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Jun 2, 2009 10:44 pm

i am currently a registered rep with a mutual company. I am thinking of taking a position as a trading assistant. If I switch to independant broker status with my current company, and make both companies aware of the other, will I be able to continue selling and servicing insurance part time while holding a fulltime TA job?

Jun 2, 2009 11:18 pm

If you're going to be an independent INSURANCE broker, there should be no problem as long as you don't do any variable contracts through them or have dual-registrations.

 
But, like it as been said on this forum before - why don't you ask THEM?
 
You'll need to disclose it anyway because I'm sure you'll get some renewal commissions and any income from a source other than your b/d needs to be disclosed on your OBA.
Jun 3, 2009 1:43 pm

I'm trying to understand your question.  I don't know what it means to be a "registered rep with a mutual company".   You have to be a registered rep with a broker/dealer.  A mutual company is owned by its customers.  I don't know of any broker/dealers that are owned by its customers. 

 
I'm guessing that you mean that you are a career agent with a mutual insurance company and that insurance company owns a broker/dealer and you are a registered rep of the broker/dealer.
 
When you switch jobs, it will be completely up to your new broker/dealer whether or not they will let you sell and service insurance products.  They may let you.  They may not let you.  They may only allow you to do it for certain products.  They may make you do it through them and put it through their grid.
 
If you are going to be an insurance broker for your old company, it is none of their business what else you are doing.
 
 
Jun 3, 2009 11:44 pm
redsoxrep:

i am currently a registered rep with a mutual company. I am thinking of taking a position as a trading assistant. If I switch to independant broker status with my current company, and make both companies aware of the other, will I be able to continue selling and servicing insurance part time while holding a fulltime TA job?



If you are registered, there is a moonlighting rule you must follow.  Basically you must disclose all outside activity.  As an independent broker, does the BD have compliance oversight over you?  I think they do, but minimal.  As a trading assistant, that firm will have complete oversight.  It may sound good on paper, but my experience is that unless you are a top person in any company the attorneys and compliance people automatically say NO.  Very hard to get them to change their minds.

Hope that helps.

ash
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