Looking for suggestions on BD

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Feb 3, 2012 9:43 am

I have about 7 years in the Finanical Services Business, most of that spent in managment, but I'm not looking at starting my own agency firm.  My business will be mostly insurance based but I'm looking for a BD that I can place Mutual Fund Business, VUL, VA and 529 business with.  No idea what the GDC will be, but not likely much as I said I'm mostly insurance based. 

I'm looking for one with small or no minimum GDC production standards and resonable fee's. 

Let me know if you need more information, and thanks in advance for your suggestions and help. 

Feb 3, 2012 11:03 am

I would suggest taht you find an established independent BD office and try to cut a deal with the individual running it.  This will probably be a beter deal for you in terms of expenses, minimus and so forth, and will also probably eliminate the "minimum production" thing at many firms.

Feb 4, 2012 3:52 pm

I've got a few recruiting offers from local IBD's but I take a hit because they want me to run everything throgh them.  I'm not willing to do that.   I would have liked to go via LPL but they want to much production I can't promise at this point. 

Feb 6, 2012 9:47 pm

What state? What licenses? Are you getting/have GA contracts to run your insurance business through?

Feb 7, 2012 5:46 am

I live in NC but I'm licensed in about 16 states.  As a bd they should be registered in all states.  I have 6,63,26,life,health,ltc, Medicare, property and casualty.  I have 3 NMOs I run fixed business through.  But would be glad to move those contracts if I could have one once to go so long as I maintain true independence and payouts.  I would also like to be sponsored to get 7 and 66 sooner rather than later.

I think I may have found 2 bds that will work for me. 

Feb 7, 2012 10:59 am

Have you considered referring business to a RIA in exchange for an ongoing referral fee (typically 25-35 bps)?  Sounds like it would be a good option if you are focusing on insurance, unless you place more weight on your income from investments than doing whats right for your clients.

Feb 7, 2012 11:06 am

This is David Geracioti, editor-in-chief of Registered Rep. Am wondering: What do you FAs make of TD Ameritrade Institutional's promoting of Tom Nally after having moved up Tom Bradley, a TD 20-year veteran and expert on all things RIA, to president of retail distribution? How important is a custodian's president to FAs? If you use TDAI, how happy has your experience been? Thanks.

Feb 7, 2012 11:21 am

[quote=njh_at_lfg]

Have you considered referring business to a RIA in exchange for an ongoing referral fee (typically 25-35 bps)?  Sounds like it would be a good option if you are focusing on insurance, unless you place more weight on your income from investments than doing whats right for your clients.

[/quote]

Wow that's pretty offensive, how do you know what I've done to help my clients.  Yes my focus is insurance, but that doesnt take away from the variable side, and things like VA's,Mutual Funds, 529's being good long term investments for my clients to which I'm very capable of handling.  

Feb 8, 2012 2:15 pm

Not trying to be offensive, just offering an alternative, you mentioned payouts is a high priority and that you are geared towards the insurance business.

Feb 8, 2012 3:57 pm

[quote=njh_at_lfg]

Not trying to be offensive, just offering an alternative, you mentioned payouts is a high priority and that you are geared towards the insurance business.

[/quote]

Just fair payouts for an Independant contract. 

Feb 16, 2012 10:30 am

Feb 24, 2012 8:08 pm

You sound like you might be a good candidate for us.  I'll send you an email later, and introduce myself.