Financial Advisor

I am wanting to be a financial advisor, I know you have a better chance if you get your licensing. From what i hear you have to take the Series 7 and 63, not sure about the Series 6? Can anyone tell me where you actually go to take the test? Are there any online you can take?

Also looking for some legit and up to date study materials, if anyone has any suggestions.

You can't take the test unless you are sponsored by a firm (brokerage, bank etc.) That is, they will have to send in your U4, etc. before you will be accepted by FINFRA to take the test. The U4 is a long application that asks a lot of personal questions about where you worked, been in jail, bankruptcies, revocations, etc. The sponsoring firm will help you fill this out as well.

Depending on what you are selling you need different licenses. I work at Merrill and like all the wirehouses require the full monty, e.g., Series 7 (essentially every security except individual commodity futures) and 66 (investment advisor, fee based type of managing). The series 6 is common with insurance company advisors with small product lines or mutual fund company reps.

The company that sponsors you will most likely provide you materials. I did self study using the STC books for 7 weeks and scored in the high 80's. The test questions aren't hard, its simply a lot of volume. Study 6 days a week for couple of months and you will be ok.

Does Merrill offer salary plus commission? \how is the training is it paaid, and is it a start up cost? I also wanted to know how do you attain clients? I am interviewing with EJ, WR and JPM. please let ne know I am in the dark..lol Thanks

So to find a company to sponsor you, can you find one online or just bank branches?

I was trying to get a job at a bank as a financial advisor, and really havent gotten any response. So I heard your resume looks better if you go ahead and get the licenses. So I get all into that and now I hear it reversed you cant get your licensing without a job? So how do you ever become financial advisor?

I interviewed with Ameriprise, however, they want $1200. up front for the FINRA security registration exams (Series 7 and 66 exams), I am also responsible for the cost of study classes and materials. Full licensing must be obtained within 120 days to be hired. If you pass in the time given you are reimbursed. I am looking for a sponsor.

Skittles in Illinois said: So to find a company to sponsor you, can you find one online or just bank branches?

I was trying to get a job at a bank as a financial advisor, and really havent gotten any response. So I heard your resume looks better if you go ahead and get the licenses. So I get all into that and now I hear it reversed you cant get your licensing without a job? So how do you ever become financial advisor?

Yep, thats how it goes. Its a hard field to get into. You will see much more of this as you progress. Wait till you start dealing with tax and trusts. Go to the FINRA website it will tell you what you can do. See what it says about a U-10 form if my memory serves my correct. Also dont forget the finger prints submitted to everyone and their big brother. Plus don't stop learning. Go get your CFP. Most people in this field are just salesmen. Your gonna have to know law, investments, insurance, estate, and retirement planning in order get and keep clients. here is a statistic for you. Every 5-7 years a person buys some product( i think its due to our life cycles). So, if you can have 500 clients in 5 years then you get repeat business of 100 clients every year there after. Well that is if no one else comes in the picture and takes some of your clients business. This is why I suggest the CFP. The difficulty of the CFP is the CPA exam times the Series 7 exam times about 3. I cant say for sure but its a guess on my part. Anyhow good luck

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Skittles in Illinois said: I am wanting to be a financial advisor, I know you have a better chance if you get your licensing. From what i hear you have to take the Series 7 and 63, not sure about the Series 6? Can anyone tell me where you actually go to take the test? Are there any online you can take?

Also looking for some legit and up to date study materials, if anyone has any suggestions.

Just following up with your interest in becoming an advisor. Good school online. Check it out let me know were you are at. Wonderful career. www.testeachersonline/HBW

Pete
Agency Vice President
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