From Stock Broker To Fee OnlyPlanner


In order to be a fee-only planner, these are the requirements:

-If your assets under management are $30 million or more, you must register with the SEC.

-If your assets under management are $25 million or more but not $30 million, you may, but are not required to, register with the SEC (assuming you are not otherwise required to register with the SEC).

Once you register with the SEC, you are subject to SEC regulation, regardless of whether you remain registered with one or more states. At the SEC, the requirements to register are:

1) (a) Have you passed, on or after January 1, 2000, the Series 65 examination? OR

(b) Have you passed, on or after January 1, 2000, the Series 66 examination and also passed, at any time, the Series 7 examination? OR

2) (a) Do you have any of the following investment advisory professional designations?

1. Certified Financial Planner (“CFP”)
2. Chartered Financial Analyst (“CFA”)
3. Chartered Financial Consultant (“ChFC”)
4. Chartered Investment Counselor (“CIC”)
5. Personal Financial Specialist (“PFS”)

Most states have the same requirements.
To find your states requirements, visit this site

Tools for those who want to become
Registered Investment Advisors

 

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