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Selecting An Investment Advisor

This newsletter has been developed to provideservices professionals are other ways to
insights into the operation of the financialdescribe an RIA. Insurance Agents are
services industry, and to help individuallicensed by individual state Departments of
investors make decisions concerning the typeBanking and Insurance. If the agent sells
of advisement that best suits their needs.variable products, such as variable annuities
While there are many professionals whoor variable universal life insurance, they
provide investment advice in one form ormust  also  have  an  NASD  License.
another, there are certain credentials and
licenses financial professionals shouldThe NASD has many licenses, but many
possess before you entrust them with yourprofessionals have at least a Series 65,
savings. We will explore the variouswhich is an NASD license needed to be a
licenses and certifications to determineRegistered Investment Advisor in many states.
which type of professional might be bestThis is the minimum, short of having no
suited  to  your  needs.license at all. In order to be a Registered
Representative, the minimum license needed is
Financial Advisor, Financial Consultant,a Series 6 from the NASD. This entitles a
Investment Advisor, Financial Planner,Representative to sell mutual funds, and
Registered Representative, Stock Broker,obtain an affiliation with a securities firm.
Variable Products Agent or Insurance AgentAn insurance license to sell variable
are many of the terms used in the financialproducts enables the representative to also
services industry to describe theprovide variable annuities or variable
professional duties performed. Fee based oruniversal  life  insurance.
commission based compensation are terms which
get thrown into the mix, causing clientIn order to advise and transact stock, bond,
confusion. In reality, a licensedREIT and limited partnership sales, as well
professional can have all of those titles,as mutual fund, ETF's, variable annuity and
perform all of those services, which we justvariable universal life sales, a Registered
identified, and work in a fee or commissionRepresentative needs to attain a Series 7
based  capacity  with  a  client.license, as well as a variable life license.
By obtaining a Series 63, disclosing all
The National Association of Securitiesinvestment advisement relationships to their
Dealers (NASD) is one of the associationsbroker/dealer and by registering with their
which self regulates the securities industry.state Bureau of Securities or the SEC, if
The Securities and Exchange Commission (SEC)assets are over 25 million, a registered
is the government agency which oversees therepresentative can have a dual registration
NASD and the exchanges, such as the New Yorkas a Registered Representative and Registered
Stock Exchange (NYSE). The NASD licensesInvestment Advisor. Once this stage has been
Registered Representatives, while the SEC orreached, an Investment Advisor can
individual state bureaus of securitiesdemonstrate to a client whether fee based or
register investment advisors (RIA).commission based compensation is best for the
Financial Planner, Financial Consultant orclient.
other terms used to describe financial



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