Series 6, 63, and 7 Licenses with Bankruptcy

[Zig Ziglar]

I am interested in a Farmers Franchise, but I recently filed chapter 7 BK. The rep said that he can work around this given my work history and assuming I can produce, so I'm not worried about Farmers not wanting me. I am concerned that I will have not be able to get my series 6, 63, and 7.

Has anyone with a recent BK obtained these financial licenses or had trouble getting them?

Any help would be much appreciated!!

John

 

[DHK]

Obtaining licenses is all about passing the exams.

Registering with FINRA also won't be a problem. You will need to fully disclose the bankruptcy and it will be listed in your FIRNA record - for the public to view.

It isn't FINRA to be worried about. Your broker/dealer is the one who may have issues or not. Just fully disclose everything and let their compliance department sort it all out.

 

[Guest]

I am interested in a Farmers Franchise, but I recently filed chapter 7 BK. The rep said that he can work around this given my work history and assuming I can produce, so I'm not worried about Farmers not wanting me. I am concerned that I will have not be able to get my series 6, 63, and 7.

Has anyone with a recent BK obtained these financial licenses or had trouble getting them?

Any help would be much appreciated!!

John

Farmers will NOT take you with a BK.

Plain and simple.

 

[Zig Ziglar]

Obtaining licenses is all about passing the exams.

Registering with FINRA also won't be a problem. You will need to fully disclose the bankruptcy and it will be listed in your FIRNA record - for the public to view.

It isn't FINRA to be worried about. Your broker/dealer is the one who may have issues or not. Just fully disclose everything and let their compliance department sort it all out.

Thanks for that information! I actually heard from a Farmers agent that I'd have trouble with the licenses because of the Bankruptcy. Maybe he was just referring to the part that I'd have to disclose it and that it would be public knowledge.
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Farmers will NOT take you with a BK.

Plain and simple.

Well I was concerned about that but the rep said he could work around it. Where did you get that info from if you don't mind me asking?
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I haven't found anything that clearly states they don't want you with a Bankruptcy. The agent that referred me made agent of the year last year and he said that he had some credit issues that were looked past when he opened his agency.

I can see Farmers not wanted to give an appointment to someone with a BK, but I just hope there are other factors that could outweigh that and persuade them to approve me.

 

[Larry Tew]

It depends on the individual broker-dealer. They will probably want so much time elapsed since discharge.

 

[Guest]

Credit issues are different than BK.

Secondly, I would run as fast as I can from Farmers,

 

[xrac]

I understand that too much debt may be a bigger issue with some BD's than a BK unless it is too recent.

 

[Zig Ziglar]

Well, the BK was 30 days ago so it won't be discharged for another 4 weeks. It was a very difficult decision and for my situation it was the right choice.

Why do you say run from Farmers? I assume you have seen the website with a few bad reviews? I've seen that too, but here are my reasons to look past that. My friend since high school opened an agency about 2 years ago, made agent of the year and will make 140k this year. I've been a customer of Farmers for about 5 years now, and I had a total loss within the last year that paid out over 40k.

The website really made me think long and hard, but it is one sided. The website moderators WILL NOT allow anyone to post anything positive about Farmers on there.

 

[Guest]

I WAS with Farmers for 6 years and regret it.

If the BK is that recent, sorry charlie, no F-ing way

 

[Zig Ziglar]

Credit issues are different than BK.

Secondly, I would run as fast as I can from Farmers,

I agree, a BK is BAD. However, a discharged BK shows that you are no longer legally responsible for the debts included in bankruptcy. So from that point of view, it may not be a deal breaker. What makes you so confident that Farmers will not take me with a BK?
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I WAS with Farmers for 6 years and regret it.

If the BK is that recent, sorry charlie, no F-ing way

What do you think my best option is then? I want to get into the insurance biz and I don't know much about going independent.