Non-Tax Questions and Comments
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Series 65 License
Does anyone know of a Message Board for Financial Planning/Advisory? I am working with an employment agency and looking at a job as a Client Services Associate for a Financial Services Firm. The responsibilities wold be setting up new accounts and providing customer service and transaction processing. The job requires a Series 65 License. Do you have to have a Series 65 License to do those job responsibilities? The person at the employment agency said yes. I don't have a 65 but am willing to get one.
Thanks for the great help.
Re: Series 65 License
A series 65 is generally a state requirement for those who, for compensation, provide advice on securities investments. Most states will waive this requirement if you hold the CFP or CPA/PFS or CFA designation, but this will vary from state to state.
The test is administered by the North American Securities Administrators Assn (NASAA) with test content regulated by the Financial Regulatory Administration (FINRA).
Most who complete the series 65 are registered as Investment Advisors (RIA) providing investment advisory services for a fee, as a salaried employee or a % of assets under management. Interestingly, those providing the same advisory services for commission are exempt from having to register as an investment advisor, but do have to hold a securities license, such as the series 7. But the Fee-Only FP groups such as NAPFA and the Garrett Network are all RIAs.
There is an RIAforums dot com where you must register (its free) and join in discussions with other RIAs. That would be a great place to ask technical questions relating to registering, which it sounds like you're going to have to do.