Questioned for Registered Reps?

[Icando]

Question for Registered Reps?

Currently I'm registered, but not sponsored, with both a series 7 & 66 and I'm considering working with a broker/dealer that will sponsor my licenses. My question is it really worth having these licenses now? I would appreciate anyone's perspective that currently holds these licenses and registered reps who have terminated their registrations just to be an insurance agent.

Cheers.

 

[DHK]

Your answers are in these threads:

Series 6/63 Question

Registered Reps, B-D's, Dropping Your Securites License

 

[Franz Kafka]

Re: Question for Registered Reps?

Currently I'm registered, but not sponsored, with both a series 7 & 66 and I'm considering working with a broker/dealer that will sponsor my licenses. My question is it really worth having these licenses now? I would appreciate anyone's perspective that currently holds these licenses and registered reps who have terminated their registrations just to be an insurance agent.

Cheers.

If your client gains 10% in a bull market, they will think you are inept. If they lose 5% in a bear market, they will think you have physically violated them. Now if you can thrive in that kind of environment, go become an RIA or work for an independent RIA as an IAR. RR is a thing of the past IMO.

 

[xrac]

DHK has told you what you need to know. Get rid of the securities license and you will feel like a human being.

 

[Norwayguy]

I dropped my B/D in January and love the ability to not have to ask the B/D for permission to do anything....It also makes sense that focusing on one line either securities or insurance I'll do better and it makes sense..When you talk about insurance its all what can happen why securities is all blue sky they conflict.

 

[lucasr]

I was just debating whether or not to let mine lapse. I would hate to have to study and test again, but was thinking not having them may not be that horrible of a thing. Thanks for the input!!

 

[VolAgent]

I haven't missed mine one bit. A friend of mine just dropped his. He was telling me what the B/D was requiring now. It just gets worse and worse. All the cons and none of the pros of being an employee. Worse really, more a slave to the B/D and FINRA.

 

[sman]

I'd be curious in knowing how much GDC you guys gave up when you cancelled your securities license. How much AUM did you have? What did you do with those clients?

I can't imagine walking away from that steady income.

 

[VolAgent]

I'd be curious in knowing how much GDC you guys gave up when you cancelled your securities license. How much AUM did you have? What did you do with those clients?

I can't imagine walking away from that steady income.

I was always more insurance focused and prospected for it. Between more expensive E&O and fees, I saved money. It was a complete no-brainer for me.

 

[Norwayguy]

I'd be curious in knowing how much GDC you guys gave up when you cancelled your securities license. How much AUM did you have? What did you do with those clients?

I can't imagine walking away from that steady income.

I changed B/Ds and left a GA with a 18 month Non-Compete....I moved my Registrations to another B/D and started selling much more Index Annuities and insurance. As the year was coming to a close I was already thinking of dropping my Registrations when the B/D sent out a new contract and this Supposedly Independent B/D was stating the Clients and all Client notes where B/D Property on the new contract.

So when I dropped my Registrations I wasn't giving up much as I had really changed my direction...Now that the 18 month Non-Compete is up I'm still not the sad to not have VAs in the portfolio.