Hey! All Securities Guys! What's The Deal?

Aug 16, 2016

  1. Bob_The_Insurance_Guy
    Offline

    Bob_The_Insurance_Guy Guru

    Posts:
    1,908
    Likes Received:
    14
    State:
    Georgia
    For the past few months, I've had no less than 6 Securities Licensed Agents approach me, asking how they could enter the Medicare (and Medicare Advantage) market.

    These are guys who work in the REIT's and Trusts market. They have clients who are worth Millions, with an "M"! What's the deal?

    :huh:
     
  2. Biggin
    Offline

    Biggin Guru

    Posts:
    891
    Likes Received:
    82
    State:
    Michigan
    Regulations.........................
     
    Biggin, Aug 16, 2016
    #2
  3. mickeyma
    Offline

    mickeyma Guru

    Posts:
    464
    Likes Received:
    63
    State:
    California
    They're not doing well. They should be making tons of money dealing with millionaires while doing Medicare policies are $400 to $500 commissions per case.
     
    mickeyma, Aug 17, 2016
    #3
  4. Bob_The_Insurance_Guy
    Offline

    Bob_The_Insurance_Guy Guru

    Posts:
    1,908
    Likes Received:
    14
    State:
    Georgia
    That's what is so perplexing!

    Go into Real Estate, or Miracle Water!
     
  5. DHK
    Offline

    DHK "YOU CAN'T HANDLE THE TRUTH!"

    Posts:
    7,930
    Likes Received:
    1,784
    State:
    California
    Just because you're serving "millionaires" does not mean that you're making a fortune, or that it's easy money.

    Some of the most demanding people... are millionaires who make sure that you KNOW how much they are worth to you. I know I don't need that kind of negativity in my life.
     

    Attached Files:

    DHK, Aug 17, 2016
    #5
  6. Bob_The_Insurance_Guy
    Offline

    Bob_The_Insurance_Guy Guru

    Posts:
    1,908
    Likes Received:
    14
    State:
    Georgia
    Yeah, but these are guys who have been in it for decades.
     
  7. YouGotMyMoney
    Offline

    YouGotMyMoney Guru

    Posts:
    5,026
    Likes Received:
    121
    State:
    Florida
    $400-500? Medigap + Rx or MAPD is at least $1200+ in comp over 6 years +
     
  8. Glen Shelton
    Offline

    Glen Shelton Guru

    Posts:
    1,849
    Likes Received:
    75
    State:
    Oregon
    Most Medigap policies should pay out about $1500 in commission or more over 6 years ...

    Obviously, lots of variables depending on carrier, commission level and age of insured ...
     
  9. sman
    Offline

    sman Guru

    Posts:
    6,223
    Likes Received:
    235
    State:
    Georgia
    You specifically mentioned REIT's. There are so many REIT's that are bad. And the investor has to meet certain guidelines to invest in a REIT. I picked up a client who had some money invested in a REIT. The initial investment was $100k. A few years ago they froze the asset not allowing them to liquidate. As of August 2015 they could liquidate which they chose to do for a total of just over $32,000. That's a $68% loss. Not easy to sell that kind of investment.

    Reps who focus on REIT's might be having a tough time due to past market conditions. And as DHK mentioned, just because securities reps may deal with wealthy people (many securities reps deal with your average person and not wealthy people), does not mean the securities person is successful. They crash and burn just like insurance agents do.

    Take the person who puts $5k into an IRA. The advisor might make $200 on that. Add the regulation involved and additional costs of having a securities license (between E&O, securities registration and B/D fees, I easily pay over $3k per year), and insurance is just easier.
     
    sman, Aug 17, 2016
    #9
  10. Midlevel
    Offline

    Midlevel Guru

    Posts:
    807
    Likes Received:
    29
    Gave up my securities license 3 years ago, best decision I ever made.
     
Loading...