Passing the Series 65 Exam

[supersupps]

Can someone suggest a site that is best to help to pass the series 65 exam? Perhaps an on line site? thanks
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And do any agents take the exam to help them to sell annuties? What benefit will it give?

 

[golfnut]

Test teachers is the material that I used, TESTEACHERS ONLINE - ONLINE VIDEO INSURANCE AND SECURITIES EXAM PREP. They have video and printed material. I just passed my exam this week. I would suggest allowing plenty of time to study for this exam, at least two weeks, maybe longer if you do not have any background in this area. Most people I spoke with that have taken this exam underestimated the study time needed and failed the first time, so be sure you understand the concepts. It is a 140 question test of which 130 are test questions, 10 are for feedback to the testing authorities and you do not know which are not included. I would rate this test as the most difficult I have ever taken, just read the questions thoroughly and if you have the concepts down you will pass. Feel free to pm me and I will give you all the feedback you want.

 

[supersupps]

For an agent that sells MA and FE. and supps and wants to get into annuities, is it worthwhile to take the exam even though it wont be needed, as I'd continue to be independent?

 

[annuityseller]

I agree testteachers is the best,I took a month to study and got it the first time.vidoes is the best along with the book to follow with the videos to make notes

 

[allen70]

To sell annuities you need a series 6 and 63. The series 65 is for an investment advisor representative. You will be in the business of managing accounts with the 65. If you just want to sell them you wouldn't need the 65.

 

[Norwayguy]

To sell annuities you need a series 6 and 63. The series 65 is for an investment advisor representative. You will be in the business of managing accounts with the 65. If you just want to sell them you wouldn't need the 65.

Just to clarify the above posters remark....You would need the Series 6 & 63 for the sale of Variable Annuities...You can sell Fixed and Fixed Indexed Annuities without the FINRA registration.

Also with the Series 65 you can do more than just Assets under Management you can charge fees for your investment advice.

 

[DHK]

As far as the benefits to the series 65 - you'll be prepared in the event that "source of funds" becomes more of a regulatory issue.

FINRA (the bastiges that they are) wants people to liquidate their securities ONLY with the advice of a registered representative or registered investment advisor. The insurance agent is "not licensed" to provide advice on securities.

So, by obtaining your Series 65 and affiliating with an RIA (or starting up your own), you'll be on the "right side" of compliance as far as FINRA is concerned.

BTW, if you have a CFP, ChFC, CFA, or CPA/PFS, it will typically waive the series 65 exam requirement. Check with your State Department of Corporations.

 

[supersupps]

Thanks for the posts. Someone told me that if I took the series 65 course and passed the test, I'd be better able to handle the whole world of annuities that a life/health agent is able to sell. Is there a different way to learn about this without taking the 65 course? My goal is to sell the annuties that we are allowed to. I dont see myself charging for my advice, I see myself holding seminars, educating people and closing on some,.. What should I do? thanks

 

[DHK]

There are "fee-based" annuities... but they're not worth owning. These would require a Series 65.

Variable annuities are only sold when you affiliate with a broker/dealer and have a series 6&63 (or 7&66).

Fixed annuities and Fixed Indexed annuities can all be sold with your life insurance license. You may need to fulfill other requirements as determined by your state. For example, in CA, you must complete annuity CE before soliciting any annuities.

The series 65 will NOT have any additional information to help you sell annuities.

The series 65 will give you an overview of the Investment Advisors Act of 1940 and other regulations.

If you're looking for courses/systems to help you sell annuities, I'd look at:
- Academics - Insurance Education - LUTCF - Insurance Skills - The American College
- Free Annuity Sales Tips, Tools & Training for Today's Serious Agents & Advisors from The Insurance Pro Shop.

If you want a more comprehensive overview of facets of financial planning, I'd suggest CLU & ChFC courses, in addition to the LUTCF courses. These courses will help you in more facets of planning. You'll earn an educational designation, not obtain a license that you don't need.

(If you go with the ChFC, you'll get the education you'll want AND have a qualifying designation to waive the Series 65 requirement.)

 

[Charpress]

Getting a 65 is not an easy task.

It is well worth it if you need the license.

It is not worth it as any sort of learning experience. You will learn zero about the annuity business. You will also forget every blasted thing you studied within one year -at least I did. Most of it is memorization of regulatory BS.

As said above, the magic of the license is being an RIA and then not having to worry about drawing a big red circle around the crappy mutual fund portfolio on a monthly statement that Merrill put some sucker into. The RIA designation allows you to draw that circle.

By the way, getting a 65 is just the beginning. You don't go to RIA without creating a business entity and then going through whatever BS your state has in store for you -and you still have to deal with FINRA.