Licensing Overview

 

This describes the various licenses that are recommended and the underlying business reason for getting it. It is important to get started right away with making your list and getting out in the field and getting trained, but this will give you an idea of what education is needed and why so that you may develop your own business plan.  In a nutshell, every associate must plan on getting the Life and Health Insurance License and the Series 6 to have the tools they need to service 99% of clients.

 

Florida Life and Health 2 –15 – State of Florida certification to market and sell life/health insurance and annuity products.  With this license, you can sell fixed insurance products (term, whole, universal life), fixed annuity products and Equity Index Universal Life(EIUL) products.  However, without the Series 6 (see below) in addition to the insurance license, you cannot sell variable insurance or variable annuity products. 

 (Note: even though you pass the test and get your state license, you then need to be appointed by various companies to sell their products)

 

FYI, This license requires about 40 applied hours of effort and can reasonably be done in a 4-6 week timeframe.  Paperwork to the state will slow the process even if you can knock out your studying in 1 week.

 

Series 6 – NASD certification to market and sell variable products including Variable Universal Insurance (VUL’s), Variable Annuities, Mutual Funds, 529’s, IRA’s, IRA Rollovers, and other mutual fund oriented products.  The significance is these investment vehicles are applicable to most people and once armed with the Life and Health and Series 6, the representatives will be certified to sell products that meet almost every client need.  In Florida, a rep only needs the series 6 along with the insurance license to market and sell within Florida.

(Note: even though you pass the test and get your state license, you then need to be appointed by various companies to sell their products)

 

            FYI, This is a 4-6 week timeframe with about 40 hours of effort.  This 4-6 week timeframe can run in parallel to the insurance license process.

 

 

Series 63 – NASD certification to do business in other states that require both the 6 and 63 to market in sell variable products in their state.  Upon certification of both 6 & 63, to do business in any other state, you would need to simply file the targeted state application and pay the appropriate fee and it would then be possible to market and sell in states other that Florida. If you only plan on doing business only in Florida, then this is not necessary, however, the strong recommendation is to request your 6 and 63 at the same time and get both immediately.  If you don’t, you will regret it when someone refers you to a client that lives in a state that requires it, and most do.

 

            FYI, This license builds upon the Series 6, and only required a 1-2 week timeframe with about 20 hours of effort.  If you take the test at a later time, you will likely have to review some of the Series 6 material and it will be more difficult.

 

 

Series 26 – NASD certification to provide oversight of securities related business, meaning you can manage other people that are writing variable business.  This is necessary to open your own office or to become be a branch office manager (BOM).

 

            FYI, If you do this on the heals of doing the Series 6&63, this is a 1-2 week timeframe with about 20 hours of effort

 

 

Series 65 – NASD certification to be an “Investment Advisor” (IA).  The IA certification allows the holder to receive direct compensation for investment advice.  While the typical Associate will not provide advice directly, Money Management firms such as Foxhall and Hanlon are Investment Advisors and you need this certification to sell their products.  Investment Advisers International (IAI) is another Aegon Company set up to facilitate WFG associates to sell these products.  IAI is analogous to WGS, who facilitates the process of associates selling basic variable products.  Just like WGS is our broker/dealer for standard variable products, IAI is our broker dealer for IA products.  Money Management is another set of products that are typically desirable for higher net worth clients.  However, IA products like FoxHall and Hanlon can be used within the separate accounts of certain VUL and Annuity products of Pacific Life and WRL, making them available to almost any client. 

 

            FYI, This license builds upon the Series 6 and 63, and requires about 40 hours of effort.  If you take the test at a later time, you will likely have to review some of the Series 6 material and it will be more difficult.  Discuss the need for this license with your upline.  It is not essential, but certainly opens up another set of products to make available to clients.  More importantly to the associate, these products produce significant trails, e.g., Foxhall pays 1.1% YEARLY trails for money under management.