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Author: Nick Hunter Article source: http://lead-workflow.blogspot.com/. Used with author's permission.
There are many people who feel that to make money in todays market and in the future, you must work off of advisory fees and not commissions.
An Investment or Financial Adviser is someone who manages a portfolio or advises a person what to do in their portfolio. For these services, an Adviser can retain a fee for doing so. They operate much like an Accountant or an Attorney would. Rather than directly sell a security for commission, they will receive a fixed percentage of the assets they manage. The license that most of them receive is the SERIES 65 (Registered Investment Advisor). What makes this arrangement attractive for the Adviser is that your income stream is much steadier. Your fees are set so if a customer is not particularly active, you still retain the normal advisory fee you charge.
The arrangement is equally beneficial to the customer. A customer does not feel the same pressure to buy as they would from a commission Stockbroker. A Stockbroker does not make money unless a customer buys or sells.
The SERIES 65 does not need to be sponsored and can be practiced independently. It also looks terrific on a resume and only takes 4-6 weeks to study for. If you are looking to add financial credentials prior to entering the securities business, the Series 65 is a great license to get. It is a multiple choice test and no educational pre-requisites are required.
A few states do not require an individual to hold a SERIES 65 to practice investment advice but it is a good idea to get it anyway. You want to be aware of certain rules and background of the industry. The licensing curriculum will explain all of the securities that apply. It is also a good "Title" to practice business under. Thousands and thousands of CPA's, Lawyers, and other professionals have obtained their SERIES 65 license and became Financial Advisors. The ability to offer investment advice to their existing clientele has proved to be very beneficial to their business.
You are not allowed to work on commissions and advisory fees from the same client. The SEC views that as "double charging", so you should decide what route is best for you. As said earlier, many feel the "fee route" is the best way to go now.
Good Luck! Nick Hunter is the President of American Investment Training, Inc. (AIT) http://www.aitraining.com. He has personally taught thousands of students in the securities industry for over 15 years. AIT produces training courses for the financial industry.
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