Insurance agent question?

Question

can I start my own financial services business if i sell for 2 insurance companies already wouldnt i have a small brokerage going on??

Answer 1

Well, that's a state licensing question.  Some states will allow an insurance agent to also do other financial services, such as banking and investing - but some won't.

Answer 2

"Financial services" is an unregulated term and could mean that you only sell mortgages, underwrite loans, sell securities, research securities, offer tax advice, financial planning (this term is regulated), sell any kind of insurance, or any combination.  FINRA has nothing to do with it unless you operate in one of the industries that FINRA regulates.

In insurance brokerage, it would be very easy for you to incorporate as "Sexyin Financial Services" and start creating your own hierarchy if you wanted to.  You need to have the right contracts and a BGA, IMO, FMO, or whatever that believes in you.

Answer 3

Probably not. In order to become a financial services company you must take and pass several tests with FINRA. Probably the series 7, 66, and one of the principal exams. You will also need some sort of agency agreement with an exchange listed company to start. Remember, insurance and securities are completely different.