Greenhorn Introductions - P&C agent going independent looking for IBD

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P&C agent going independent looking for IBD

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URL: http://www.advisorheads.com/forum_posts.asp?TID=17219
Printed Date: Mar/27/2026 at 12:00am
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Topic: P&C agent going independent looking for IBD

Posted By: plapota
Subject: P&C agent going independent looking for IBD
Date Posted: May/27/2020 at 10:32am

Hello all. Here is some information about myself. I am currently in the industry as an insurance agency owner with my Series 6/63 licenses. I have been a licensed insurance agent specializing in commercial P&C for 18 years. I have owned my own captive insurance agency for 4 years. I got my securities license when I started my insurance agency 4 years ago. I have decided to sell my captive agency and go independent. I would like to continue my financial advisor service when I make the transition. I would like to focus on mutual fund business for small businesses, 401k, Simple, SEP, and IRAs.

I am searching for an Independent Broker/Dealer that I can get set up with that doesn't require me to bring a book of business (I have to sell my current book), reasonable monthly fees, and is okay with my security business being second fiddle to my P&C book.

I will also consider joining an existing financial advisor firm as a producer with a commission split as long as they are fine with my operating my own P&C agency.

Looking for your questions, comments, and suggestions.

Replies:

Posted By: luvindy
Date Posted: May/27/2020 at 11:09am

In first.

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8/31/12,Sportsfreak:
"If Barak wins this election, or appears to be clearly winning, we are all fucked. Market will tank big time."
Dow 13,090 S&P 1406
5/23/13 UC:Dow 20k before 20% crrectn Dow 15,

Posted By: Guests
Date Posted: May/27/2020 at 11:52am

Seriously, please do everyone a favor and dont F with peoples life savings part time. Our industry doesn’t need anymore insurance agents that “do mutual funds.”

Find an independent advisor to affiliate with and do the split idea. Money for you. You can affiliate with a quality b/d, rather than a bottom feeder that will take you as no AUM. Your clients will be taken care of. And you will get insurance referrals from the advisor you affiliate with.

I would guess existing LPL or Cambridge offices would be worth a look. RJ and Commonwealth probably wouldnt do such a setup.

Posted By: missionshooter
Date Posted: May/27/2020 at 11:58am

Yes, LPL will take any mutual fund salesman or insurance agent. They want to make money on you. Plain and simple. They will allow practically any Third Party activity. I mean fuck, they let me bartend at night when I was a struggling piker.

Posted By: Guests
Date Posted: May/27/2020 at 12:41pm

BTW, I’m not trying to be completely disrespectful to the OP, but almost all insurance agents describe it as “doing mutual funds.”

It painfully obvious to anyone actually doing this job, that you dont know what you are doing. The captive insurers got into this biz when they realized they could get some of their trusting policy holders to do their IRA contributions with them, steal some bank CDs into fixed annuities, and the occasional rollover.

We all know that a State Farm agent doesn’t know how, doesn’t have the tools, and just isn’t going to do any real money management or financial planning people.

Just slam them into some mutual funds.

Now let me flip this...what if a bunch of Merrill Lynch advisors got their PC licenses because they knew if their clients trusted them with their life savings, they would obviously trust them with their home and auto insurance.

So they get licensed, and just start reaching out to their clients and grabbing that low hanging fruit for some extra dough.

Except here’s the thing...PC has plenty of nuance on its own that you arent going to learn part time. The Merrill guy is going to leave plenty of people with coverage gaps, risks not being covered, and honestly...probably wont have the best setup to get them the best pricing as a REAL independent insurance agent.

Would you want to see that happen to your insurance clients? Probably not.

Well, thats why we dont want Jake from State Farm doing mutual funds either.

Just because you can pass the Series 7, or I can pass the PC exam, doesn’t mean either of us should be selling investments or insurance to our clients.

So hence my advice...no problem with the revenue grab. But affiliate with someone who knows what they are doing, and is affiliated with a real firm so your clients dont get the short end of the stick just so you could sling some a-shares.

Posted By: Guests
Date Posted: May/27/2020 at 12:52pm

Helado is speaking truths. At least he plans to use mutual funds instead of just annuities

Posted By: plapota
Date Posted: May/27/2020 at 12:58pm

No offense taken. I am definately a P&C guy and still green in the securities world. My venture into a captive agency was so I could establish myself in a new state and get experience as a first time business owner. Now I'm ready to start scratch all over again and this time as an independent. I lead with risk management for small business. My financial services has been focused on businesses that have not established a retirment plan or not yet maxing out qualified contributions to their plans. That is why I say mutual fund business as I only have my Series 6 license.

My ideal situation and long term goal would be to have a business partner that specializes in investments and would head the financial management.

For the mean time I'm looking to establish my agency and financial practice helping people set budgets, goals, and establish qualified accounts.

Posted By: Ron 14
Date Posted: May/27/2020 at 12:59pm

Agree with Helado. That is spot on.

Unfortunately with fee compression a merger of insurance and investment advice, in all areas, will probably happen more frequently.

It won't be the right thing but I can see it happening.