how can i become an independent financial advisor?
i would like to become an independent financial advisor so i would like to know what licenses i can obtain on my own that can replace the series 6 and 7. i know i can take the 63 and 65 without being sponsored but what else is needed to start ( any other licenses?). i pretty much know how it works to use other companies like set up appointments to sell life insurance companies products and find myself a broker dealer is that correct.
Question answered by rcdrury
First of all, the only licenses that can "replace" the 6 or 7 are the registered principle licenses required of supervisers of registered reps (Series 24 for general securities, and 26 for mutual funds and variable products only). In order to operate, you have to be appointed with a broker/dealer anyway, so you can be sponsored by them for your licenses.
What concerns me is that you are asking this question. If you don't already know the answer, it is unlikely that you possess the knowledge and experience to be an independent advisor.
ADDED: Apparently, CFPwunaB missed my point. I wasn't denigrating you for asking a question; I was pointing out that an advisor isn't ready to go independent until he has amassed tremendous knowledge and experience. If you don't even know basic license requirements, what could possibly qualify you to take responsibility for clients' financial well-being? This is knowledge and experience that one cannot obtain on one's own (at least not without hurting plenty of clients along the way).
How much are independant financial advisors fees?
How much do independent financial advisers charge?
I need advice on the best way to invest £50.000 to create a monthy income
Question answered by Go with the flow
Maybe 100 a month in income.
Boy, did that question make it see like you are bound to fall for a scam.
How can I find a financial advisor in Montreal?
My parents are recently retired and have a poor grasp of how to manage their retirement savings and investments. They have most of their money in private banking and are paying very high fees. How can I find them a reputable independent financial advisor who can give a second opinion on their overall financial picture?
Question answered by thegillipo
Assurances Ngo Van Tan Financial Planner
600-1001 DORCHESTER SQUARE, MONTRÉAL, QC H3B 1N1, Canada
how to become a financial advisor without being a salesman?
I am interested in about personal financial planning and management, I have following questions:
1. is it financial advisor equals salesman?
2. if a financial advisor's salary is commission based, how can he proof that he is independent and his client best benefit is protected?
3. If I want to join this career, what should I prepare for it now?
By the way, I am an fresh MBA and a CPA, I work as accountant for a company, I am not a tax accountant.
Question answered by John
An advisor working ethically will provide the best solution for the client, irrespective of the commission they earn. It is a matter of earning the clients trust in that case.
Primerica provides an opportunity to transition into the field on a part time basis around your current employment, and provides training and licencing to this end.
Company business overview site at
My page at
If you are a financial advisor, how do you manage assets and collect commission on AUM?
I'm interested in becoming an independent financial advisor because I don't want to feel obligated to push any one providers products/services. I want to know if I manage assets for a client, how best to collect commissions (a small percentage) and what is legally required in order to do so? My plan is to charge a reasonable hourly fee as well as a small percentage of AUM and I'm trying to figure out how to manage that aspect of the business.
Thank you for the last answer regarding the licensing. Now the questions is how would a licensed rep collect and manage that money if they are not with a particular firm? Is there certain software or some sort of web based management util, or is that something you somehow have to collect from the people you are working with?
Question answered by island_hopper2
First of all, to do what you want to do, you'll need a series 6, if not series 7 license, as well as a series 63. The limits on what you can charge are all part of the study material, because there are laws limiting it. I believe most hedge funds charge about 1/2 % to 1% annually for assets under mgmt, and your fees can't be more than 5%. I recommend $75 flat rate + 1%. Start studying now...there's a lot to know.
What does it take to be a successful financial advisor?
I am currently training to be a financial advisor and I would like to know what it takes to become successful?
