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Wow! You really are transparent! Thanks for posting!
Transparent . . . or crazy!
(You're welcome!)
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Wow! You really are transparent! Thanks for posting!
The highest term comp I've seen is with Assurity Life. Nonmed for 125% and medical required for 115%.
The lowest I've seen is 45% for term or term riders on WL with MassMutual as a career agent.
do you get different commissions with Mass as an independent?
I notice you mention that you are a "fiduciary" a lot on your website. From what I understand this can only be true when you are operating under your CFP designation and series 65.
Even then contract you have with an insurance company is going to be an Agent Contract, which means you owe yourself first and foremost to the company.
Unless there is something I'm missing, how would one become a "fiduciary broker"?
A Life and Disability Insurance Analyst is a person who, for a fee or compensation of any kind, paid by or derived from any person or source other than an insurer, advises, purports to advise, or offers to advise any person insured under, named as beneficiary of, or having any interest in, a life or disability insurance contract, in any manner concerning that contract or his or her rights in respect thereto.
Being an insurance analyst has absolutely nothing to do with a Series 65 (investment advisor regarding securities per the Investment Advisers Act of 1940) or CFP (which is only a designation that they pretend is a license).
To be a Fiduciary Insurance Analyst, you have to have the appropriate analyst license in your state. Even a CFP (or those that hold a CLU or ChFC) can't legally charge you a fee to review your insurance policies without having an analyst license.
Here is the link in California:
Life and Disability Insurance Analyst
I actually talked to him about this on another forum, and he has that license in his state.
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Just to clarify - charging a fee for a financial plan has nothing to do with analyzing current investment portfolio holdings or current insurance coverage. Charging such a fee is more about creating a plan for the future or solving a specific problem than it is about analysis of your current holdings and coverage.
However, if you're going to replace coverage, or do an "investment switch", you had better be able to back up why and how it is in the best interests of your client. Broker/dealers have "switch letters" that you would use to document the risk, return, costs (or CDSC), and other factors of both the old investment and the new one. I'd take a similar approach regarding insurance coverages as well.
I notice you mention that you are a "fiduciary" a lot on your website. From what I understand this can only be true when you are operating under your CFP designation and series 65.
Even then contract you have with an insurance company is going to be an Agent Contract, which means you owe yourself first and foremost to the company.
Unless there is something I'm missing, how would one become a "fiduciary broker"?