Can A Broker Dealer Register With Two Firms

Investment Advisor Representative Exam and Registration Requirements

• Is the Series 65 a license?

  No. The Series 65 is solely an examinations that is a pre-requisite for condign a representative of an registered investment advisor (RIA) house. Unfortunately, you cannot "hang" whatsoever previous licenses as office of your registered investment informational firm (e.m. Series 7, etc.). The Series 65 past itself does not give you lot the right to give advice or accuse fees, etc. You are all the same required to file your individual registration documents with your state jurisdiction, in virtually states a Class U4, and exist approved past that jurisdiction earlier you tin sign any clients or provide whatsoever advice for a fee. (Note: New York uses a registration document called an NY-IAQ)

• If I currently hold the Series 7 and 66 licenses, do I need to take the Series 65 examination to go an investment advisor representative?

  If you take successfully passed both the Series 7 and 66 examinations and have been affiliated with a broker/dealer in the past 24 months, than a prospective investment counselor representative volition more often than not not be required to take the Series 65 exam as the agile Serial vii and 66 combination will suffice.

• How hard is the Series 65 Exam and what does information technology cost to take the examination?

  If yous spend a solid 10-12 hours studying, y'all more often than not should take a adept chance to pass. A member of our staff helps NASAA (Northward American Securities Administrators Assoc. – they are responsible for the creation of the Series 63, Serial 65, and Series 66 exams) write and review their bank of test questions and he assures the states that while the questions are written to exist "entry level" in nature, they are not easy. If you lot don't study y'all will likely discover yourself unable to pass and have to wait xxx days and pay some other $165 (current fee as of June 1, 2013) to retest. There are a number of companies that provide Series 65 exam prep materials. Clients of RIA in a Box receive a discount on Kaplan Series 65 exam training materials. NASAA has too provided a Series 65 outline which highlights the types of questions institute on the examination: Serial 65 Exam Outline.

• Are there any professional designations which exempt someone from needing to have the Series 65 Test?

  There are a number of professional designations that will often be accepted in lieu of an exam. They include the Certified Fiscal Planner (CFP®), Chartered Financial Analyst (CFA), Certified Insurance Counselor (CIC), Chartered Financial Consultant (ChFC®), or Personal Financial Specialist (PFS).

• How does a prospective investment counselor schedule the Series 65 Examination?

  Either the private should file a Form U10 or the individual's firm should file the Form U4. Once registered, the 120-day window will open up to schedule the exam. Unlike the Series 7 or Series 66 exams, a prospective investment advisor representative does not need to exist "sponsored" by whatsoever firm to take the Serial 65 exam.

• Is there a continuing education requirement for an investment counselor representative?

  Presently, there is no continuing instruction requirement. Every bit of today, neither the firm nor any representatives of the firm have a continuing teaching requirement. This includes the CCO (Main Compliance Officer). However, remember that if you have an investment adviser representative that is also a registered representative of a broker/dealer firm house, the registered representative will typically accept both firm element and "outside provider" continuing education requirements every bit part of their broker/dealer amalgamation.

• What are the annual registration fees for an investment counselor representative?

  All individual investment counselor representative almanac registration fees are billed to the associated RIA firm. All fees are administered at the state level. The annual fees assessed past states range from $10 to $285. In general, most states charge an annual registration fee ranging from $60 to $85. The investment advisor representative registration fees are charged in improver to any almanac fees assessed to the RIA house itself.

• What is the Form ADV 2B?

  The Form ADV 2B is the paper brochure that Investment Adviser Representatives must (in near cases) provide to clients. This grade contains employment, educational, conflict of interest, and disciplinary information. More often than not, Executive Officers, any person generating investment advice provided to clients, and any representative advising clients must take a Class ADV Part 2B.

• Tin can an investment advisor representative exist a dual registrant of multiple firms?

  A dual registrant is an individual investment counselor who is registered to multiple investment firms. Nearly states let individuals to be dually registered to multiple firms, but in that location are some states which practise not permit this practice. Other states only permit dual registration to affiliated firms. Affiliated firms are by and large firms under common control or ownership.

• Does an investment adviser representative need to exist registered to an RIA firm?
  Yes, in order to behave investment advisory concern, an investment adviser representative must exist registered to an RIA business firm. Similarly, every investment informational firm needs at least one investment counselor representative registered to the house. Thus, a prospective investment advisor looking to starting time his or her ain advisory business would need to register a new RIA firm, either with the SEC or relevant state(due south), and and then accept his or her own private registration registered to the new RIA firm at the state level. All individual registrations are administered at the state level regardless if the RIA firm is registered at the SEC or state level.

Source: https://www.riainabox.com/investment-advisor-representative-exam-and-registration-requirements

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