Branching into Financial Planning

or Register to post new content in the forum

 

Comments

  • Allowed HTML tags: <em> <strong> <blockquote> <br> <p>

Plain text

  • No HTML tags allowed.
  • Web page addresses and e-mail addresses turn into links automatically.
  • Lines and paragraphs break automatically.
Apr 10, 2015 8:06 am

Hi Everyone - 

I am looking for a little advise about starting from the ground-up. To give you a little background, I started an independent insurance agency a little over 4 years ago & have been steadily growing the business while expanding my professional network. I now have the infrastructure in-place so that the insurance side of things is self-sustaining & I can gear my focus elsewhere.

I started studying for my CFP a few months ago & am on track to use the designation before the end of summer. I also plan on getting my Series 7 & 66 shortly thereafter.

My questions are regarding who to use as a Broker-Dealer? Are there any that have extremely low production requirements? Are there any you would recommend checking out (have heard a lot about LPL)? Is product training something a b/d would offer?

Also, what type of technology are most of you utilizing when you prospect or sit down for a face-to-face meeting (apps, websites, fact finders, etc...)? I apologize if any of these questions are elementary, just a newbie looking for some advice!

Apr 14, 2015 1:17 pm

The more independent the BD is, the less training they'll offer. Firms like an LPL are more set up for established advisors.

The banks and wire houses tend to have the more formal training programs. Do not know about production levels. Sorry.

May 1, 2015 4:43 pm

Why not just become a fee based RIA? You have the CFP and all you would then need is your 65

May 2, 2015 9:01 am

Im an insurance agent as well that has partnered up with an independant franchisee of Ameriprise. I have taken my 7 and am studying for my 66. I will have no production requirement and will be allowed to grow the wealth management side up to the point where it surpasses the insurance income (hopefully) at which point my partner (my wife) willfully manage the insurance side and I will solely focus on the FA side. That's our plan I hope it works out well for us. Let me know if you want to discuss some ideas.

Edit: i too eventually would like to go for my cfp