Barred Brokers Often Go On Selling Insurance, BrokerCheck Reveals

Wednesday, June 01, 2011 06:51
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Barred Brokers Often Go On Selling Insurance, BrokerCheck Reveals

Tags: FINRA

A lot of reps who lose their securities licenses continue as insurance agents, and there's not much the regulators can do about it.

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Although the insurance regulators try to stay in touch with their securities counterparts on the national and state levels, their hands are often tied when it comes to policing advisors who've had a problem on one side of the market.

 

This often means that an advisor is banned from securities sales but keeps right on selling annuities.

 

And this, in turn, is something to keep warning your prospects about. Someone who's trying to sell them an insurance contract may not be an active FINRA or SEC registrant, but might still have a tarnished record.

 

Investment News combed through BrokerCheck and came up with some real horror stories.

 

 

 

 

 

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