Insurance Licensing at Edward Jones and/or Morgan Stanley

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Apr 16, 2014 4:45 pm

Hello all!

This place is a great resource for people interested in the FA industry. I have a question...

Are you REQUIRED to get a Life/Healt Insurance license at either Ed Jones or Morgan Stanley? I understand that you CAN and how it can impact your business, but do either of these firms require a new advisor to obtain these licenses prior to seeling to clients?

Thank you for taking the time to answer!

Apr 17, 2014 5:47 pm

I can only assume that they will require you to have one although I am only assuming. My logic being that with a majority of the wealth in this country belonging to an aging baby-boomer segment, they would want you to be able to offer solutions such as long term care insurance, or LTC riders on VA’s. This is only beneficial to you in the long run and to be quite honest the insurance exams are the easiest ones out of the bunch just study and you’ll pass. Hope this helps!

Apr 25, 2014 8:43 pm

Current Jones FA - yes, you are required. It is during your 90 day ‘Field Foundation’ period when you can’t talk investments, you can only prospect. Yes, it is a requirement to ‘pass’ Field Foundations and sell investments, even if they aren’t insurance.

How often do you use it at first? Not often. A lot of my appointments have been with folks that already have annuities set up through others, but I’m more focused on getting them out of those than on getting their money tied up in something similar.

Also, product training on insurance and LTC is, at this point, not really to the point where I’d spend time talking about it. I would imagine that comes later, after I’ve proven I can get people to give me their money for mutual funds, stocks, and bonds.

Most veteran FAs that I’ve talked to about it don’t introduce insurance into their clients picture until a year or two down the road, anyway. Don’t want to do too much too soon and shock them.