Starting Brokerage in Texas-need Help with Formation

May 23, 2016

  1. Bigsal22

    Bigsal22 New Member

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    I am currently licensed under Five Rings Financial, they operate on the MLM platform focusing on IUL's.
    They were my introduction to the business and I fell in love with the industry however I dont like their business model and they have one tool for all Clients and they have minimal training. All about recruiting and no product or basic insurance training. To top it all off commissions start at 35%!! then go up based on your production!!
    So, I want to start a independent brokerage that can offer many different life products. I am already contacting different companies to get appointed but, was wondering if I need anything beyond my life license to properly form a brokerage. I have E&O ins. and a few guys who are interested in working for/with my new agency as soon as I am up and running.
    Any help or suggestions that pertain to the industry or Texas are greatly appreciated. I have experience running a business but not in the insurance industry and I want to make sure I cover all the necessary legal aspects.
    Would it make more sense to hire an attorney?
    Can anyone recommend a company that specializes in helping you start your agency from the ground up??
    Thanks in advance, this forum site has given me more insight into the industry than 5 months with the mentioned agency.
    Bigsal22, May 23, 2016