As an insurance agency holding only life/health can we refer our existing clients to a broker/dealer?

Question

We would be asking these clients if they needed a 401K and then if so - refer them to a broker/dealer. Can we recieve referral fees?

Answer 1

Probably best to do some homework about your confusing area.Here is a great start point.http://health-insurance.expert-tip.info/...

Answer 2

Answer from a General Insurance Agent

Yes, you can, but you can not receive commissions if you don't hold a license type in the same category.

Referral fees are fine...

Heck, even internet companies and web masters with no insurance license at all can charge referral fees and lead fees.

Answer 3

It depends on your state.  Some will allow a small, flat referral fee (like $25), but it CANNOT be contingent on how much they invest, or IF they invest, unless you have the license to sell the product.

I'd check with your state Independent Agent Association, or your attorney, to be sure.