Tuesday, January 6, 2015

What are licensing requirements for a financial consultant?

What are licensing requirements for a financial consultant?
There is no one license needed to call yourself a financial consultant. To actually trade stocks and bonds you have to pass a test called a Series 7. To sell mutual funds, you must pass a Series 6. To be paid an asset based fee to manage accounts you will need a Series 65. To be paid a fee for advice, you must register as an RIA (Registered Investment Advisor). This does not necessarily require any special licenses.

Which you actually need depends on the time of firm/institution you work for.

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