Series 6, 63, and 7 Licenses with Bankruptcy

[Guest]

Dude, WAKE THE F UP....

You want to tell people what to do with their money and invest their money and you had to file BK?

No matter what the reason is that you had to file, it is still a BK.

Would YOU want your investment person to have a BK?
The more recent it is, the worse it is.

I KNOW you dont have a chance in hell at becoming an agent with Farmers with the BK, my suggestion would be to be a producer under an agent, your friend perhaps......

In this day and age, people can find out anything about people, someone googles you and finds a BK, do you really think they want you telling them how to invest their money?

 

[Zig Ziglar]

You wake up. It was a BK, not a felony!

I've made 6 figures the last 4 years, and I don't think I could get anywhere near that as a producer. I'm willing to take a dip in income if I'd be able to get back into 6 figures by the 2nd or 3rd year.

Please share what is so bad about Farmers. Were you an agent for 6 years?

 

[Guest]

You wake up. It was a BK, not a felony!

I've made 6 figures the last 4 years, and I don't think I could get anywhere near that as a producer. I'm willing to take a dip in income if I'd be able to get back into 6 figures by the 2nd or 3rd year.

Please share what is so bad about Farmers. Were you an agent for 6 years?

DUDE, tired of arguing with you, I am telling you how it is, if you dont believe me, then go sign the contract and see what happens.

I have made MORE than 6 figures for the last 10 years, but what difference does that make?

Farmers has a shitty contract now, they walked into 400 agents offices in Houston and Terminated every one of them. The have quotas (unwritten) and will terminate you if you dont hit them, They have dozens of stupid expensive marketing programs they make YOU pay for. The have a way over priced, unsellable, inferior product. They pay Zurich over $3.5 BILLION a year as a management fee. The DM's are a waste of air and way overpaid which is unneccesary overhead. They force you to sell Life insurance, when it is double the rate of anyone else, and tie any bonuses to life production, and their computer system suck royal ass.


Tell you what, get a quote for your stuff from Farmers, then call State Farm, then call AMFAM, then call Allstate, then call and IA and get quotes, make sure you are sitting down when you compare the rates.

Go to www.ufaa.com go to the public bulletin boards and READ all about Farmers.

YOU might not think that a BK isnt a big deal, but in the financial world, it is a big deal!

 

[DHK]

Guys,

A BK is not necessarily a big deal. It all depends on the root cause of the BK.

- Was it overspending?
- Was it divorce?
- Was it medical bills?
- Was it due to a business failure?

I would venture to say that medical bills & business failures are better reasons than overspending & divorce.

If you work with BUSINESS OWNERS, they will welcome you to their club as many of them have had business failures & IRS challenges.

Again, it all comes down to your circumstances and the broker dealer's compliance department. Then, at that point, it comes down to each client's interest in working with you.

Some clients - it'll be a deal breaker.

Other clients will LIKE the fact that they've got an advisor that has seen rough financial patches in their life and somehow got THROUGH it.

Regulators and compliance people think differently than I do... which is just one more reason why I'm no longer a registered rep.

 

[DHK]

Securities licenses are used to solicit the sale and advice related to investments and financial planning.

That's why the BK could be an issue.

If you're working with auto & homeowners... no it won't be a big deal.

Although it might be a big deal in regards to E&O and setting up accounts to pay premiums. (I'm not P&C licensed, so I have very basic knowledge on the financial management required for P&C agencies.)

Some agencies allow you to personally collect the premium for P&C policies, and then you remit the funds to the insurance company. If Farmers worked that way, the BK could be an issue in the fact that you're taking direct custody of client & insurance company funds.

Ask a lot of questions of your recruiter.

 

[xrac]

Dude, WAKE THE F UP....

You want to tell people what to do with their money and invest their money and you had to file BK?

No matter what the reason is that you had to file, it is still a BK.

Would YOU want your investment person to have a BK?
The more recent it is, the worse it is.

I KNOW you dont have a chance in hell at becoming an agent with Farmers with the BK, my suggestion would be to be a producer under an agent, your friend perhaps......

In this day and age, people can find out anything about people, someone googles you and finds a BK, do you really think they want you telling them how to invest their money?

Actually three of the best business people that I know have experienced BK. Sometimes things happen beyond ones control. All three rose up out of the ashes.

 

[Insurance-Guy]

DUDE, tired of arguing with you, I am telling you how it is, if you dont believe me, then go sign the contract and see what happens.

I have made MORE than 6 figures for the last 10 years, but what difference does that make?

Farmers has a shitty contract now, they walked into 400 agents offices in Houston and Terminated every one of them. The have quotas (unwritten) and will terminate you if you dont hit them, They have dozens of stupid expensive marketing programs they make YOU pay for. The have a way over priced, unsellable, inferior product. They pay Zurich over $3.5 BILLION a year as a management fee. The DM's are a waste of air and way overpaid which is unneccesary overhead. They force you to sell Life insurance, when it is double the rate of anyone else, and tie any bonuses to life production, and their computer system suck royal ass.


Tell you what, get a quote for your stuff from Farmers, then call State Farm, then call AMFAM, then call Allstate, then call and IA and get quotes, make sure you are sitting down when you compare the rates.

Go to www.ufaa.com go to the public bulletin boards and READ all about Farmers.

YOU might not think that a BK isnt a big deal, but in the financial world, it is a big deal!

You remind me a lot of a poster (desert boy)

I don't disagree working with someone regarding their financing when you have had a bankruptcy is going to present a challenge but it is not impossible.

To the OP...good luck to you. The only thing that I would caution you is starting a scratch agency after having a bankruptcy may be challenging if you don't have some savings to fall back on. It will take some time before you have your commissions built up.

 

[Rivers1]

Most if not all major P&C companies want you to be bonded, and that's where you'll hit a wall with a recent BK.

A BK will affect your chances of becoming bonded plus the cost of the bond.

 

[xrac]

Most if not all major P&C companies want you to be bonded, and that's where you'll hit a wall with a recent BK.

A BK will affect your chances of becoming bonded plus the cost of the bond.

Good point. This is true. A BK makes a bond very expensive.

 

[Guest]

Remember, right now the OP is asking about Farmers, they will not accept you with a BK, their broker dealer is fairly new and they are more strict.

I have seen Farmers revoke a agents 6&63 because the agent filed for BK.