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Oct 6, 2006 2:48 pm

I am currently a P&C Insurance Producer but have no broker dealer affiliation. I have been doing research online for the past several weeks but am in a stand-still. I have been series 7 & 66 licensed for a little over a year now.  My primary source of business is insurance so I am looking for a broker dealer who can work with that and has no required minimum production. No fees would be great as well! Any information or recommendations you guys and gals can make will be truely appreciated.

Oct 7, 2006 11:02 am

No fees and no production?  So, you're looking for a BD to park your license for you, and all for free with nothing in it for them?  Not gonna happen.

Oct 7, 2006 1:46 pm

Are you being term'd by your current b/d?


A possibility for you might be to join a local Indy branch.  There might be some guys in your area who would love to have a P&C specialist on their team, and they might be willing to sponsor you for the b/d.  This would let you get on-board without worrying about minimum's, but if you expect the Branch Manager to eat the fees for you then he or she will want a bigger piece of your pie.


If you aren't really doing any securities business now why not let your licenses go into the 2-year hiatus?  During that time focus more on your business and decide at the end if it's really worth having your securities license at all.

Oct 10, 2006 3:28 pm
FreedomLvr:

Are you being term'd by your current b/d?


A possibility for you might be to join a local Indy branch.  There might be some guys in your area who would love to have a P&C specialist on their team, and they might be willing to sponsor you for the b/d.  This would let you get on-board without worrying about minimum's, but if you expect the Branch Manager to eat the fees for you then he or she will want a bigger piece of your pie.


If you aren't really doing any securities business now why not let your licenses go into the 2-year hiatus?  During that time focus more on your business and decide at the end if it's really worth having your securities license at all.




I was with New York Life and NYLife Securities up until September when I came to my current P&C Agency. My primary source of revenue is insurance, but I have come across a few clients who I would have the opportunity to gain their personal and possibly employee retirement plans as well. For that reason I don't want to let my securities licenses go. In the insurance business your clients are always being marketed by other producers, if I can handle their investments that would only cement the relationship I have with them and less likely they will move everything to a new broker. 


I'll start calling around locally to see what b/ds are available here. If I have to, I can meet minimums. That's not a problem. It's the fees that get to me. New York Life liked to fee for everything. My monthly ledger started off in the red and I hated that. New York Life also kept my book. It was supposedly in my contract. So I have nothing to transfer to a new b/d.

Oct 11, 2006 10:10 am

Everyplace is going to have fees, or a lower payout.  The b/d's always going to get theirs.


What do you mean "If I have to, I can meet minimums?"  If you've done over $125K in securities commissions in the last 12 months you might be able to join as an OSJ w/ LPL.  Or $250L with RJ (is that right? They recently raised it).  Commonwealth's around $200K I think.

Oct 11, 2006 2:31 pm

I found a site, repstradingplaces.com, which seems to be very helpful. I'll keep you all posted. Thanks for the replies and pm's. 

Oct 12, 2006 9:50 am

Why would a BD want you if you are not running any production through them and they can not charge you a fee?

Oct 12, 2006 9:52 am
Business Dev.:

Why would a BD want you if you are not running any production through them and they can not charge you a fee?


A local Branch Office might bring him on board and offer to pay his fees in return for the referrals his P&C biz might generate.

Oct 12, 2006 12:57 pm
FreedomLvr:
Business Dev.:

Why would a BD want you if you are not running any production through them and they can not charge you a fee?


A local Branch Office might bring him on board and offer to pay his fees in return for the referrals his P&C biz might generate.




That's exactly what I'm looking for. I think I'm at an advantage and should be able to negotiate something. Granted my primary business is not securities, I would still like to be appointed with a b/d so I may help my clients with both personal and business needs. My disadvantage is that I'm new to the industry and my previous broker dealer kept my book so I have nothing to offer up front.

Oct 12, 2006 1:11 pm

Try one of those crappy broker dealers like Primerica, HBW, or World Financial Group (or whatever their name is).  They will let you work part time.


Any reputable b/d is going to frown on outside business activities such as P&C, especially as you describe it, being your MAIN source of income.

Oct 12, 2006 1:53 pm
BankFC:

Try one of those crappy broker dealers like Primerica, HBW, or World Financial Group (or whatever their name is).  They will let you work part time.


Any reputable b/d is going to frown on outside business activities such as P&C, especially as you describe it, being your MAIN source of income.





No thanks. You can add New York Life to that list too.



There are many people who do what I am looking to do. I know of P&C Producers like myself who are affiliated with Fidelity, RJ, & Principal. They just can't offer me any advice or contacts on getting started. It's been "many years since they first started and a lot has changed".