Congratulations! You have passed the Series 65 exam, which is a significant achievement that opens up many opportunities in the financial industry. However, passing the exam is just the first step, and there are many more things to do before you can start practicing as an Investment Adviser Representative (IAR). In this article, we will discuss what to do after passing Series 65, including getting registered with state regulators, finding a job, and continuing education.
Register with State Regulators
After passing the Series 65 exam, the first thing you need to do is register with state regulators. This involves submitting an application and paying a fee to the state where you plan to operate as an IAR. The registration process typically involves providing information about your education, work experience, and any disciplinary history.
Apply for IAR License
Once you have registered with state regulators, you can apply for your IAR license. This involves submitting an application and paying a fee to the Financial Industry Regulatory Authority (FINRA). You will need to provide information about your employment history, education, and any disciplinary history. After your application is approved, you will receive your IAR license, which allows you to work as an investment adviser representative in the state where you are registered.
Join a Registered Investment Adviser (RIA)
One way to start your career as an IAR is to join an established registered investment adviser (RIA). This will provide you with a stable work environment, mentorship opportunities, and access to a client base. Many RIAs are looking for talented and motivated individuals to join their teams, so make sure to research and apply to firms that align with your career goals.
Consider Working as a Broker
Another option to consider is working as a broker. While brokers do not need a Series 65 license, they are required to have other licenses, such as the Series 7 or Series 6. Brokers typically work for broker-dealers and earn commissions for selling financial products, such as stocks, bonds, and mutual funds. This can be a good option if you enjoy sales and building relationships with clients.
Update Your Resume and LinkedIn Profile
After passing the Series 65 exam, it’s important to update your resume and LinkedIn profile to highlight your new qualifications. Make sure to include your Series 65 license and any relevant work experience or education. This will make it easier for potential employers to find and consider your application.
Build a Network of Professionals
Networking is a crucial aspect of building a successful career in the financial industry. Start by attending industry events, such as conferences and seminars, and meeting other professionals in the field. You can also join professional organizations, such as the Financial Planning Association or the National Association of Personal Financial Advisors, to connect with like-minded individuals.
Attend Industry Conferences and Seminars
Attending industry conferences and seminars is a great way to stay current with industry trends and developments. You will have the opportunity to hear from industry experts and learn about new products and services. This can help you stay competitive and provide better service to your clients
Get Professional Liability Insurance
As an IAR, it’s important to protect yourself from potential lawsuits and other liabilities. Professional liability insurance, also known as errors and omissions insurance, can provide you with the coverage you need to mitigate risks and protect your assets. Make sure to research and compare different insurance providers to find the policy that best suits your needs.
Start Building Your Client Base
Once you have obtained your IAR license, it’s time to start building your client base. This can be a daunting task, but there are several strategies you can use to attract new clients. For example, you can leverage your network of contacts, offer free consultations or workshops, or create a website or social media presence to market your services.
Set up Your Office and Get Necessary Tools
Setting up your office and getting the necessary tools is an important step in establishing your career as an IAR. This includes getting a computer, phone, printer, and other office supplies. You may also need to invest in financial planning software, such as Wealthbox or eMoney Advisor, to help you manage your clients’ portfolios and track their progress.
Stay Current with Industry News and Developments
Staying current with industry news and developments is crucial to providing high-quality service to your clients. Make sure to read industry publications, such as Investment News or Financial Planning Magazine, and follow industry experts on social media to stay up-to-date on the latest trends and best practices.
Take Continuing Education Courses
Continuing education is a requirement for maintaining your IAR license, but it’s also a valuable opportunity to deepen your knowledge and skills. There are many online and in-person courses available, covering topics such as financial planning, tax law, and investment management. Make sure to choose courses that align with your career goals and interests.
Consider Additional Licenses and Certifications
Obtaining additional licenses and certifications can enhance your career prospects and increase your earning potential. For example, you may consider obtaining a Certified Financial Planner (CFP) designation or a Chartered Financial Analyst (CFA) designation. These designations require additional coursework and exams, but can provide you with a competitive edge in the job market.
Plan for Your Future Career Growth
Finally, it’s important to plan for your future career growth as an IAR. This includes setting goals for your career, identifying areas where you need to improve, and seeking out mentorship and professional development opportunities. By taking a proactive approach to your career, you can ensure that you continue to grow and succeed in the financial industry.
Conclusion
Passing the Series 65 exam is a significant achievement, but it’s just the first step in establishing your career as an IAR. By following the steps outlined in this article, including registering with state regulators, finding a job, and continuing education, you can build a successful and rewarding career in the financial industry.
FAQs
- What is an IAR? An IAR, or Investment Adviser Representative, is a professional who provides investment advice to clients and is registered with state regulators.
- Do I need a Series 65 license to work as an IAR? Yes, in most states, you need a Series 65 license to work as an IAR.
- What is professional liability insurance? Professional liability insurance, also known as errors and omissions insurance, is a type of insurance that provides coverage for potential lawsuits and other liabilities.
- How can I build my client base as an IAR? You can build your client base by leveraging your network, offering free consultations or workshops, or creating a website or social media presence to market your services.
- What are some additional licenses and certifications I can obtain as an IAR? You may consider obtaining a Certified Financial Planner (CFP) designation or a Chartered Financial Analyst (CFA) designation to enhance your career prospects and increase your earning potential.
- Can I work as an IAR independently or do I need to work for a firm? You can work as an IAR independently or for a firm. However, if you choose to work independently, you will need to register as an investment advisor with state regulators.
- What is the importance of staying current with industry news and developments? Staying current with industry news and developments is important to provide high-quality service to your clients and stay competitive in the financial industry.
- What types of tools do I need to set up my office as an IAR? You will need a computer, phone, printer, and other office supplies. You may also need financial planning software, such as Wealthbox or eMoney Advisor.
- How often do I need to take continuing education courses to maintain my IAR license? The requirements vary by state, but most states require IARs to complete continuing education courses every year or two.
- How can I plan for my future career growth as an IAR? You can plan for your future career growth by setting goals, identifying areas where you need to improve, and seeking out mentorship and professional development opportunities.
In summary, obtaining your Series 65 license is just the first step in establishing a successful career as an IAR. By registering with state regulators, building your client base, staying current with industry news and developments, taking continuing education courses, obtaining additional licenses and certifications, and planning for your future career growth, you can achieve your career goals and provide high-quality service to your clients.