What licenses do I need to be a financial advisor? If you are planning to offer financial advice in the United States, this is one of the first questions you will need answered. Licensing is not just a formality, it determines what kind of advice you can legally give and how you can earn.
From Series 7 and Series 65 exams to CFP certification and state or SEC registration, the licensing requirements depend on whether you plan to sell investment products, charge fees for advice, or both. Each path comes with its own timeline, cost, and regulatory expectations.
This guide breaks it all down clearly so you can make informed decisions, get licensed the right way, and set yourself up for long-term success. If you are thinking ahead to building a full advisory brand, we will also point you to tools like our paid business plan template and resources designed to help you grow a profitable practice.
See also: Proven steps to start a successful business.
Key Takeaway
- To become a financial advisor in the U.S., you need the right license, such as Series 7, Series 65, or an insurance license, based on how you plan to advise or sell.
- Your timeline and costs will vary depending on the license, but most paths take between 4 weeks and 18 months and cost anywhere from $200 to over $5,000.
- Choosing the correct license, understanding state and federal requirements, and staying compliant with continuing education are critical to operating legally and successfully.
- For those looking to launch or grow their own advisory brand, having a solid business plan and marketing strategy is just as important as getting licensed.
What Does It Mean to Be a Licensed Financial Advisor?
Being a licensed financial advisor in the U.S. means you have passed the required exams and met the legal standards to offer financial guidance, sell investment products, or manage assets.
Without the right licenses, you cannot legally charge clients, handle their portfolios, or represent investment firms, even if you have the knowledge.
Your license determines your scope of service. If you plan to earn commissions by selling securities, you will need licenses like the Series 6 or Series 7.
If you prefer a fee-only model and want to give investment advice without selling products, exams like Series 65 or the CFP® will be more relevant.
Advisors who want to do both may need a combination of licenses or register as a Registered Investment Adviser (RIA).
Here is a simplified breakdown of the major licensing paths and what each allows you to do:
| License/Certification | Allows You To… | Required For… |
|---|---|---|
| Series 6 | Sell mutual funds, annuities, insurance products | Entry-level reps for limited product sales |
| Series 7 | Sell stocks, bonds, ETFs, mutual funds | Full-service broker-dealer reps |
| Series 63 | Meet state law requirements for securities sales | Must accompany Series 6 or 7 |
| Series 65 | Provide investment advice for a fee (no commission) | Independent investment advisers (RIAs) |
| Series 66 | Combine Series 63 and 65 (requires Series 7 too) | Hybrid reps giving advice and selling products |
| CFP® | Offer comprehensive financial planning | Professional credibility and client trust |
| Insurance License | Sell life, health, and annuities | Required in every state for those products |
Each of these licenses aligns with different income models, from commission-based to fee-only or a blend of both. Your choice depends on how you plan to operate, whether through a firm or independently, and what kind of clients you aim to serve.
See also: What Licenses Do I Need to Start a Transportation Business in the U.S.?
Types of Financial Advisor Licenses in the U.S.
There are several types of financial advisor licenses in the United States, each tailored to the kind of services you want to offer, whether that involves selling investment products, giving fee-based advice, or handling insurance.
The right license depends on your business model and whether you plan to work through a broker-dealer, act as a registered investment adviser, or operate independently.
FINRA Licenses – For Selling Securities
If you plan to sell stocks, bonds, mutual funds, or other investment products, you will need to register with FINRA and pass specific exams. These licenses are required for broker-dealer representatives.
| FINRA License | What It Covers | Key Details |
|---|---|---|
| SIE (Securities Industry Essentials) | Basic knowledge of securities industry | Must be passed before Series 6 or 7 |
| Series 6 | Mutual funds, variable annuities | Limited scope, entry-level license |
| Series 7 | Stocks, bonds, ETFs, full securities range | Comprehensive, higher-level exam |
| Series 63 | State-level securities law compliance | Often required alongside Series 6/7 |
Passing the SIE exam is a prerequisite for most other FINRA licenses. You also need to be sponsored by a FINRA-registered firm for Series 6 or Series 7.
