Veteran Licensing

Category: Veterans in the Mortgage Industry (MLO)

Information, success stories from fellow veterans, licensing requirements by state, and partnerships with online education providers.

  • Why Most Licensees Choose 1099: A Guide for Veterans Exploring Entrepreneurial Careers

    Most Agents and Advisors are 1099’d

    1099 vs W2…The careers we’re focused on here at Veteran Licensing are most commonly entrepreneurial opportunities with a 1099 Independent Contractor relationship rather than a W2’d employee relationship. For example, an Insurance professional will build their own insurance operation as an agent for a well known brand.

    Why Entrepreneurs Choose This Path

    When I’m recruiting new agents and advisors, I paint the picture that this is a business building entrepreneurial opportunity. Agents can leverage brand value, marketing materials, systems and software, as well as in the field resources while still maintaining tax advantages and independence on how they run their business. We often say it’s a great way to be in business for yourself, but not by yourself.

    Transitioning Servicemembers and the 1099 Role

    Not everyone can adapt to the 1099 world of tracking expenses, paying quarterly tax estimates, and renting an office. As a soldier, my whole world was the Army and almost everything was provided for me. No missed paychecks, no LES statement with $0, Tricare, SGLI, etc… As an entrepreneur, you’re going out and securing those things on your own.

    Is it Right for You

    If you’re looking for steadiness, the licenses would still be valuable but, for every give there’s a take. If I have a guarantee, my commission and the upside overall will likely be lower than building your own practice. Those type of opportunities are most commonly found in banks/credit unions, financial services call centers, and employee roles working under another agent/advisor.

    Challenges of the 1099 Lifestyle

    I have always loved the upside potential of operating as an entrepreneur, but it comes with its challenges. The high cost of health insurance in particular took me out of that model. I took a corporate job for a while and moved back into a management role in an employee relationship.

    Curious about why we do what we do, learn more about our story and our mission. I’ve also attached links to a YouTube video and an ADP article in the post above for your reference.