Series 6, 7 and 63 License . . .

Discussion in 'Retirement Planning Forum' started by myinsurebiz, Jan 1, 2017.

  1. myinsurebiz
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    myinsurebiz Well-Known Member

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    So - one of my goals in 2017 is to take and pass the Series 6, 7 and 63 License exams . . .

    1) I need a Sponsor

    2) Who all has all three of these Licenses?

    TIA
     
  2. Tahoe Ray
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    Tahoe Ray Well-Known Member

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    No one. You don't need a 7 and 6 together. 7 covers everything that the 6 does.

    How much in securities are you planning on writing? A small b/d might sponsor you if you're going to write 40-50k in GDC.
     
  3. goillini52
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    goillini52 Well-Known Member

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    [/COLOR]


    Happy New Year Tom. :yes:
     
  4. myinsurebiz
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    myinsurebiz Well-Known Member

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    Really don't know. So - if someone puts $10,000 in ABC Mutual Fund that has say a 5% GDC - that creates $500 in gross commissions of which I would earn a % of right?

    Fees aren't bad. Seems biggest cost is the time to study for the tests . . . I learn quick and would easily pass if the study materials match the test . . .


    ----------


    HNY to you too Tom . . .

    p.s. - I bailed on my MLM plan yesterday BEFORE the New Year began. I have a new quest . . .
     
  5. goillini52
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    goillini52 Well-Known Member

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    Glad to hear that(I guess that 132 IQ finally kicked in)!!! Good luck on your new quest...whatever it might be.:yes:
     
  6. myinsurebiz
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    myinsurebiz Well-Known Member

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    oh on 1) - I "need" a sponsor.

    Sold an Annuity yesterday Amtrak!!!!! Man's wife said she wanted one too - but, didn't want fixed - she wanted a Variable Annuity . . . She wants more than 3%. She showed me one she has now and over the last 4 years as averaged 11% growth . . .
     
  7. Tahoe Ray
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    Tahoe Ray Well-Known Member

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    That's right on your MF example. Tests are easy for the most part but you'll have to study.

    Very little applied knowledge or concepts on the 7 and 63...most is memorization of facts or formulas.
     
  8. goillini52
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    goillini52 Well-Known Member

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    Good job! I trust that you won't be working the FE crowd for Variable Annuities.:laugh:
     
  9. myinsurebiz
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    myinsurebiz Well-Known Member

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    Ha - you never know with me . . .

    When she showed me her growth - man, it was crazy. The way I understand it - I earn commissions on that "growth" in addition to the initial Annuity funding.

    Not certain on that ^^^ still researching . . .
     
  10. Tahoe Ray
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    Tahoe Ray Well-Known Member

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    Those are called trails and are a commission option that you can choose.

    The less upfront comp you take, the higher your annual comp (normally topping out at 1%)

    To add one thing: when the market invariably goes down, so will your trails. I know several advisors that struggled in '01/'02 and '08/'09 essentially losing >30% of their income.

    It is recoverable but not fun during......
     
    Last edited: Jan 1, 2017

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