| There are many people who feel that to make | | | | and can be practiced independently. It also |
| money in todays market and in the future, you | | | | looks terrific on a resume and only takes 4-6 |
| must work off of advisory fees and not | | | | weeks to study for. If you are looking to add |
| commissions. | | | | financial credentials prior to entering the |
| | | | securities business, the Series 65 is a great |
| An Investment or Financial Adviser is someone | | | | license to get. It is a multiple choice test |
| who manages a portfolio or advises a person | | | | and no educational pre-requisites are |
| what to do in their portfolio. For these | | | | required. |
| services, an Adviser can retain a fee for | | | | |
| doing so. They operate much like an | | | | A few states do not require an individual to |
| Accountant or an Attorney would. Rather than | | | | hold a SERIES 65 to practice investment |
| directly sell a security for commission, they | | | | advice but it is a good idea to get it |
| will receive a fixed percentage of the assets | | | | anyway. You want to be aware of certain rules |
| they manage. The license that most of them | | | | and background of the industry. The licensing |
| receive is the SERIES 65 (Registered | | | | curriculum will explain all of the securities |
| Investment Advisor). What makes this | | | | that apply. It is also a good "Title" to |
| arrangement attractive for the Adviser is | | | | practice business under. Thousands and |
| that your income stream is much steadier. | | | | thousands of CPA's, Lawyers, and other |
| Your fees are set so if a customer is not | | | | professionals have obtained their SERIES 65 |
| particularly active, you still retain the | | | | license and became Financial Advisors. The |
| normal advisory fee you charge. | | | | ability to offer investment advice to their |
| | | | existing clientele has proved to be very |
| The arrangement is equally beneficial to the | | | | beneficial to their business. |
| customer. A customer does not feel the same | | | | |
| pressure to buy as they would from a | | | | You are not allowed to work on commissions |
| commission Stockbroker. A Stockbroker does | | | | and advisory fees from the same client. The |
| not make money unless a customer buys or | | | | SEC views that as "double charging", so you |
| sells. | | | | should decide what route is best for you. As |
| | | | said earlier, many feel the "fee route" is |
| The SERIES 65 does not need to be sponsored | | | | the best way to go now. |