What Will You Do if and when This Happens

[Franz Kafka]

As for myself (I'm 62) I'm looking for someone to sponsor me for a 6 and 66 license as I think I will be more valuable to the "boomer" market that I currently market to. Unfortunately, so far I've not found a company who is looking for new security guys to sponsor as there are a plethora of existing reps blown out from the banks and wire houses who are looking for a new place to hang their paper.

Suggestions anyone?

Out of curiosity, what kind of value do you see in offering retirees registered securities investments? Do you plan to gamble with your money as well when you're retired? FWIW Banks and wirehouse reps are NOT flocking to broker/dealers now. Most of em - that I've talked to - are trying to become independent RIAs. That's the new trend and that's what I would persue myself if I ever wanted to sell investments again.

 

[Guest]

Out of curiosity, what kind of value do you see in offering retirees registered securities investments? Do you plan to gamble with your money as well when you're retired? FWIW Banks and wirehouse reps are NOT flocking to broker/dealers now. Most of em - that I've talked to - are trying to become independent RIAs. That's the new trend and that's what I would persue myself if I ever wanted to sell investments again.

You raise a good point.

I think it is important to have a part of your portfolio in equities. We can argue until the moon turns blue over what part... and in what equities. Personally I have about 20% of my liquid assets in bonds and funds (American and Franklin/Temp) as well as a few selected stocks... Kraft, ATT, Emerson, Duke Engy, Sysco, etc.

For those in the their mid-sixties who are retiring, there is a good chance they will live another twenty years or more. There WILL be another bull market sometime in their lives and I'm sure some will want to take advantage of it.

As for RIA, you still have to have someone sponsor you for the 6 and 66 exams, TTBOMK. I thought ONESCO would do it but they won't. I write annuities for Jackson so maybe they will be interested, but I've not had time to ask. Someone told me about CFG but I've not approached them yet, nor LPL (whom I'm told is "full up" with reps.) Getting a securities license is not that high on my dance-card but I think it is a good option (read the word again!) to consider for all agents who seek to broaden their business. Also, the numbers of boomers inheriting family money and needing some financial guidance is staggering.

Yes, there are a ton of compliance issues to deal with, but if it were "easy," everyone would do it!

YMMV.

 

[Franz Kafka]

As for RIA, you still have to have someone sponsor you for the 6 and 66 exams, TTBOMK. I thought ONESCO would do it but they won't. I write annuities for Jackson so maybe they will be interested, but I've not had time to ask. Someone told me about CFG but I've not approached them yet, nor LPL (whom I'm told is "full up" with reps.) Getting a securities license is not that high on my dance-card but I think it is a good option (read the word again!) to consider for all agents who seek to broaden their business. Also, the numbers of boomers inheriting family money and needing some financial guidance is staggering.

Yes, there are a ton of compliance issues to deal with, but if it were "easy," everyone would do it!

YMMV.

You're thinking about becoming an IAR, another "rep" for B/D who is a corporate RIA. In our state (CA) you can take the 65 "without" any sponsorship by anyone - actually the state is sponsoring you and become a 100% independent RIA on your own.

Catch 22 doesn't apply to registered reps or IARs - viz. it's "hard" AND pay "sucks" AND business/clients are never yours.

 

[Guest]

You're thinking about becoming an IAR, another "rep" for B/D who is a corporate RIA. In our state (CA) you can take the 65 "without" any sponsorship by anyone - actually the state is sponsoring you and become a 100% independent RIA on your own.

Catch 22 doesn't apply to registered reps or IARs - viz. it's "hard" AND pay "sucks" AND business/clients are never yours.

I've yet to figure what designation is which... who works for whom, and what the catches are. I've got a lot of research to do on all of this, questions to ask. etc. And at the end of the day I may simply decide not to do any of it. I do appreciate your kind advice and knowledge on the subject. If you have any suggestions or resources for me (and others?) to look at, those too would be graciously welcomed.

It's nice to find someone here willing to teach... instead of preach. Thank you.

 

[Death Cab For Tootie]

Al,

If you are not prepared for the legwork of becoming your own RIA, perhaps hooking up with an existing RIA and becoming a rep for them is a better route.

 

[Franz Kafka]

I've yet to figure what designation is which... who works for whom, and what the catches are. I've got a lot of research to do on all of this, questions to ask. etc. And at the end of the day I may simply decide not to do any of it. I do appreciate your kind advice and knowledge on the subject. If you have any suggestions or resources for me (and others?) to look at, those too would be graciously welcomed.

It's nice to find someone here willing to teach... instead of preach. Thank you.

I'm only learning myself and definitely not qualified to teach - just sharing my own experience as an ex-RR. The last time I tried to replace a mutual fund with a VA I had to fill out over 40 pages of documentation. I said fxxx it, no more. Now I no longer have to show my bank statements to any B/D (did you know they could do that to you?). You really don't need securities license to serve seniors with their retirement needs (IMO).

RIA - I've never been one myself but maybe one day when I get so sick of selling insurance I'll consider starting my own hedge fund. With independent RIA there is no compliance. You register with the state (or SEC if you manage more than $30M) and report once a year. That's it.

 

[johndale]

Now this phrase made my day!

I would go back to being a male escort.

Rick

 

[Cornelius]

At HBW as independent agents we have the option to 6,63 and 65..

HBW Insurance & Financial Services, Inc.