RIA, Series 7, Series 6, Series 66?

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HumanRIA's picture
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Joined: 2010-07-14

I plan to be an investment advisor who charges my clients a 1% managment fee, holds assets at a Fidelity or Schwab type company, recommends investments, and places traded on behalf of my clients.  I've heard different things about what certificiations I need to do this.  Some say just RIA.  Some say Series 7.  One catch is, if I am new to the industry, apparently I can become a RIA on my own, but I need to be sponsored by a brokerage firm to get a series seven.  But I don't want to be an employee of a brokerage firm, I want to remain independent.  I guess there's no way to remain independent and get a series 7, but then again, perhaps I don't need a series 7?  Thanks.

loneMADman's picture
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Joined: 2010-05-10

It seems to me like you want to be looking at the Series 65.  You can't sell insurance products (incl annuities) with that, so you should consider whether that's important to you.

ilikecoffee's picture
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Joined: 2010-06-22

I had a similar question.I currently have some clients who have given me trading authority over their accounts. I trade their accounts and charge them a quarterly fee based on the assets in their account.I'm an independent person, not affiliated with any b/d. I'm wanting to expand my business and I'm studying for my series 65 to become an RIA. The big question is can I cold call (locally and nationally) to aquire new clientele? Or is cold calling forbidden if you do not have a Series 7??

HumanRIA's picture
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Joined: 2010-07-14

In terms of:  It seems to me like you want to be looking at the Series 65.  You can't
sell insurance products (incl annuities) with that, so you should
consider whether that's important to you.Do you mean as in RIA only I can't sell annuties, therefore I should get a Seies 65 in order to be able to sell annuities?Do I need to be sponsored by a brokerage co to get a Series 65 or can I just do it on my own?  Thanks. 

ilikecoffee's picture
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Joined: 2010-06-22

HumanRIA wrote:Do I need to be sponsored by a brokerage co to get a Series 65 or can I just do it on my own?  Thanks.No need to be sponsored for s65. I just went to the Finra website and completed the U10 application form. After the U10 you need to call Sylvan or Prometric to get a test appointment. Once you pass the test you fill out form ADV and voila you're an RIA.

loneMADman's picture
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Joined: 2010-05-10

Series 65 doesn't get you insurance products or annuities.  These are products that are generally sold for commission so you wouldn't logically be selling them if you're fee only.

iceco1d's picture
iceco1d (not verified)

HumanRIA wrote:I plan to be an investment advisor who charges my clients a 1% managment fee, holds assets at a Fidelity or Schwab type company, recommends investments, and places traded on behalf of my clients.  I've heard different things about what certificiations I need to do this.  Some say just RIA.  Some say Series 7.  One catch is, if I am new to the industry, apparently I can become a RIA on my own, but I need to be sponsored by a brokerage firm to get a series seven.  But I don't want to be an employee of a brokerage firm, I want to remain independent.  I guess there's no way to remain independent and get a series 7, but then again, perhaps I don't need a series 7?  Thanks.For this, you ONLY need the Series 65.  Once you get it, you can manage investments for a fee.To the guy who was concerned about cold calling...you can cold call whoever you want (provided you abide by the DNC list).  It's more a matter of what you're cold calling about.  I could cold call today trying to sell dildos if I wanted to.  "Series" licenses have nothing to do with who can cold call, and who can't.As for the "annuity" question...I believe you can sell a "no load" annuity, as long as you have a Series 65, and your life insurance license.  Fred from TradePMR can back me up on this one, or there is a thread about this right now on w w w . a d v i s o r h e a d s . c o m .

ilikecoffee's picture
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Joined: 2010-06-22

I prefer going door knocking for my dildo business

iceco1d's picture
iceco1d (not verified)

Whatever floats your boat man.  The POINT is that you need to talk to as many women as possible, who are in the market to pleasure themselves, and you don't need a license to do it. 

B24's picture
B24
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Joined: 2008-07-08

Not to digress.....

eulamarcia's picture
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Joined: 2010-07-20

iceco1d wrote:Whatever floats your boat man.  The POINT is that you need to talk to as many women as possible, who are in the market to pleasure themselves, and you don't need a license to do it.  Hmmm, so let me get this straight , you dudes think only women use dildoes? Or is that your idea of niche marketing???

iceco1d's picture
iceco1d (not verified)

I don't want to talk to them men that use them...

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