The financial licenses required to sell money products can vary widely. It depends on the jurisdiction, type of products and the services you plan to offer.
Financial regulations are complex and can change over time. So it’s important to ensure compliance.
However, I can provide a general overview of common financial licenses, registrations and certifications.
1. **Securities License**
If you plan to sell securities such as stocks, bonds, or mutual funds, you’ll need a Series 7 or Series 6 license. Here are some of the specific securities licenses in the United States;
- 1. **Series 6
- Investment Company and Variable Contracts Products Representative Exam.** This license allows individuals to sell mutual funds, variable annuities, and other investment products.
- 2. **Series 7
- General Securities Representative Exam.** This license is often referred to as the “stockbroker” license and allows individuals to trade a wide range of securities, including stocks, bonds, options, and more.
-
3. **Series 63: Uniform Securities State Law Exam.**
- This license covers state securities laws and regulations. It is often required in addition to other licenses and is necessary for individuals who conduct business within a specific state.
-
4. **Series 65: Uniform Investment Adviser Law Exam.**
- This license is for individuals who want to work as investment advisers or financial planners. It allows them to provide investment advice and manage client portfolios.
-
5. **Series 66: Uniform Combined State Law Exam.**
- This license combines the Series 63 and Series 65 content, allowing individuals to serve as both securities agents and investment advisers.
-
6. **Series 79: Investment Banking Representative Exam.**
- This license is for individuals who work in investment banking and deal with the underwriting and issuance of securities.
-
7. **Series 82: Private Securities Offerings Representative Exam.**
- This license is for individuals who are involved in private securities offerings, which are exempt from registration with the Securities and Exchange Commission (SEC).
-
8. **Series 24: General Securities Principal Exam.**
- This license is for individuals who supervise and manage activities within a broker-dealer firm.
-
9. **Series 53: Municipal Securities Principal Exam.**
- This license is for individuals who are involved in the management, underwriting, and trading of municipal securities.
- 10. **Series 87: Research Analyst Exam.**
- This license is for individuals who work as research analysts and produce reports on securities and investment recommendations.
- 11. **Series 99: Operations Professional Exam.**
- This license is for individuals who work in operational and administrative roles within a broker-dealer firm.
**The securities industry is highly regulated and subject to changes**
More Financial Licenses A Professional Often Want To Acquire…
2. **Investment Advisor License**
If you’re providing investment advice to clients, you might need to register as an investment advisor or investment adviser representative. This is regulated by the SEC in the U.S. and similar bodies in other countries.
3. **Insurance License**
If you’re selling insurance products like life insurance, health insurance, or annuities, you’ll generally need an insurance license. The requirements for obtaining such licenses can vary between jurisdictions.
4. **Mortgage Broker License**
If you’re involved in selling mortgage products, you might need a mortgage broker license or similar authorization.
5. **Commodity Trading Advisor (CTA) License**
If you’re dealing with commodities and providing advice or services related to commodity trading, you might need a CTA license.
6. **Futures License**
If you plan to sell futures contracts, you might need a futures license or registration.
7. **Money Transmitter License**
If you’re involved in transmitting money, such as remittances or money orders, you might need this license.
8. **Financial Planner License**
Some jurisdictions require specific licensing or certifications to use the title “financial planner” or “financial advisor.”
9. **Broker-Dealer License**
If you’re facilitating securities transactions for clients, you might need a broker-dealer license. This can be a complex process due to the regulatory oversight involved.
10. **Real Estate License**
If you’re involved in selling real estate investment products, you might need a real estate license in addition to any financial services licenses.
Other topics of interest…
The Top 10 Holistic Financial Planning Questions
The Digital Ruble – What it Means for the USA
