Submitted by: Bob I. Richards

You could be intimidated about managing investment accounts for customers because you feel you don’t know much about investments. But you needn’t fret because these days, everything is either computerized or sub-contracted out to third-party portfolio managers. Your job is simply to maintain the relationship with the client and somebody else will handle the investing. So as a life agent, you have an untapped source of new income.

If you sell annuities and your clients take the cash out of variable products such as stocks, bonds or mutual funds, you are generally open to the charge that you encouraged your client to liquidate the variable item and therefore gave investment advice with out an investment 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 that you encouraged the client to see securities does not need to be true in order to cost you plenty in legal fees and perhaps your insurance license).

Don’t squander any more time not getting paid

You’ve been giving men and women advice for years–at no charge to them. Does your legal professional do that? Your Certified Public Accountant? Your doctor? Then why do you? You ought to charge for your time and guidance. As soon as you get a registered investment adviser certificate, you can get paid for your time and guidance. No more 2 hours meetings without getting paid for your time.

Being a registered investment adviser is the least complicated way to collect annual service fees. While the money manager deals with your client’s account, you get a part of the fee each year simply for sustaining the client relationship. It’s likely you got into this business simply because you like people. As a result, maintaining relationships is exactly what you’re good at so get paid for it every year.

Get paid for annual reviews

In case you do retirement planning it is possible to charge a fee for that. Your earnings might be rising as individuals will need to redo their retirement plans which have been decimated. In the same manner, when you do estate planning, planning for college funding or other type of advice-based planning, in this market, it is possible to maintain a good flow of income providing what people want.

Similarly, we have a great deal of people reaching retirement age in this country. They might be ready to harvest assets like real estate or they might be ready to move to a new location. What are the financial ramifications and can you offer fee-based planning? How about the business owners who have had their small business turned the wrong way up? Are there financial projects you’ll be able to provide (e.g. The $5,000 financial make over, where it is possible to provide planning and advice services?

In an age when so many services and products are undifferentiated, like the buying of insurance, you should add other services to maintain value in the eyes of the purchaser. Therefore the more related services you supply, the more valuable you become. For that reason, obtain a registered investment adviser certificate so you’ll be able to be the real adviser.

Simple steps to become an RIA:

1. Contact your state department of securities or other department that handles RIAs

2. Get the application. Complete it and send it in with the fee.

3. In most states, you have to pass the series series 7 exam (you don’t will need a broker dealer and you won’t be a FINRA licensee, you just need to take the exam). It’s straightforward since all you do is take a one week program Monday to Friday and then take the exam and pass it on Saturday. You’re then in the securities business. You may not know much about investing but neither do many securities professionals. Be an affuent life insurance agent and be an RIA.

About the Author: Bob Richards writes on ways for insurance agents to increase their clientele and income. You can subscribe to his articles for

life insurance agents

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