To BD or not to BD

[pfg1]

I am fortunate in that my BD is owned by the largest independent insurance broker in the country. The support I get from my BD is phenomenal. Since they are tied in with the insurance broker, I have full access to the specialists there. My costs are almost 50% less than what I was paying at my previous BD. I learned after I left they were marking-up the E&0 coverage to the tune of $100/month.

Who?

 

[eersfan]

Who?

CPS Insurance Services, Newport Beach, CA

 

[walthamny]

I dont want to start a long argument but usually any broker dealer tied to an insurance company/FMO is behind technology by few years sometimes more. It just does not make sense for an insurance organization to invest in upcoming technologies. They play the wait and see approach, if agents complain they blame FINRA or state regulators. If your business is mostly life/annuity and you are happy with them fine, but don't think that you are getting the best out there in case of asset management and annuities.

You may feel they are great especially if come from a strict captive environment. When I left NYL and was investigating some IBD's, I thought the difference was about 30 years in technology. Now I am independent RIA, there is something new every week.

 

[eersfan]

I dont want to start a long argument but usually any broker dealer tied to an insurance company/FMO is behind technology by few years sometimes more. It just does not make sense for an insurance organization to invest in upcoming technologies. They play the wait and see approach, if agents complain they blame FINRA or state regulators. If your business is mostly life/annuity and you are happy with them fine, but don't think that you are getting the best out there in case of asset management and annuities.

You may feel they are great especially if come from a strict captive environment. When I left NYL and was investigating some IBD's, I thought the difference was about 30 years in technology. Now I am independent RIA, there is something new every week.

My BD is current technology-wise. While owned by CPS, they operate independently. I have no issues with asset management. I use RBC. Annuities, I use Jackson for situations where one is suitable.