NASAA Licenses – For Investment Advice
For those offering fee-only investment advice, especially independently, NASAA (North American Securities Administrators Association) licenses are required. These focus on fiduciary responsibilities and advisory services.
| NASAA License | What It Covers | Key Details |
|---|---|---|
| Series 65 | Fee-based investment advice | Does not require firm sponsorship |
| Series 66 | Combines Series 63 and 65 | Must be paired with Series 7 |
Series 65 is one of the most flexible licenses. It is ideal if you plan to start your own Registered Investment Adviser (RIA) firm and operate independently.
Insurance Licenses – For Selling Annuities and Life Policies
If your services include retirement planning through annuities or life insurance products, you will need a state-specific insurance license. This is regulated at the state level.
| License Type | What It Covers | Key Details |
|---|---|---|
| Life & Health | Life, disability, and health | Pre-licensing education required in most states |
| Variable Products | Variable life and annuities | Often requires Series 6 or 7 alongside |
Each U.S. state has its own Department of Insurance, and licensing rules vary slightly. You will need to complete pre-licensing education and pass a state-administered exam.
Professional Certifications – For Added Credibility
While not required by law, certifications like the CFP® are often expected by clients and employers. They signal advanced knowledge and commitment to professional standards.
| Certification | What It Adds | Key Requirements |
|---|---|---|
| CFP® | Holistic financial planning, fiduciary duty | Bachelor’s degree, 6,000 hours of experience, pass CFP Board exam |
| ChFC, CPA, CFA | Specialised planning or accounting expertise | Varies by designation |
These financial licenses and certifications enhance your credibility and can help increase your earning potential as a licensed financial advisor.
CFP vs FINRA Licenses – Which Should You Choose?
Choosing between CFP and FINRA licenses depends on the services you want to offer and how you plan to charge your clients. While both credentials support your role as a financial advisor, they serve different legal and strategic purposes.
A FINRA license, like Series 6 or Series 7, allows you to sell investment products for a commission. These licenses are mandatory if you want to work through a broker-dealer.
On the other hand, the CFP certification is a professional designation that demonstrates your expertise in comprehensive financial planning. It is not a legal license, but it is widely respected by employers and clients.
If you want to legally provide investment advice and charge a fee without selling products, the Series 65 exam is required.
The CFP can sometimes be used in place of Series 65 depending on your state’s rules, but you will still need to meet other financial advisor license requirements to operate legally.
Side-by-Side Comparison
| Feature | CFP Certification | FINRA Licenses (Series 6, 7) |
|---|---|---|
| Legal Requirement | Not required, but highly respected | Required to sell securities |
| Regulatory Body | CFP Board | FINRA (Financial Industry Regulatory Authority) |
| Focus | Financial planning, ethics, fiduciary duty | Sales of investments and securities |
| Exam Sponsor | Self-sponsored | Must be sponsored by a broker-dealer |
| License Type | Certification (not a legal license) | Legal license to transact securities |
| Ideal For | Fee-only advisors, financial planners | Broker-dealer reps earning commissions |
| Substitution for Series 65 | In some states, yes | Not applicable |
Both paths can complement each other. Many successful advisors earn a FINRA license to handle transactions and also become CFP certified to deepen their planning expertise and build trust with clients.
If you want to attract high-net-worth clients or run your own fee-based practice, combining both can position you as a well-rounded, credible advisor.
SEC or State Licensing – Registered Investment Adviser (RIA) Path
If you plan to offer investment advice for a fee and operate independently, you will need to become a Registered Investment Adviser (RIA). This path does not involve selling investment products for commission, so you do not need a FINRA license.
Instead, you will register directly with your state or the U.S. Securities and Exchange Commission (SEC), depending on how much money you manage.
Who You Register With
| AUM (Assets Under Management) | Licensing Authority |
|---|---|
| Under $100 million | State securities regulator |
| $100 million or more | SEC |
You will need to file Form ADV, which includes details about your fees, services, business structure, and disciplinary history.
This form must be updated annually and made publicly available through the SEC’s Investment Adviser Public Disclosure website.
Key Requirements to Become an RIA
- Pass the Series 65 exam (or Series 66 with Series 7)
- Submit Form ADV to the SEC or your state
- Create a client agreement outlining services and fees
- Set up a compliance process to meet fiduciary standards
- Maintain accurate records and provide disclosures to clients
This path is best suited for financial advisors who want full control of their practice, offer fee-only services, and build long-term client relationships. It is also the most direct way to start advising without the need for a broker-dealer.
