Broker Dealer for insurance agents?
Moderators: Josh, independent guy
Broker Dealer for insurance agents?
Can anyone recommend a broker dealer for insurance agents? We do IRA's, 401K rollers, etc. Assets under management of less than 500k. Looking for resonable fee's and allows own E&O policy.
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pita3333
- Insurance Journal Addict
- Posts: 216
- Joined: Tue Dec 23, 2003 10:22 am
- Location: Greater Los Angeles Area
Re: Broker Dealer for insurance agents?
Think we all need clarification of what you are asking. Looking for someone to consult in a merger/purchase/sale?
Or...insuring and agent?
Or...insuring and agent?
Michael Trouillon
Greater Los Angeles area
Consultant/Trainer agency automation system
Industry since 82
Past: Compliance Mgr master pol pgm, Ops Mgr, Marketing Mgr, Account Mgr
Greater Los Angeles area
Consultant/Trainer agency automation system
Industry since 82
Past: Compliance Mgr master pol pgm, Ops Mgr, Marketing Mgr, Account Mgr
Re: Broker Dealer for insurance agents?
They're looking for a securities b/d to affiliate with so that they can offer things like mutual funds, IRA's, pension plans, financial planning, etc.
You may want to look at Rep magazine's website to see if there's a local b/d to your city/state. Having only recently let my securities licenses lapse, DO YOUR RESEARCH. DO YOUR DUE DILLIGENCE. There are way too many shady b/d's out there. Use Google to see if there are any SEC actions/complaints against them.
You may want to look at Rep magazine's website to see if there's a local b/d to your city/state. Having only recently let my securities licenses lapse, DO YOUR RESEARCH. DO YOUR DUE DILLIGENCE. There are way too many shady b/d's out there. Use Google to see if there are any SEC actions/complaints against them.
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Sports_Agent
- Insurance Journal Enthusiast
- Posts: 12
- Joined: Tue Aug 26, 2008 10:33 am
Re: Broker Dealer for insurance agents?
As a Registered Principal (23 years in the securities business) and Independent Insurance Agency Owner (33 years in the business) , my advice may not be pleasing to your eyes. Most Independent Broker/Dealers are looking for a lot of continued new production/sales. They are not interested in letting you "park" your license and submitting occaisional business. The exceptions are affiliating with a company like The Hartford or Symetra (formerly SAFECO.) We are affiliated with Woodbury Financial and have around $14,000,000 under management with 2 Series 7 producers who also sell property, casualty, life, health, and business insurance.
Do you have a Securities Endorsement to your E&O? Be careful and research this decision carefully. If you don't meet their production requirements they will terminate your contract and assign your business to another Registered Rep. and you will loose your trailing fees etc.
Good luck
Do you have a Securities Endorsement to your E&O? Be careful and research this decision carefully. If you don't meet their production requirements they will terminate your contract and assign your business to another Registered Rep. and you will loose your trailing fees etc.
Good luck
Re: Broker Dealer for insurance agents?
Mattbalt, Look just down the road.
I own a independent multiline agency, do about +/- $500,000 in variable annuity business per year, three or four VUL's and a bunch of traditional life & DI. I have my agency E & O through the PIA program (Safeco), and my B/D is... Ohio National Life / ONESCO.
They are great. I used to have Lincoln National, but The Lincoln started wanting all the producers to be fee-based big hitters. My little town would not support that type of marketing so I switched. The requirements are appropriate for a multi-tasker like me. Give them a call.
Wayne Lunday, LUTCF, CLU, ChFC
I own a independent multiline agency, do about +/- $500,000 in variable annuity business per year, three or four VUL's and a bunch of traditional life & DI. I have my agency E & O through the PIA program (Safeco), and my B/D is... Ohio National Life / ONESCO.
They are great. I used to have Lincoln National, but The Lincoln started wanting all the producers to be fee-based big hitters. My little town would not support that type of marketing so I switched. The requirements are appropriate for a multi-tasker like me. Give them a call.
Wayne Lunday, LUTCF, CLU, ChFC