Can anyone recommend independent broker/dealers that I can security licenses as well as selling good products?

I'm a candidate for CFP and want to be independent from any particular insurance companies or power houses. Can anyone recommend independent broker/dealers?

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  • CarolO
    Lv 7
    1 decade ago
    Favorite Answer

    There are a number of them out there (I work for one myself), but you'd be an independent contractor with little to no financial backing. Our reps pay us a percentage of their income to handle things like compliance, commission tracking, paperwork processing, setting up E&O coverage, etc. Our reps rarely handle accounts with less than a million dollars, though.

    Very few brokers can go out on their own without building up a substantial customer base first. Your best bet would probably be to find a successful broker at a small broker/dealer, go to work for him (he'd be your OSJ and get a % of your income), then, when your client base is solid, you can become a satellite office and eventually your own OSJ.

    Our firm requires a minimum of $250,000 per year in commissions (we don't count financial planning fees either in our charges or our minimums) so we're not talking small customer accounts.

    There are firms out there with less stringent requirements, so you might check around with other brokers and in the trade magaizines to see which firms are looking for what type of brokers.

    And no, I'm not naming any firms (including mine) because that would be a no-no.

    Good luck in your chosen field.

  • Anonymous
    1 decade ago

    The company you could look into is Primerica Financial Services but it a $199 fee to join the company. They do securities and insurance.

  • 1 decade ago

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