Registered Reps, B-D's, Dropping Your Securites License
- Thread starter Larry Tew
- Start date
Don't forget that it also gives the regulators jobs and power that they crave.
- 4,132
"I'm just curious what kind of income those of you who have dropped your securities license were making from securities related business? "
26 million a year...
I've had great years and not so great years with securities sales and yes, if I were knocking the s hit out of securities sales, my attitude might be different.
But for me, it's been a gradual decline as "rules" increased.
I've migrated away from the "Lucy, you got some splainin to do" types of business out there.
Most of us went into this business with the thought of working for ourselves, being responsible for ourselves. Having to explain ourselves or ask permission just rubs the wrong way. I didn't go into business to ask permission from everything from ads to emails, so it's been a gradual reduction working lines where I have to ask permission.
Give me the laws, give me the rules and get the truck out of the way.
I was recruited into this industry by being told I was going to be "my own boss", well in some aspects of this business, I found myself working for somebody else and if that's what I wanted, I would have stayed put in a different industry.
Don't know if that makes sense to anybody and don't care.
26 million a year...
I've had great years and not so great years with securities sales and yes, if I were knocking the s hit out of securities sales, my attitude might be different.
But for me, it's been a gradual decline as "rules" increased.
I've migrated away from the "Lucy, you got some splainin to do" types of business out there.
Most of us went into this business with the thought of working for ourselves, being responsible for ourselves. Having to explain ourselves or ask permission just rubs the wrong way. I didn't go into business to ask permission from everything from ads to emails, so it's been a gradual reduction working lines where I have to ask permission.
Give me the laws, give me the rules and get the truck out of the way.
I was recruited into this industry by being told I was going to be "my own boss", well in some aspects of this business, I found myself working for somebody else and if that's what I wanted, I would have stayed put in a different industry.
Don't know if that makes sense to anybody and don't care.
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"I'm just curious what kind of income those of you who have dropped your securities license were making from securities related business? "
26 million a year...
I've had great years and not so great years with securities sales and yes, if I were knocking the s hit out of securities sales, my attitude might be different.
But for me, it's been a gradual decline as "rules" increased.
I've migrated away from the "Lucy, you got some splainin to do" types of business out there.
Most of us went into this business with the thought of working for ourselves, being responsible for ourselves. Having to explain ourselves or ask permission just rubs the wrong way. I didn't go into business to ask permission from everything from ads to emails, so it's been a gradual reduction as I work lines where I have to ask permission.
Give me the laws, give me the rules and get the truck out of the way.
I was recruited into this industry by being told I was going to be "my own boss", well in some aspects of this business, I found myself working for somebody else and if that's what I wanted, I would have stayed put in a different industry.
Don't know if that makes sense to anybody and don't care.
It makes perfect sense. While I would love to be free of all the garbage that goes along with a securities license, I just can't justify walking away from the income I receive. I try and set everything up on a trail type payout so I have a steady stream of income. I'm not a huge producer on the securities side, but I do enough to make it worthwhile.
Also, my BD is pretty laid back. The only business that runs through them is securities business. I don't have to show them anything on the insurance side other than disclosing that I offer insurance products. I've had BD's that became more and more restrictive and had to make a change, but hopefully this will be my last BD.
- 15,041
You didn't really think anyone walking away was just killing it, did you? 
You didn't really think anyone walking away was just killing it, did you?
Not at all. Just curious as to the income level at which a person says, "it's just not worth it anymore".
- 15,041
I guess it all depends. Above 20% would be the magic number for me. Anything around there and it would be hard to give up. I was well below, so it was an easy decision.
- 4,132
"Also, my BD is pretty laid back"
If you could share a name (even pm) that would be great.
If you could share a name (even pm) that would be great.
- 140
Although it would be nice to do a rollover every once in a while, I have no interest in getting securities licensed. Some may agree or disagree, but selling life and health is pretty straightfoward and low maintainence (also why I don't do P&C). Once you sell them, you're usually only in contact with them a couple times a year max (for referals, staying in touch, cross sell etc), and they generally aren't calling you much either. If you are managing their investment portfolio its much more day - to -day hands on and compliance is such a bear.. I'd rather just go sell some more policies!
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