Keep Security License or Give It Up?
- Thread starter Heesybud
- Start date
- 15,319
No regrets at all. Don't miss the 7/63.
I felt I would be harming my clients by not focusing 100% of the time on securities. So I gave up the licenses.
For about 6 months it was like my hiccups had just stopped, but after that my income increased by only working on insurance.
Rick
I felt I would be harming my clients by not focusing 100% of the time on securities. So I gave up the licenses.
For about 6 months it was like my hiccups had just stopped, but after that my income increased by only working on insurance.
Rick
- 9,744
I let mine go about 4 or 5 years ago. The compliance stuff wasn't worth it anymore.
- 924
A good friend gave up his licenses a few years ago for the usual reasons: money and time going out and not enough coming in. I think he regrets it at times.
It seems to me that having a 65 and being state registered as an RIA is a reasonable compromise for the present. I like being able to give financial advice without getting into trouble and I like being able to offer investment alternatives.
At the present the regulation is tolerable and the expenses reasonable. I expect this to probably change dramatically over the next several years as the SEC/FINRA/BrokerIndustry cabal makes things more miserable for those of us RIAs who mind our own business and do a good job for our clients.
It seems to me that having a 65 and being state registered as an RIA is a reasonable compromise for the present. I like being able to give financial advice without getting into trouble and I like being able to offer investment alternatives.
At the present the regulation is tolerable and the expenses reasonable. I expect this to probably change dramatically over the next several years as the SEC/FINRA/BrokerIndustry cabal makes things more miserable for those of us RIAs who mind our own business and do a good job for our clients.
- 4,132
Still have my 6/63, but I don't know how much longer. Compliance is a pain in the a ss, and honestly I feel like an employee when I deal with that side of my business. I'm not really into asking permission as I know right from wrong.
Not really big on quotas either as I can't see a way to explain how quotas are good for the customer. I can't see working under a quota system as defensable in court and can't see how I can be a 1099er, yet have to hit certain numbers.... it isn't logical.
Not really big on quotas either as I can't see a way to explain how quotas are good for the customer. I can't see working under a quota system as defensable in court and can't see how I can be a 1099er, yet have to hit certain numbers.... it isn't logical.
Only you can make that decision. Everyone has their own business model. While I get frustrated at times with the securities side of my business, I have developed GREAT relationships with my clients and can't imagine walking away from them or the income. My investment business accounts for about half of my income. That wouldn't be easy to make up if I dropped my securities license.
Additionally, if SEC Rule 151A goes into effect, for anyone wanting to offer certain annuities, they will need to have a securities license.
An alternative may be to find a local investment advisor that you trust and could partner with. Let him/her handle all the investment business and you handle all the insurance business. That way you are still in the loop on the investment side and your clients won't think you've abandoned them.
Just my two cents.
Additionally, if SEC Rule 151A goes into effect, for anyone wanting to offer certain annuities, they will need to have a securities license.
An alternative may be to find a local investment advisor that you trust and could partner with. Let him/her handle all the investment business and you handle all the insurance business. That way you are still in the loop on the investment side and your clients won't think you've abandoned them.
Just my two cents.
- 428
I just got my series 65 anf what a relief,know I CAN'T be bothered by the DOI for giving secruties without a license,HERE in maine they are seriously looking at people and I advertised alot so guess who they'd look at first?? I had a 6 and 63 and gave it up 3 years ago for all the same reasons,Wish I'd gotten the 65 from the start.know I'm an around adviser. partnering with a fee based planner is a good idea and I did that for awhile but when you pass 600 or 700 thousand to them and you can't make a dime .that's when I decided to get the 65. and make the fee's my personal pension plan. worked for me !!
- Thread starter
- #8
going this route myself, had a 7 and 63 for years left it behind but like how a 65 can let you work
- 1,271
Never met a happy securities customer. 
