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| *Ostroff, Fair and Company>>>Financial Services |
How to become certified to be a financial advisor? |
I'm interested in knowing what the minimum qualifications are to be an independant (working from home) financial advisor. My goal would be to simply charge a fee per meeting (so I wouldn't receive commissions) or a percentage of what my clients make. I know there are a lot of titles out there (certified retirement specialist, certified financial planner, etc.). Are there any you can get by just taking a test to be qualified to give people investment advice and charge them for it? Thanks. You'll have to take a few exams, such as the Series 7 and a few others like it, as a minimum requirement. The CFP is a nationally recognized certification that shows that you are certified at what you are doing. Basically, it is saying that you are not a joker. I highly recommend you get that certification although it is not required. But, all in all, you just need to pass those Series (#) exams and be registered with the NASD (and if you have more than $30 million under management, you'll also need to register with the SEC) as a minimum to be an independent financial advisor. Good luck! Source(s): Experience You have to be licensed.To be a CFP you need to pass a bunch of different tests. Each state has a state board,you may find some answers on the one in your state,this is the one in mine. http://www.tdi.state.tx.us/ Husband is a CFP for 26 years. I could be soooo wrong but I'm really not sure there is a test you can take. Independant financial advisors usually get their clients through word of mouth from other clients, and usually independant advisors used to work for a financial insituaton, made a lot of customers happy, got some good bonuses and then decided to branch out. That is what I would suggest doing first, just so you can get an idea of what it is like first, as independant advisors rely heavily on their personal clients as to what their salary will be and you will gain contacts and plenty of knowledge AND customer will follow you if you go solo. Good luck! The term "financial advisor" is unregulated and could be used by anyone for any purpose. It does sound the same as "financial planner" which requires a CFP designation. To give investment advice and charge a fee, you have to get your NASD series 65 or 66 and affiliate yourself with a Registered Investment Advisor (or create your own). Good luck. Maybe you will need to affiliate with a good insurance guy one day who doesn't pretend to do it all;) |
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