What kind of B/D is FFS?
Fortune Financial Services is a Series 6/63 limited securities broker-dealer.
Does FFS utilize the services of a clearing house?
Fortune Financial Services permits our agents to utilize the services of Legent Clearing, LLC when completing a change of broker/dealer on an existing mutual fund brokerage account. In all other cases, FFS acts as a subscription-way (check-and-app-to-sponsor) B/D. Click here to access all available brokerage account transfer forms.
How many independent representatives are registered with FFS?
FFS currently has more than 500 representatives nationwide.
Which licenses do I need to sell with FFS?
Our agents need at least a FINRA Series 6 license (and Series 63 in most states) to sell with FFS.
What is the selection of investment and insurance options with FFS?
When properly licensed, you can offer your clients a vast array of mutual funds, variable life and annuities, and some fixed products. For a complete list of all our investment partners, click here.
What is the cost of joining FFS?
Representatives are responsible for their annual fees for each calendar year in which they do business with our firm. Annual fees vary depending on whether you are an active agent, a retiree, or a new agent wishing to take the Securities exam (FINRA Series 6 & 63 exams only). There are no additional monthly or semi-annual fees. For more information, click here.
What is FFS' stance on E&O insurance?
Fortune Financial Services does not require our agents to purchase group E&O insurance. In this way, we enable our agents to purchase the most economical insurance on the market. We insist that our agents carry minimum coverage of $1 million/$1 million.
What kind of production minimum will I be expected to maintain?
Our firm maintains one of the lowest production minimums in the securities industry. In compliance with the FINRA 'no parking' rules, our agents are required to produce a minimum of $5000 in securities commissions paid. Because we understand that many of our agents sell securities part-time as a value-added service to their main line of business, we include in our agents' measure of production all security sales, fixed life sales through one of our designated IMOs, EIA sales and 12(b)1 trailers.
What kind of payout do you offer?
Our payout is between 50-90% of GDC and is based on a year-end 1099 production level with Fortune Financial Services.
How often does FFS pay commissions?
Fortune Financial Services pays commissions every Friday by direct deposit.
Can I become a branch office?
If all additional annual branch office fees are paid and minimum FINRA requirements are met, you may become a branch office. All FFS branch offices are audited on an annual basis. All audits will be performed by a home office representative.
How is new business submitted?
All new business is submitted directly to the home office for processing. Each sale must be accompanied by a Fortune Financial Services Suitability Form to be received in "good order."
What is FFS' stance on Equity Indexed Annuities?
Although EIAs are fixed products, FINRA now requires broker-dealers to assess the suitability of all EIAs sold by their brokers. While many broker-dealers in the industry are simply disallowing the sale of all EIAs or are strictly limiting their sale, we at FFS have taken a more EIA-friendly stance. We allow our agents to sell any EIA on the market, as long as they are run through one of our approved IMOs. Please call our back office for submission procedures. 724-846-2488
How do I receive my clients' statements?
As we support the industry shift toward the paperless office, we encourage all our agents to access client statements instantaneously on proprietary websites, or 'one-stop-shop' websites such as DST Vision and Advisor Central.
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