Scope of Series 65 - Does It Include Variable Products?

[brokerlady]

I am a licensed Life, Health, Property and Casualty agent. It has been suggested that I obtain my Series 65 license in order to comply with DOL regs for selling indexed annuities. Will a series 65 allow me to also sell variable life and annuities as well?

 

[DHK]

You just got some bad advice. You don't need a Series 65 to comply with DOL regs in regards to fixed indexed annuities. The Series 65 has NOTHING to do with selling Fixed Indexed Annuities. In fact, if that's ALL you're getting it for, you may be in for trouble down the line.

You need a Series 65 to manage portfolios or give financial advice on a fee for service basis.

http://www.insurance-forums.net/for...elling-life-insurance-t85767.html#post1147056

That being said, the Series 65 will only allow you to sell LEVEL FEE variable annuity and variable life products. There are some out there, but they are few.

If you want to be able to sell the majority of variable annuity and variable life products for commissions, it would require a series 6/63 or 7/63 with a broker/dealer.

 

[brokerlady]

Ok...what is the difference in scope between the 6 and 63 and do I really need both? If so, should I do them at the same time?

 

[DHK]

You'll need both in almost all cases. You won't be able to sell without both... so you can do one right after the other.

Series 6 - investment company & variable contracts (mutual funds)

Series 63 - Uniform securities agent state law (more about 'blue sky' laws and other legal aspects)