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How are you celebrating 4th of July?
So the fiduciary rule got tossed yesterday
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You have to have the 7 to write variable products now?
I believe you could still get permission from client(s) with most VA companies to get copies of the client's statements sent to you. Won't allow you to directly service the contract, but will keep you posted on current values/benefits. Trans will allow this with either LOI or their 3rd party Authorization form. You could implement your recommendations with joint calls with client(s) which is a small hassle but better than just stating you can't help them with that product.
Fill out a change of agent form for the Hartford UL bc you have your insurance license. You cannot become the Rep of record on the VA because you do not have the license required.
We don't get paid trails on VAs, we get commission on first premium. VAs are great retirement vehicles (not all VAs are created equal) because they offer growth, death benefits, investment protection and in many cases credit on premium. You have access to your investment up to a certain percentage every year!!
I dropped my 7 license because VAs are horrible expensive products and they will eventually be banned, in my opinion (if they remain as they are). When dealing with them, I either replace them with FIAs (if it makes sense), or I simply call with the client on the line and have the broker removed from receiving trails ongoing. I still service the contract for them, but in many cases we just take free withdrawals or use the GLWB if the contract is older.
VAs, in their current form, may be banned in the future. Not the series 7 license
Keep believing what you want about VAs. The fact that fees range from 2-5% annually is Enough for the DOL to do away with them soon. At least, in their current form. All of the same benefits are available in FIAs for a much lower cost. Do AUM if you're looking for growth. Who needs mutual fund sub accounts (which mostly underperform) wrapped in an insurance wrapper? In the 80s and 90s it was great for tax deferral for HNW families, but in today's low yield and highly volatile environment, it doesn't make sense for the cost in my opinion.
I thought you only need a 6 and Insurance license to sell VAs or VULs?
You don't have to have the 7 in particular but you do have to have a securities license which could either be the 6 or 7.
RD1, what makes you say 7 licenses will eventually be banned?