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Pros & Cons of an insurance b/d?

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Mutual Insurance bd's have life insurance minimums for their manufactured product. They have pretty good payout grids on investments once you accumulate enough assets.

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Publicly traded insurance company find ways to make money so everything hits the same grid. They tend to take a lot of hair cuts. They try behave like a wire house but still have hang over from being an insurance company and not an asset gathering company.

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Pros are that you usually get good benefits. You get to call yourself a “financial advisor”. You might go on a few incentive trips. Cons are that you will likely be trained/brainwashed by the insurance company into thinking that you are “protecting” your clients financial lives and then you will realize that it is all a marketing scam. You will then want to become independent but you will have signed a non solicit. You convince yourself to stay longer than you want and then eventually go through a painful transition, leaving tons of money on the table due to you not going independent in the first place. Meanwhile your clients have suffered along the way due to you trying to make your numbers. I wish you the best on your decision.

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Thanks Beacon. I know it first hand - have done insurance B/D and IBD in a financial institution before. Independent RIA now and very happy. Hoping that others heed the advice so they don’t have to go through all the learning I had to 😜

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No pros....not from a client standpoint. Impossible to offer client Absolute best product with a bd,or a captive agent. Bd's have contractual limitations,minimizing options available to offer clients. Captives are restricted to proprietary investments, which also makes it impossible to offer the client advice in their best interest. Only Avenue that offers that option is independent. But even then, there are so many hidden traps in the imo arena,is quite difficult there as well, unless you know what to avoid.

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We didn’t have a non compete but I think we were a minority

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There are some attractive parts of an Insurance BD- find the right firm to align to and make sure the BD is not an accomodation.

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We left due to constant pressure to sell IUL. Admittedly it is nearly impossible to start as an investment advisor only without being in the life insurance business first unless you find a job as a junior advisor of some sort in an RIA. The upside is you get guidance on how to sell, you’ll make more in the life-insurance world at the beginning then you will in the investment only world, but the downside is the pressure to sell Insurance never goes away, and in my eyes it created a conflict of interest for us and clients viewed us as employees of the company.

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^^ this is a really good explanation

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