Become A Registered Investment Advisor

Written by Amy Hall
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In order to become a registered investment advisor, you need to take a few steps that will bring you to your goal. First, you must contact the state agency that supervises investment advisors and ask them for the proper registration form and which exam, if any, is required. In general, states require that you take the Series 65 exam for registered investment advisors.

An alternative to this exam is the combination of the Series 7 and Series 66 exams. The 7/66 combination is generally used by an employee of a brokerage firm who is also registering as an investment advisor. Basically, the Series 66 equals the combination of the Series 65 and Series 63 exams. Now, let's take a look at what a registered investment advisor does and the responsibilities he or she is entrusted with.

So, You Want to Become a Registered Investment Advisor?

Okay, now that we know what steps you need to take to become a registered investment advisor, let's take a look at the actual job description. Essentially, investment advisors are firms or individuals who manage investments for their clients. Other names for any employees who advise clients or manage their assets are portfolio managers, financial advisors, or investment counsel.

A registered investment advisor is simply an individual or firm that has registered with the Securities and Exchange Commission or a state securities regulator. RIAs are not required by law to have any special training or credentials, however, many investment advisors have earned one or more of the financial designations described above. Furthermore, they have legal and fiduciary obligations to their firm's clients, as mandated by their regulators and the Investment Advisory Act of 1940.


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