Insurance Question

2 replies [Last post]
Anonymous's picture

Just looking for some clarification on a few "back office" type of insurance questions, and some insight on how some of you vets may have handled this in the past...
My firm allows me to put insurance through the grid, or do it direct (obviously I have to purchase extra E&O, my own contact mgmt, record keeping, etc. if I do this).  Currently, I put insurance through the grid (less hassle, plus bolsters my production, which in turn gets me a higher overall payout, etc.).
It's my understanding, that if I write a life insurance policy and run it through the grid at my b/d, if I ever change firms, my renewals will cease?  I can add myself as the servicing agent (if client signs off), but my trails will cease to be paid?  Is this true?
How does this change for long term care and fixed annuities, if at all? 

shrek's picture
Joined: 2009-12-15

Right, most insurance companies will not change the b/d on life/ltc policies so the trails stay with the b/d.
Annuities, the client just needs to sign off on the b/d change.

shrek's picture
Joined: 2009-12-15

I know Hartford will change b/d on life policies. My question is if I leave and go RIA, how is the insurance handled? Do Fidelity and TDA have ins agencies? Do you form your own agency?
If Hartford will do a b/d change, how do you get the policies over to your RIA (obviously its not another b/d)?

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