I just read in an industry magazine that in the past two years nearly one-third of independent producers have dropped their series 6 licenses.
The number one reason: "overwhelming compliance complexity, yet all of the complexity is not giving the clients a better understanding of the product they are buying and a continuing loss of qualified producers.
In the report, many producers said the volume of investment business did not justify the additional requirements and expenses.
People do not meet the Broker Dealers minimum production requirements, they receive the letter cancelling their contract and then the producers just throw in the towel.
Studies have not been seen showing that low volume producers are the cause of litigation against broker-dealers."
I think for the past 20 years the main stream securities firms have tried to make it harder and harder for insurance producers to carry an S6 or S7.
The number one reason: "overwhelming compliance complexity, yet all of the complexity is not giving the clients a better understanding of the product they are buying and a continuing loss of qualified producers.
In the report, many producers said the volume of investment business did not justify the additional requirements and expenses.
People do not meet the Broker Dealers minimum production requirements, they receive the letter cancelling their contract and then the producers just throw in the towel.
Studies have not been seen showing that low volume producers are the cause of litigation against broker-dealers."
I think for the past 20 years the main stream securities firms have tried to make it harder and harder for insurance producers to carry an S6 or S7.