What I THINK I Know . . .

[RJSummers]

I think I know the answer to this, but really need to Confirm it from recently experienced people that know for sure.

I've passed my Life exam (in Texas) and am in the process of getting my license through a company that I'm growing to really despise, and no longer want to have anything to do with.

I think I can later have my appointment moved to a company I'd like to work with later, but am in no hurry to find such company.

Right after I get my Life license finalized, I'd like to cut ties with my present company, and for a while not be affiliated with anyone.

Then, as for future licenses, such as series 63 and 6 securities, and also P&C, I also think I can go to Kaplan or such, for study materials, and take the test on my own, but I do realize my licenses only work when I am appointed with a company.

Do I have my Thinking Cap on straight? Am I right in my assumptions? If yes, then great! If not however, please set me straight, I really need the correct information.

Thank you in advance for all of your help. It is greatly appreciated!

p.s. Eventually I'd like to find a local, experienced person to go partners with on an independent agency. I am not a complete newbie, I've done this for 7 years, but that ended over 20 years ago, in another state, and things are much different now.

p.p.s. As for the self study, that is what I pretty much did on my own, now. The company I'm currently affiliated with has provided the course, but it was up to me to self study.

 

[Derrick]

Coming from someone who is L&H, P&C and still holds an active, but unappointed but active 6-63, it will be very hard to mix P&C, L&H with a 6-63 in an independent agency system.

I went from captive L&H, brokerage (6-63) to independent P&C/L&H. I tried and most companies didn't want to touch me because I was already doing P&C and L&H. And if they do, they require $10K plus to start.

On top of that, many of my COIs for P&C and some L&H are financial planners and the like. Great clients that are referred to me, too. If I start competing with them with my 6-63, then they will stop sending me good leads because I'm competition now. It'd be like cutting my own leg off.

 

[DHK]

Welcome to the forum.

Let's clarify some terminology.

First, insurance licenses belong to you and you alone. You may have gotten a deal on study material through a company affiliation, but it's still your license. You can be appointed with as many companies and independent marketing organizations (IMOs) as you want. The only real restrictions you may have, is if you are an employee of an agency, a captive agent, and/or you are securities licensed. If you are an employee of an agency or captive company, and you don't like them, just quit.

The P&C license is the same deal - you can sign up for any educational provider you want and take the exam. However, my understanding is that before you can be an independent P&C agent, you need to document some experience. There are others on the forum that are more detailed with that aspect than I'll ever be.

Second, to be sponsored for securities exams (aside from the Series 65), you have to be registered with a broker/dealer before you can take the exams. Yes, there are many education providers (including TesTeachers - a forum sponsor), but you have to be with a broker/dealer first before taking such exams.

 

[RJSummers]

"The only real restrictions you may have, is if you are an employee of an agency, a captive agent, and/or you are securities licensed."

I understand about the captive employment, but what are restrictions if you are securities licensed?

Also,

"Second, to be sponsored for securities exams (aside from the Series 65), you have to be registered with a broker/dealer before you can take the exams.", and "but you have to be with a broker/dealer first before taking such exams.".

I didn't know that. I do have that opportunity with the company I'm presently with. Are the securities licenses 6/63 just as portable as the other licenses, life-accident- health, and property/casualty? Aka, would I be able to get my 6/63 securities licenses with my present company, and then leave for another company? I realize that sounds like a cheesy thing to do, but this company is Not what I'm looking for, despite their assistance in licensing. Can I move my securities licenses just like the others?

These two issues might be solved with one answer, as it sounds like they are directly related. There I go thinking again, lol.

I want to thank you for your help so far, and hopefully look forward to your reply.

 

[DHK]

When you're securities licensed, everything you do needs to be approved by the broker/dealer. Selling insurance aside from any "in-house" relationships, could be considered "selling away". It can be a big deal as they are supposed to "supervise" everything you do. Therefore, it would need to be disclosed as an outside business activity for any insurance outside of the broker/dealer relationship.

Yes, you can become registered with another broker/dealer. When you leave a B/D, you have up to 2 years to get registered with another one, or else the licenses completely expire and you'd have to take them again.

Here's the thing with securities: You work for a broker dealer that happens to sell insurance-based products. It's not that you're an insurance agent who happens to sell securities. The restrictions, supervision, and compliance of the broker dealer supersedes everything else.

 

[RJSummers]

DHK,

Sorry about the delayed reply, but I just now got back into town.

That is some Very valuable information, and was just what I was looking for.

Thank you! Even though I don't have much to offer now, let's just say 'I owe you one'.

Thank you again.

RJ