Question:
Just a quick question for professionals here. I am engaged in primarily
health, dental, vision, group, Medigap, LTC and life areas. I have series 6
& 63 which I really am not using and have until end of 2003 to "park" them
with a BD. I was using MassMutual BD but they have all sorts of compliance,
CE and production reqs (plus separate E&O). I would like to find a
reputable BD who will let me park my license with no production reqs,
minimum compliance and no costly CE. Any suggestions?
Answer:
Pac Life started a new b/d with a modest production requirement -
$5,000 - last year. It is limited to packaged products only, but
that's perfect for a Series 6.
Jefferson Pilot and USAllianz Securities both have modest production
requirements. There are others, you just have to seek them out.
One thing you need to be aware of is that "parking" a license is
PROHIBITED by the NASD, so you'll need to be selling something - that
is why they have minimum production requirements. The only exceptions
are registered sales assistants that do not solicit, but process
business for registered reps. They do not have production requirements
and often are covered under the reps E&O (no extra premium), but
you're supposed to be actively working in that office for this
exception.
If you're not doing any securities business, may be you should consider
dropping the license. I don't know of a BD that has NO requirements. I would
also add that attempting to place just enough securities business to meet a
minimum requirement could be a bad idea for both you and the client (I
gather from your concern that you already know that).