Financial Advisor License Requirements – What You Need Before You Apply
Before you take any financial advisor license exam or register with a regulator, there are certain minimum requirements you must meet.
These vary depending on whether you are applying for a FINRA license, a NASAA license like Series 65, or planning to become a Registered Investment Adviser.
Here are the standard financial advisor license requirements across most U.S. jurisdictions:
| Requirement | Applies To | Details |
|---|---|---|
| Age | All licenses | Must be at least 18 years old |
| Education | CFP, most firms, RIA registration | A bachelor’s degree is preferred; required for CFP certification |
| Background Check | FINRA, NASAA, Insurance | Must pass FINRA fingerprinting and criminal background screening |
| Sponsorship by Firm | Series 6, Series 7, Series 66 | Must be sponsored by a FINRA-registered firm |
| No Sponsorship Needed | Series 65, CFP | These can be taken independently |
| Form U4 Filing | FINRA licenses | Includes employment history, disclosures, and fingerprints |
| Pre-licensing Education | Insurance licenses | Most states require specific training hours before the exam |
You must also meet the ethical standards of your chosen regulatory body. For example, FINRA requires full disclosure of any past legal or financial misconduct, while the CFP Board reviews work history, education, and integrity standards before certification.
If you plan to become an RIA, the regulatory focus shifts from sponsorship to compliance. You will need internal policies for record-keeping, disclosures, and fiduciary duty, along with a well-structured advisory business.
How Long Does It Take to Get Licensed as a Financial Advisor?
The time it takes to become a licensed financial advisor in the U.S. depends on the licensing path you choose. Some licenses can be earned in weeks, while others may take several months, especially if they include professional certifications or state registration processes.
Most financial advisor license exams, such as the SIE, Series 7, or Series 65, can be prepared for and completed in under three months.
If you pursue the CFP certification or plan to register an RIA firm, the timeline can extend to a year or more due to educational and regulatory steps.
Typical Licensing Timelines by Path
| License/Path | Average Time to Complete | Notes |
|---|---|---|
| SIE + Series 6 | 4–6 weeks | Often completed during onboarding with a firm |
| SIE + Series 7 + Series 63 | 2–3 months | Requires full-time study and sponsorship |
| Series 65 (no sponsor) | 4–6 weeks | Can be self-paced and independently scheduled |
| Series 66 (with Series 7) | 1–2 months | Requires prior completion of Series 7 |
| Insurance License | 1–3 weeks | Varies by state; includes pre-licensing education |
| RIA Registration | 4–8 weeks after Series 65 | Involves Form ADV filing and compliance setup |
| CFP Certification | 12–18 months | Includes education, experience, and exam preparation |
If you are starting from scratch and want the fastest route to becoming legally licensed, the Series 65 is often the quickest option. It allows you to act as an investment adviser without needing a sponsoring firm.
Financial Advisor License Costs
The cost of becoming a financial advisor in the U.S. varies based on the licenses and certifications you pursue.
Some licenses like Series 65 are relatively affordable and require no sponsorship, while others like Series 7 or CFP certification come with higher exam and training costs.
Beyond the exam fees, you should also plan for fingerprinting, background checks, registration filings, and continuing education costs.
If you are starting your own RIA, factor in state or SEC filing fees, compliance tools, and potential legal consultations.
