As a follow-up to our previous entry, we thought we would discuss the general licensing qualifications that state regulators impose for investment advisor representatives. The following are the standard licensing requirements that states will accept as a qualification for investment advisor representative licensing:
1. Series 65, NASAA Uniform Investment Adviser Law Examination, or
2. Series 7, NASD General Securities Representative Examination, and Series 66 NASAA Uniform Combined State Law Examination, or
3. One of the following professional designations:
a. Certified Financial PlannerT, CFP®
b. Chartered Financial Analyst, CFA
c. Chartered Financial Consultant, ChFC
d. Personal Financial Specialist, PFS
e. Chartered Investment Counselor (CIC)
Many states accept additional qualifications, exemptions, and waivers. It is always best to refer to a specific state’s regulations to determine its requirements. Some states do not even license advisor representatives. Currently, Michigan and Minnesota do not license advisor representatives; however, each state may require an advisor firm to disclose associated persons acting in an advisory capacity. New York does not license advisor representatives either; however, it does require state registered firms to report their advisor representatives and provide proof of qualification. A final state to note, Wyoming, does not regulate advisors at all. Advisor firms in Wyoming must be registered with the SEC.
Posted by Bryan Hill
Labels: How to Become RIA, IAR Licensing, Investment Advisor Registration, Registration
