Feb
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No. There are no prerequisites in order to sit for the Series 65 exam.
Feb
3
How do I become a Certified Financial Planner?
February 3, 2012 | Consulting, Exams, Professional Designations | Comments Off
A CERTIFIED FINANCIAL PLANNER™ Professional helps individuals determine whether and how they can meet their life goals through the management of financial resources. To do this a CERTIFIED FINANCIAL PLANNER™ Professional analyzes where the individual is financially, where they want to go, and how do they get there.
In most cases a CERTIFIED FINANCIAL PLANNER™ Professional analysis and recommendations are provided in a written financial plan. The CFP® oftentimes coordinates the implementation and monitoring of the plan.
Income is generally fee-based.
The CERTIFIED FINANCIAL PLANNER™ Certification exam format is determined by the CFP® Board of Standards. The exam is given over a two-day period, Friday and Saturday, for a total of 10 hours. The CFP® Exam is a rigorous exam that tests knowledge and application. There are currently 106 job knowledge Requirements specified by the Board of Standards — and these topics are tested on in the CFP® exam.
You must contact the CFP Board of Standards to register for the exam. The purchase of study materials does not register you for the exam. The web site is: www.cfp.net The telephone number is: 202-379-2200
Many CERTIFIED FINANCIAL PLANNER™ Professionals affiliate with FINRA member firms (i.e., brokerage houses) and become Registered Representatives (i.e.. “stockbrokers”). This allows the CFP® to receive commissions on the securities they buy or sell on behalf of their clients. Accordingly, they go on to take the NASD Series 7 and Series 63 exams.
A CFP® may form their own Registered Investment Advisor (RIA) firms. In this instance they charge a fee hourly or percentage of assets under management) for their advice and are required to register with their state securities commission, create a disclosure document (i.e., “ADV”), and pass the Series 65 exam.
Note that the Series 66 exam is treated as the equivalent of the Series 63 and 65 exams if the registrant holds the Series 7 registration.
Feb
3
How do you set up an Introducing Broker for Commodity Futures?
February 3, 2012 | Consulting, Exams, Professional Designations | Comments Off
To become a Futures Introducing Broker you:
- Set up a clearing arrangement with a Futures Commission Merchant (“FCM”)
- Pass the Series 3 exam
- Join the NFA as an Introducing Broker
The NFA requires an IB to have a net worth of $45,000.00. If the proposed IB doesn’t have the capital necessary, it may establish a “Guaranteed Introducing Broker” where the clearing FCM “provides” the equity. As a guaranteed IB, the IB can only clear through its guaranteeing FCM. An independent IB (one that meets the net worth requirement) can establish clearing relationships with multiple FCMs.
You can study for the Series 3 exam while your application forms are being created and processed — but your registration isn’t complete until you finish all steps and show proof of passing the Series 3 exam.
What is a Commodity Trading Adviser and how do you become one?
A CTA is an individual or organization which, for compensation or profit, advises others as to the value of or the advisability of buying or selling futures contracts or options on commodity futures contracts.
Providing advice indirectly includes exercising trading authority over a customer’s account (“discretionary control”) as well as giving advice through written publications or other media.
Every registered CTA must give prospects a Disclosure Document. The Disclosure Document is intended to provide information customers need to make informed decisions – it’s basically two parts. One is a the background, business location, principals, advisory agreement, etc., and the second part is the performance history of the CTA.
To become a CTA you:
- Pass the Series 3 exam
- Join the National Futures Association (“NFA”) as a CTA (a $200 application fee and an annual registration fee of $750 per year)
- Submit your Disclosure Document to the NFA for registration
You are exempt from registration if you have provided advice to 15 or fewer persons during the past 12 months and do not generally hold yourself out to the public as a CTA.
A CTA is required to file the following:
- A completed online Form 7-R
- A completed online Form 8-R, fingerprint card and fee of $85 for each individual principal
- Each branch manager must pass the Series 30 exam or sponsorship by a broker-dealer and proof of having met the branch office manager requirements of FINRA
Feb
3
Usually every year NASAA reviews the data bank and creates new and revised questions based on changes in law, etc. The questions are then entered into the database on a trial basis. The Series 65 has ten extra questions added to your exam but they do not count towards the final score. NASAA is trying to determine if the questions are too difficult or too easy. If they fit in, they’re added to the data bank – but the proper weighting of so many questions from each topic area is maintained when you sit for the Series 65.
Feb
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If I failed the Series 66 can I immediately sit for the Series 65 exam?
February 2, 2012 | Exams, Series 65, Series 66 | Comments Off
You can submit a U-10 form for the Series 65 exam and sit for it as soon as you’re application is processed and your 120 day window is established. The waiting period applies only to the specific exam you did not pass.