You might be intimidated about handling investment accounts for clients as you feel you don't know much about investments. But you needn't be concerned because these days, everything is either online or sub-contracted out to third- party portfolio managers. Your task is merely to maintain the relationship with the client and somebody else will handle the investing.

In case you sell fixed products, particularly annuities, and your customers take the money out of variable products (stocks, bonds, mutual funds, etc.), you are generally open to the charge that you recommended the customer to liquidate the variable item and for that reason gave investment guidance without a license. So become a registered investment adviser due to the fact then you DO have a license and can't get in problems over this charge (the charge does not need to be true in order to cost you plenty in legal fees and perhaps your insurance license).

Don't squander any additional time not getting paid
You've been giving people advice for years--at no cost. Does your lawyer do that? Your CPA? Your doctor? Then why do you? You ought to charge for your time and guidance. As soon as you receive a registered investment adviser certificate, you'll be able to get paid for your time and guidance.

Being a registered investment adviser is the simplest method to acquire annual service fees
Although the money manager manages your client's account, you receive a part of the fee each and every year just for maintaining the client relationship. It's likely you got into this field due to the fact you like people. As a result, maintaining relationships is what you're good at consider get paid for it every year.

Earn money from annual reviews
When you do retirement planning you are able to charge a fee for that. Your income may be rising as individuals need to redo their retirement plans which were decimated. In the same manner, when you do estate planning, planning for college funding or other kind of advice-based planning, in this market, you'll be able to maintain a good flow of cash flow providing what clients would like.

Similarly, we have a lot of workers hitting retirement age within the US. They may be ready to harvest assets like real estate or they may be ready to move to a new location. What are the financial ramifications and can you offer fee-based planning? How about the company owners who have had their small business turned upside down? Are there financial projects you are able to offer (for example The $5,000 financial make over, where you may supply planning and advice services?

You get the point that the more value that you can be to prospects and clients, the more insulated you are from economic uncertainty. But in the event you stick to one way of doing things-simply selling insurance, money is slipping through your fingers. when so many services and products are undifferentiated, like the purchase of insurance, you need to add other services to retain importance in the eyes of the purchaser. Therefore the more similar services you present, the more important you become. For that reason, get a registered investment adviser certificate so you can be the true adviser.

Easy steps to become an RIA:

1. Get hold of your state office of securities or other department that regulates RIAs
2. Get the application. Complete it and send it in with the fee.
3. In most states, you have to pass the series FINRA series 7 exam (you don't need to have a broker dealer and you won't be a FINRA licensee, you just need to take the exam).

It's easy since all you do is take a quick program Monday to Friday and then take the exam and pass it on Saturday. You're then in the securities business. As an insurance agent, you may not know much about investing but neither do most securities brokers.