If you’re thinking of becoming a dual-licensed advisor
because you think you’ll make more money, don’t do it.
If you’re thinking of doing it because you believe you are finally going to silence the annuity and life insurance critics you’re competing against, don’t do it.
If you’re considering a securities license because you think it’s going to protect you from the shifting sands of regulation, particularly the treatment of fixed indexed annuities
and source of funds issues, don’t do it.
If you’re doing it because you’re tired of losing large blocks of retirement assets to a referral partner or a competitor, don’t do it.
Do it for a more important reason. Become a dual-licensed advisor because it will enable you to offer a new complete set of services for your clients. Do it because you will be able to provide true comprehensive financial advice for the first time. You will now be able to pull everything together in one complete and overarching plan for their financial future. Chances are, no one else in your clients’ world can help them with accumulation, retirement income planning, legacy planning, business succession, senior health care and more. Why not you?
Do it for the convenience and peace of mind of your clients. How much simpler will things be for them not only at tax time, but all year long, if they can finally look to one trusted source for all of their financial planning and risk management needs? Align yourself with a like-minded local attorney and CPA, and you will have created a value proposition and client retention
rate that will be tough to beat.
Do it because it will make you a better advisor. Today’s clients are better informed. They’re more sophisticated. They expect more from you. I’m sure you are an exceptionally knowledgeable agent, but I can promise you the process of obtaining your securities license will make you even smarter. You will learn things you didn’t know. The credibility that comes from that process, and of course the license itself, will help to legitimize your annuity and life insurance recommendations all the more.
Do it because it will be difficult. Anything worth having is worth working hard for. It will be tough. I’ve seen the volume of material that must be absorbed in order to pass the Series 65 exam
. We’re talking pounds of information. It will be a challenge, but it’s doable. Prepare yourself, because it may take more than one attempt to pass. That’s OK. Success will be that much sweeter when you pass.
It’s true that as a dual-licensed advisor, you will open up new sources of revenue for your business. It’s true you will put a damper on the life and annuity detractors in your market. It’s true you will put yourself in a better position for potential regulatory changes. It’s true you will be able to hold on to more of your clients’ business.
However, it's also true you will be more successful and more personally fulfilled if you do it for the right reasons. It will be better for your business, better for our industry, and most importantly, better for your clients.