Passing the Series 65 Exam

[crimsontideagent]

and you still have to deal with FINRA.

How do you still have to deal with FINRA?

 

[Norwayguy]

How do you still have to deal with FINRA?

The Series 65 is a FINRA registration.

 

[Charpress]

How do you still have to deal with FINRA?

And even my payments to my state regulator must be through FINRA's maze. Can't just send in a check or drop it off down the street. I have to have a FINRA account that has to be over-funded so they can turn around and send it in each year. If I screw this up (or they screw this up), I lose my license instantly.

 

[crimsontideagent]

It is a finra exam, but you don't have to deal with all the finra bs anymore... Getting ads approved, emails, websites, etc, etc...

That's what I meant...

 

[DHK]

Well, not necessarily FINRA... but, if you're smart, you'll have a compliance resource to run things by.

The difference would be that they work FOR you and they'll CONSULT with you... instead of just saying "no".

 

[Charpress]

Whether you are totally under SEC or under state regulation depends on how much you have in assets under your control. But either way you have FINRA to deal with -and that includes all the ADV stuff. I am behind as we speak with updating my FINRA disclosures under the rules.

 

[Freddie]

Just to add. In some states, if you move the money out of a brokerage account to a fixed or indexed annuity and you are not licensed with a 65 (or 66) - the state securities regulators can come after you.

 

[Charpress]

In a couple of months, there are going to be about 10 times more state regulated RIAs then there are now. It will be interesting to see how the various state agencies handle this.

 

[0b1kanobee]

Just to add. In some states, if you move the money out of a brokerage account to a fixed or indexed annuity and you are not licensed with a 65 (or 66) - the state securities regulators can come after you.

I received an email about this from one of the carriers.
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In a couple of months, there are going to be about 10 times more state regulated RIAs then there are now. It will be interesting to see how the various state agencies handle this.

What does RIAs stand for?

 

[Norwayguy]

I received an email about this from one of the carriers.
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What does RIAs stand for?

Registered Investment Advisor you will also see mentioned sometimes IAR - Investment Advisory Rep...a person with the same qualificaations as a RIA and works for a RIA insted of setting up their own firm.