How to Get Financial Advisor License: My Proven Strategy

Understand Licensing Basics

If you’re wondering how to get a financial advisor license, I promise it’s not as complicated as it might look. Financial advisors generally need to register with the Financial Industry Regulatory Authority (FINRA) and, depending on their scope, may also work with the North American Securities Administrators Association (NASAA) or the Securities and Exchange Commission (SEC). Essentially, regulators want to ensure that anyone advising the public meets ethical and professional standards.

To start, you’ll need to decide if you’ll earn commissions, charge fees, or possibly do both. In most cases, a fee-based advisor typically takes the Series 65 exam, while those who sell securities for a commission often go for the Series 7, plus the Series 63 or 66. Each license or registration depends on the services you plan to provide. Since high-net-worth individuals often expect a broad range of expertise, covering both investment advice and financial planning, you might consider a combination of these licenses.

Complete Pre-Licensing Education

While a specific degree isn’t always required for the role, many states and investment firms strongly encourage it. If you’re curious about the academic path, you can check out do you need a degree to be a financial advisor to see what top advisors generally recommend. At this stage, it helps to:

• Take relevant courses in finance, economics, or business.
• Seek internships at brokerage firms or wealth management companies.
• Network with practicing advisors and find a mentor.

Gaining hands-on exposure not only boosts your résumé, it helps clarify which license best aligns with the services you want to offer. An internship can also lead to a sponsorship from an employer, a step that’s often required to sit for certain exams.

Pass Required Exams

Once you have the education piece lined up, it’s time to tackle the exams. FINRA introduced the Securities Industry Essentials (SIE) exam that everyone must pass before or alongside the classic Series exams. Here’s a quick breakdown:

1. SIE: A foundational test covering basic industry knowledge.
2. Series 7: The “gold standard” that allows you to sell nearly all securities (stocks, bonds, etc.).
3. Series 63: Meets state law requirements for selling securities.
4. Series 65: Typically for fee-only advisors who want to provide investment advice without selling products.
5. Series 66: Combines the Series 63 and Series 65, covering regulations and investment advice.

I chose to start with the SIE and then sat for the Series 7 and 66 to work with a broad range of clients. Sponsors like big brokerage houses (for example, Edward Jones) often provide comprehensive study materials, along with a support team of trainers. Keep in mind, your studying will probably eat up several hours each week, but you’ll enhance your credibility once you pass.

Register With Regulators

Passing your exams is huge, but the process isn’t complete until you’re officially registered. Depending on your assets under management (AUM) and advisory focus:

• Register with the SEC if you manage over $110 million in AUM.
• Register with your state securities regulator if you manage less than $100 million.
• If you’re between $100 million and $110 million, you can choose either state or SEC registration.

For more details on state-by-state guidelines, consult the NASAA site. You’ll typically file through the Investment Adviser Registration Depository (IARD), maintained by FINRA. Also, double-check whether your state requires additional forms or fees for mid-year registrations.

Keep Your License Current

Your next challenge is maintaining your license. Once you pass, you’ll still have ongoing requirements:

• Pay renewal fees each year to stay in good standing.
• Complete continuing education (CE) requirements. For some designations (like those from the College for Financial Planning), you need 16 CE credits every two years.
• Stay informed on new regulations from FINRA and state agencies.

Failing to renew on time or skipping CE hours can lead to late fees or worse, the loss of your license. So be sure to track all deadlines—set calendar reminders if necessary. If you’re curious about how CE ties into career growth or earning potential, take a peek at average salary for financial consultant to see the industry outlook and how credentials factor in.

My Proven Strategy In Action

Looking back, I used a step-by-step approach to secure my license—focusing on building foundational knowledge, dedicating myself to robust exam prep, and registering right away to avoid delays. I often get five big questions about how to get financial advisor license in one breath: Do I need an undergraduate degree, how long does the process usually take, which exams must I pass, what are the state-by-state costs, and can I transfer my license if I move? The answers depend on your career goals, but starting with the SIE, Series 7, and a strong pre-licensing track sets you up for success in most scenarios.

For high-net-worth individuals or those ready to work with an advisor, you can compare different professional backgrounds and licensing requirements by reading choosing a financial advisor. Doing so helps you spot the difference between a simple broker, an independent fiduciary, or a fully licensed wealth manager.

Securing a license is the key to officially helping clients build, protect, and pass on their wealth. Yes, it can feel like a maze at first. But once you break it down—research the right path, study for your exams, register, and keep up on your CE requirements—you’ll not only earn the legal authority to do your job but also the trust of clients who value professionalism. Good luck on your journey, and remember, your dedication now sets the stage for a successful and rewarding career in financial advising.