When Are the Different Series Licenses Needed?

FBN

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Can someone explain the series 6, 7, 63, 65, 66? Who needs them and what products can you sell with each of them?
 
6 is mutual funds and variable products which use them (vul VA etc.) Limited securities license. 7 is general securities. Let's youoffer all of 6 plus individual investments, reit, and secondary market sales. Think Wirehouse or Edward Jones. 63 is needed for both and covers "blue sky laws". 65 is needed for managed accounts and to act in advisory capacity. 66 is a combo license for 63 and 65. You have to have a 7 to sit for the 66. That's not an in depth review, but more of a broad scoping overcap. Sort of.
 
6 is mutual funds and variable products which use them (vul VA etc.) Limited securities license. 7 is general securities. Let's youoffer all of 6 plus individual investments, reit, and secondary market sales. Think Wirehouse or Edward Jones. 63 is needed for both and covers "blue sky laws". 65 is needed for managed accounts and to act in advisory capacity. 66 is a combo license for 63 and 65. You have to have a 7 to sit for the 66. That's not an in depth review, but more of a broad scoping overcap. Sort of.

Good definition. The 7 lets you do individual stocks, bonds, options, REITS, etc.
 
6 is mutual funds and variable products which use them (vul VA etc.) Limited securities license. 7 is general securities. Let's youoffer all of 6 plus individual investments, reit, and secondary market sales. Think Wirehouse or Edward Jones. 63 is needed for both and covers "blue sky laws". 65 is needed for managed accounts and to act in advisory capacity. 66 is a combo license for 63 and 65. You have to have a 7 to sit for the 66. That's not an in depth review, but more of a broad scoping overcap. Sort of.

What are blue sky laws? Thanks
 
What are blue sky laws? Thanks

blue sky laws n. laws intended to protect the public from purchasing stock in fraudulent companies that lack substance, such as those selling swamp land, non-existent gold strikes and dry oil wells, or who have no assets besides a post office box. Blue sky laws require that corporations advertising and selling shares to the public must get approval from the state corporations commissioner and/or the Securities Exchange Commission after providing details on financing and management. The term comes from the intent to prevent the existence of corporations that have nothing behind them but "blue sky." (See: corporation)
 
Thanks xrac, to the OP if you are going to be offering securities based insurance products, in most cases the 6 and 63 will do it and the E&O will be less. You will have to be sponsored by a broker dealer in any of the above scenarios.
 
So if you also want to sell VAs and mutual funds you need a 6 and 63? However if you also want to be an investment advisor rep then you need the 65? If you have the 65 can't you still sell VAs and mutuals without the 6 and 63 if you do it on a fee only basis rather than commission basis?
 
FBN said:
So if you also want to sell VAs and mutual funds you need a 6 and 63? However if you also want to be an investment advisor rep then you need the 65? If you have the 65 can't you still sell VAs and mutuals without the 6 and 63 if you do it on a fee only basis rather than commission basis?

Yes the 65 allows to to recieve fees and there are some VAs available on platforms for RIAs.
 

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