How does an independent get series 6 & 63
- Thread starter rdavis85
- Start date
- 297
Can't find the links right now but there are some internet based companies that will sponsor you as long as you buy training material from them.
Many folks use these companies to "park" license.
Many folks use these companies to "park" license.
- Thread starter
- #4
Agent Jeff
Expert
- 80
You might be missing the point. In order to sell variable annuities, you do need to sponsored by a broker/dealer, fill out a U4, get fingerprinted, and pay some big fees just to take the series 6. Once you are a registered rep, you have to be supervised by that same broker/dealer and the variable annuities you sell will go through them.
Even if it were possible, getting sponsored by a testing company in order to park a license makes no sense. What use is that to you?
On the other hand as a point of trivial information, you could take the series 63 without sponsorship (but you still could not register with any state as a securities agent without sponsorship of a broker/dealer.)
Correct. Your broker dealer is responsible for you, making sure you stay compliant. This is part of the reason you have to be sponsored. If you mess up, you're broker dealer pays fines right along with you
They are also responsible for your audits and inspections. You can only sell what they have to sell.A lot of true independents only go for the Registered Investment Advisor (RIA), which doesn't need any sponsorship, and allows you to charge for 'advice'. The 6/63 allows you to sell some securities. Outside of that, you can't be truly 'independent' and a registered rep at the same time. That's a bit harsh, since most of the time, the broker dealer doesn't work with you on a day to day basis, they just have paperwork supervision responsibility, and compliance responsbility.
Dan
Yes, it would be nice if anyone knows of any BD's w/low miniumum production requirements. I've got the 6, 63, 65, and 7 that I don't want to lose.
- 297
Quest Capital
Never said it was a training company.
Not sure what the req. are now as have not kept up with them. May be an option, may not.
They use to sponsor new and provide (only if you brought thier training mats) training material.
What folks used em for was to park. They only required NASD min.
Again have not kept with them so read up and or give em a call.
Never said it was a training company.
Not sure what the req. are now as have not kept up with them. May be an option, may not.
They use to sponsor new and provide (only if you brought thier training mats) training material.
What folks used em for was to park. They only required NASD min.
Again have not kept with them so read up and or give em a call.
Last edited:
maxreferrals
Expert
- 64
You need to be sponsored.
Many firms may sponsor you if you either (a) give them some form of work commitment (cold calling, filing, grunt work) (b) pay for the licensing yourself.
Many firms may sponsor you if you either (a) give them some form of work commitment (cold calling, filing, grunt work) (b) pay for the licensing yourself.
As has already been referred to, being a reg rep comes with strings. You have to determine if the requirements of the particular firm your looking at and it's compliance/restrictions that are placed on you and your practice - are in fact worth it.
Quest Capital is an option, they allow you to transfer your clients away, no questions asked. However you will not receive help/assistance for your practice from them (eg research, sales help etc...).
Other BD's require some production, however some valuable service comes with this quota.
The poster mentioned they wanted to sell VA's. Becoming a RIA will not allow him/her to do this. Also, becoming a RIA can be time consuming not only in filing your documents but also in staying compliant (as you are now the compliance department).
Your best bet is to go to a insurance owned, independent BD. For a list of independent BD's (some of which are insurance owned) with the quota requirement info, go to the below link, a BD list/comparison.
Financial-Planning.com
In addition not sure what VA's you looking at however, Ohio National has some very good ones that if your licensed through their BD (ONESCO), then ONESCO will not take a "haircut" or a percentage of your commission for themselves. Most do take a cut for themselves. You may need to be licensed through Ohio National as a PPGA or career agent to sell their VAs? Not sure if they'll sponsor you, however they do have low quota (10 k annually I believe).
What maxreferrals posted is spot on. Write up a business plan on how you plan to meet/exceed their quota, and they should take you on, no problem.
Agent
Quest Capital is an option, they allow you to transfer your clients away, no questions asked. However you will not receive help/assistance for your practice from them (eg research, sales help etc...).
Other BD's require some production, however some valuable service comes with this quota.
The poster mentioned they wanted to sell VA's. Becoming a RIA will not allow him/her to do this. Also, becoming a RIA can be time consuming not only in filing your documents but also in staying compliant (as you are now the compliance department).
Your best bet is to go to a insurance owned, independent BD. For a list of independent BD's (some of which are insurance owned) with the quota requirement info, go to the below link, a BD list/comparison.
Financial-Planning.com
In addition not sure what VA's you looking at however, Ohio National has some very good ones that if your licensed through their BD (ONESCO), then ONESCO will not take a "haircut" or a percentage of your commission for themselves. Most do take a cut for themselves. You may need to be licensed through Ohio National as a PPGA or career agent to sell their VAs? Not sure if they'll sponsor you, however they do have low quota (10 k annually I believe).
What maxreferrals posted is spot on. Write up a business plan on how you plan to meet/exceed their quota, and they should take you on, no problem.
Agent
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