Breakdown of Licensing and Certification Costs
| License or Certification | Exam Fee (USD) | Additional Costs |
|---|---|---|
| SIE | 80 | Prep course (optional): $100–$300 |
| Series 6 | 40–100 (firm-sponsored) | Firm typically covers fee |
| Series 7 | 245 | Study materials: $200–$400 |
| Series 63 | 147 | Often taken with Series 6 or 7 |
| Series 65 | 187 | Self-study or courses: $150–$400 |
| Series 66 | 177 | Must pair with Series 7 |
| Insurance License | 50–150 (varies by state) | Pre-licensing education: $50–$200 |
| RIA Registration | 100–300+ | Form ADV filing, compliance software, legal fees |
| CFP Certification | 925 (exam only) | Coursework: $1,500–$3,000 |
Other Ongoing and Hidden Costs
| Cost Type | Estimated Range | Applies To |
|---|---|---|
| FINRA Registration Fees | $125–$300 annually | Series 6, 7 holders |
| CE Courses & Renewals | $100–$400 per cycle | FINRA, NASAA, Insurance, CFP |
| Fingerprinting & Background | $30–$60 one-time | All FINRA or state licenses |
| Compliance Tools (RIA) | $500–$2,000 annually | If operating independently |
Depending on your licensing path, total initial licensing costs can range from under $500 for Series 65 to $5,000 or more for advisors pursuing CFP certification and RIA setup.
Financial Advisor License Exam Process
The process for sitting a financial advisor license exam in the U.S. depends on the license type and whether or not you are sponsored by a firm.
Some exams can be taken independently, while others require employer backing through a FINRA-registered broker-dealer.
The first step is determining the exam that fits your advisory model. For example, Series 65 is ideal for independent advisors, while Series 7 is required if you plan to sell a full range of securities through a firm.
Each exam has its own registration, structure, and preparation expectations.
How to Register for Financial Advisor Exams
| Exam Type | Sponsor Required | Registration Portal | Governing Body |
|---|---|---|---|
| SIE | No | FINRA.org (via Form U10) | FINRA |
| Series 6, 7, 63 | Yes | Through employer (Form U4) | FINRA + State Regulator |
| Series 65, 66 | No | NASAA.org or state regulator | NASAA |
| CFP® Exam | No | CFP.net | CFP Board |
| Insurance Exam | No | State Department of Insurance | State Regulator |
If your exam requires sponsorship (e.g. Series 7), your firm will initiate the process by filing a Form U4. Independent candidates sitting exams like Series 65 use Form U10. Most exams are administered by Prometric testing centres.
What to Expect on Exam Day
| Exam | Duration | Number of Questions | Passing Score |
|---|---|---|---|
| SIE | 1 hour 45 mins | 75 | 70% |
| Series 6 | 1 hour 30 mins | 50 | 70% |
| Series 7 | 3 hours 45 mins | 125 | 72% |
| Series 65 | 3 hours | 130 | 72% |
| Series 66 | 2 hours 30 mins | 100 | 73% |
| CFP® Exam | 6 hours (2 sessions) | 170 | 70% (scaled) |
All exams are multiple choice and computer-based. If you fail, most exams allow for a retake after a short waiting period, though additional fees will apply.
Preparation Tips and Resources
- Study at least 60 to 120 hours depending on the exam complexity
- Use official FINRA or CFP Board prep materials
- Consider third-party platforms like Kaplan, STC, or Wiley
- Take full-length practice exams under timed conditions
How to Become a Financial Advisor Legally – Step-by-Step
To become a financial advisor legally in the U.S., you must follow a structured path that aligns with regulatory standards and your intended business model.
Whether you plan to work under a broker-dealer or open your own RIA, each step must be completed before you can offer financial advice or handle client funds.
The roadmap below outlines what is required to meet federal and state-level financial advisor license requirements.
Step-by-Step Guide to Legal Licensing
| Step | Action | Purpose |
|---|---|---|
| 1 | Choose your business model (commission, fee-only, hybrid) | Determines licensing path (e.g. Series 7 vs. 65) |
| 2 | Meet baseline requirements | Must be 18+, pass background check, and complete education |
| 3 | Register for required exams | SIE, Series 6, 7, 63, 65, or 66 based on your path |
| 4 | Pass the exams | Required to operate legally in the U.S. |
| 5 | Register with FINRA or your state | File Form U4 or U10; submit ADV if forming an RIA |
| 6 | Obtain insurance license if applicable | Required for selling annuities, life, or health products |
| 7 | Set up compliance procedures | Especially for RIAs—must meet fiduciary standards |
| 8 | Start offering services to clients | Begin operations under legal and ethical standards |
If you are forming your own RIA, allow extra time for registration, compliance setup, and branding. This is where resources like our paid business plan template and logo design tools from our shop can save time and help you appear professional from day one.
