors
Your non-securities businesses have nothing to do with your broker dealer although they want to know about everything you're selling. I have a high preference AGAINST broker dealers and encourage you to take a look at independent RIA shops. JMO

 

[sman]

Are you talking about just parking your securities somewhere or actually producing? If you are going to produce, I would recommend ONESCO (Ohio National Equity Sales Company). Low minimums and no fees if you meet the minimums and a fair payout. Also no haircut on fixed business.

I am leaving Farmers - yeah! going IA. I have my 6 & 63 and have done ok with AUM with Farmers. I really don't want to give up my licenses with FNRA, the tests were really difficult and I sure don't want to do that again.

Does anyone know of an independent life insurance marketing firm that would let me place my licenses with them?

I am appointed with ECA Marketing in CA and they only do fixed annuities and life, no variable stuff, so I need someone I can put my licenses with.

How hard is it to find someone that will let me do this?

 

[xrac]

There are dozens of BD you could go with. You just want to find the one that is the best fit. The important things are cost of E&O through the BD, minimum production levels, if they take a haircut on your fixed business or not, and how odious are they on compliance.

 

[DHK]

Are you talking about just parking your securities somewhere or actually producing? If you are going to produce, I would recommend ONESCO (Ohio National Equity Sales Company). Low minimums and no fees if you meet the minimums and a fair payout. Also no haircut on fixed business.

Agreed! ONESCO will not interfere in your entire practice as other B/Ds would. For example: marketing. If your marketing doesn't contain anything about securities, they don't care or need to know about it. Most broker/dealers want to know about everything self-made when you hit "print" or "send". This was based on a conversation I had with one of their compliance people a couple of years ago.

Oh, and fixed indexed annuities and Fixed Indexed universal life are okay to sell, just disclose it as an "outside business activity".

I don't have my 7/66 anymore. But if I did, I would strongly consider ONESCO.

 

[ScottLFB]

Foresters Equity Services out of CA is also an option for parking your Securities with low minimums and fees. I've sent a few agents their way and haven't heard any complaints. They let you do what you want on the Life/Annuity side of things without controlling what you can/can't do or taking a haircut off the top just to allow you to work with FIAs..

 

[BNTRS]

How much AUM do you have? Or, what kind of production do you have. LPL is nice, but you'll need to meet higher than average production for an insurance producer to sign up with them on your own.

Cadaret Grant might be worth looking into (I only know about them because I used to a resident producer in CNY).

The top thought I had while reading this is what others have said so I'll echo, ONESCO. If you live in a PGA state of ONL, you'd be wise to contract with them.

 

[Larry Tew]

My vote is for ONESCO as well, but they are not looking for non-securities producers. They are not a parking lot.

 

[sman]

Larry is correct, ONESCO is not a parking lot. I think their minimum is $10k. However, it does take $20k to avoid fees (I think it's $20k). Their E&O has gone up the last couple of years, but whose hasn't.

I have been with a few BD's over the last 13 years and I can honestly say that ONESCO is the best I've been with for the way I do business. For those who are focused solely on securities, ONESCO may not be the best. For those who want to be left alone on the fixed side and get a fair pay out on your securities business, ONESCO is great.

 

[ohsaycanuc]

Thanks to all of you for your suggestions. I am not looking for a "parking lot" although securites are not my main focus.

I have a little over $5M AUM now but that will be left behind with Farmers due to the non-compete.

I will check these companies out and see which, if any, would be a good fit for me.

Again I thank you all for your responses. I recently joined this forum and am finding a wealth of helpful information.