Question 1

What license do you need to be a financial advisor?

Accepted Answer

It depends on how you're paid. To give investment advice for a fee as an investment adviser representative, you generally need the Series 65 (or the Series 66 with the Series 7). To sell securities for commissions, you need the SIE and Series 7 plus a state exam.

Question 2

Do I need a sponsor for the Series 65?

Accepted Answer

No. The Series 65 requires no firm sponsorship and no SIE corequisite, which is why it's the common path for independent, fee-based advisers. The Series 66 and Series 7 do require sponsorship.

Question 3

Is a financial advisor the same as a stockbroker?

Accepted Answer

Not exactly. A stockbroker (registered representative) sells securities for commissions under the Series 7; a fee-based financial advisor (investment adviser representative) gives advice for a fee under the Series 65 or 66. Many professionals hold both.

Question 4

Do I need a degree or the CFP to become a financial advisor?

Accepted Answer

No degree is legally required for the licensing exams, though most firms prefer one. The CFP is a respected professional designation but is separate from the state licensing exams — and holding it can waive the Series 65 exam in many states.

How to become a financial advisor

Two main routes

Route 1 — Fee-based adviser (investment adviser representative)

Route 2 — Commission-based broker (registered representative)

Get licensed the smart way.