Question answered by schulteraffe
Largely this depends on what you mean by successful and the type of financial adviser you will be. If you are working for a retail outlet that pays you on commission for selling their product then the measure of success will be how much product do you move. If you are going to be an independent financial adviser working for a flat fee the measure of success will be you ability to attract and retain customers who will get referrals for you. The latter will depend much more on the quality of the advise you give and the former will rely more heavily on your salesmanship although both are true to some extent for both types of advisers.
Then of course there is the registered investment adviser which is much more involved, requires passing certain certifying exams and may be regulated by the SEC depending on the nature of the firm for which you work. In that capacity having a vast or highly specialized knowledge of securities/trading and the ability to consistently match or surpass a benchmark index with investment strategies that you develop and implement will be the measure of success.
What is the best ladder to climb for becoming a financial advisor? or Business Analysis?
What area of work to gain the expertise into becoming a financial advisor and business Analysis?
I want to becoming a financial Advisor and my friend wants to become a Business Analysis. Both of us already have a Finance degree and will be working on our MBA's next year.
Question answered by WinterBABYs from LONDON
business anayst is a wide field so cant really help but i am a bank manager and regarding financial advisers you need to gain certifications in financial planning this can be done two ways
join a bank or financial instituion work as a banking adviser and get the bank to pay for your cefa courses you can become fully qualified at no expense within 2 years or pay for the cefa course (UK) yourself approx 3k and then apply for financiall planning jobs. you do not need a degree or mba to do this just determination and the right modules will qualify you
i will warn though that it is massively pressurised and sales oriented role - if you can handle pressure and are good at sitting refresher exams then this may b a job for you its glamorous to think that it may be a good job giving advice on finance but at the same time it is very tightly regulated and there is very little room for failure. but if you are good at it - its like water of a ducks back. i trained in this field and luckily loved it and it was well paid with good bonuses, however after 4 years became fed up and went into management for a new challenge.
god luck though the prospects are endless once you qualify and banks start your salary at around £30,000 i you become independent then you could get £80000+
How do I go independent if I am fully licensed to trade/buy/sell investments for clients?
I have a Series 7 & Series 66 & the Life/Disability License. I am currently registered and employed at Morgan Stanley and have been working there for about 5 years. I have a good book of business and would like to start my own business, as a financial advisor.
How do i go independent and start my own business? Who will then hold my licenses? I always thought I had to be registered with a firm, which registers me w/ the NASD. Is there an exam out of all the Series exam i must pass to go independent?
Please advise, thanks!
Question answered by candleinthewind7579
You can be an independent financial advisor under the "umbrella" of the Edward Jones Corp They will give you additional training then help you set up your own business under their name. You have your own clients...plus the reputation of the Edward Jones group...best of both worlds
what are the benefits and disadvantages to being a financial advisor in a bank vs. another independant firm?
I am wondering what the differences in being a financial advisor in a bank vs another firm (raymond james, ameriprise, axa, etc) are. Both advantages and disadvantages please!
Question answered by MommyToBe!
Advantages of working in a bank:
- Warm leads, Referrals from Bankers and Tellers
- No knocking on doors
- Customers are already in the branch. It's really about working with branch staff to profile correctly and refer customers to you
- Business Hours
- Corporate/Professional Environment
- Opportunity for growth
- Depending on size of branch(es), you might be assigned to 2-3 different branches which provides more opportunity of meeting different clients in different areas
Disadvantages of working in a bank:
- Commissions are less
Advantages of working for independent firm:
- Maybe better pay
- More "independent"
Disadvantages of working for independent firm:
- Not set schedule, you might have to be at customer's house at 9pm trying to sign docs/contract
- Knocking on doors, building your own book of business
Where can I find a waiver for a financial advisor?
I'd like to become a parttime unlicensed financial advisor to help people get out of debt and offer simple investment advice. Where can I get a form that waives my liability? Or for that matter, since I'm not licensed and independent, should I have any other concerns?
Question answered by Andrew O
You can't waive your libaility. You should get liability insurance if you are going into business. Or E & O coverage is common. (Errors and Omissions)