Series 65 license priviledges & restrictions?

I am considering taking the Series 65 examination. I have a few questions about this license.

If one is a registered investment advisor, that allows him or her to give investment advice for a fee. Does this include placing trades in the name of an individual? For example, could I use Scottrade or some other online discount brokerage to place trades for them (that they have approved, of course)? Can that be done over the phone?

Does one need a series 63 license in addition to the series 65 to practice? I know this is true for the Series 7 license.

I understand being a RIA has requirements for tracking your client's assets, trades, etc. Where can I learn more about this?

Thanks!

The series 65 and 66 is for the RIA. RIA's are held to a higher fiduciary requirement pertaining to advice, than stockbrokers whose "advise" is only incidental to their business. Further stockbrokers (series 7) are governed by the NASD. Series 65, RIA, are governed by the SEC for assets above $25 million, and by the adviser's home state for under $2 million. you can be affiliated with a broker/dealer or custody client assets at any brokerage firm. RIA's can do transactions with all securities, stocks, bonds, mutual funds, but do not charge a commission or sales charge. They primarily charge a fee based on the total assets under management, usually, quarterly.
To learn more about being an RIA you can contact the SEC or try various industry publications such as Investment Adviser mag. or Financial Planning Mag. www.financial-planning.com.
good luck.

You shouldn't need a series 63, no. Report It