You can also explore our advertising packages if you want to reach a serious audience of entrepreneurs and investors with your new financial advisory services.
Licensed Financial Advisor Salary Expectations
The salary of a licensed financial advisor in the U.S. depends on your license type, experience level, compensation model, and whether you are employed or self-employed.
Commission-based advisors earn through product sales, while fee-only advisors charge for advice or asset management. Some advisors combine both.
According to the U.S. Bureau of Labor Statistics, the median annual wage for personal financial advisors was $99,580 as of 2023. However, top earners in the field make well over $200,000, especially those who build their own firms or target high-net-worth clients.
Average Salary by License and Role
| License Type or Role | Average Annual Salary (USD) | Notes |
|---|---|---|
| Series 6 Only | $55,000–$75,000 | Entry-level reps; often limited to mutual funds or annuities |
| Series 7 + 63/66 | $80,000–$150,000 | Full-service brokers; includes commissions |
| Series 65 (RIA) | $90,000–$180,000 | Fee-only; income scales with client base |
| CFP® + Series 65 or 7 | $100,000–$200,000+ | Often preferred by clients; boosts earnings |
| Independent RIA Firm Owner | $150,000–$300,000+ | Earnings vary widely based on AUM and business model |
| Insurance-Focused Advisor | $60,000–$100,000 | Depends on policy volume and renewals |
Salaries are higher in urban financial hubs like New York, San Francisco, and Chicago. Advisors who focus on niche markets, such as retirement planning or business owner wealth strategies, also tend to earn more over time.
Those aiming to run independent firms can use our Entrepreneurs Success Blueprint to build systems for growth and increase revenue predictability.
How to Maintain Your Financial Advisor Licenses
Getting licensed is only the first step. To continue operating legally, financial advisors in the U.S. must meet ongoing renewal and continuing education (CE) requirements.
These vary depending on the type of license or certification you hold and are enforced by FINRA, NASAA, state regulators, and professional boards.
Failing to meet these standards can result in suspension, fines, or losing your license. Advisors who want to stay competitive and build long-term credibility must treat renewal and CE as part of their core responsibilities.
Ongoing Requirements by License or Certification
| License or Certification | Renewal Frequency | Continuing Education (CE) Requirements |
|---|---|---|
| Series 6, 7, 63, 66 | Annually (via firm) | FINRA requires Regulatory Element every 3 years |
| Series 65 | Annually (state level) | States increasingly require annual CE (e.g. 12 hours per year) |
| Insurance License | Every 1–2 years | Varies by state; typically 24 CE hours per cycle |
| CFP® Certification | Every 2 years | 30 CE hours, including 2 hours of ethics |
| RIA Registration | Annually | Must update Form ADV and review compliance systems |
What Counts Toward CE Credit
- Online or in-person courses approved by FINRA, NASAA, or CFP Board
- Ethics and regulatory updates
- Investment product training or client service strategy workshops
- State-specific compliance courses for insurance or Series 65 holders
To make compliance easier, consider automating license tracking or using compliance software if you are an RIA. This ensures deadlines are met and updates are filed correctly.
Common Mistakes to Avoid As a Financial Advisor
Many new advisors overlook crucial steps when trying to become a financial advisor legally. These mistakes can delay your licensing, limit your earning potential, or even lead to regulatory penalties.
Understanding what to avoid early on can save time, money, and reputation.
Giving Financial Advice Without a License
One of the most common mistakes is offering investment advice before securing the necessary licenses. Whether intentional or not, this violates SEC and state rules.
You must pass your financial advisor license exam and complete all registration requirements before charging fees or making recommendations.
Choosing the Wrong License for Your Business Model
Not every license fits every advisory path. For example, if you plan to earn commissions, you need a Series 6 or 7. If you want to offer fee-only services, Series 65 is the better choice.
Choosing the wrong exam can limit your services or require you to backtrack and test again.
Ignoring State-Specific Requirements
Each state has its own rules for insurance licensing, Series 65 registration, and CE compliance. Failing to meet your state’s financial advisor license requirements can result in rejection or administrative delays.
Always confirm with your state’s securities or insurance division before registering.
Underestimating the Exam Difficulty
Passing a financial advisor license exam requires preparation. Many candidates fail on their first attempt due to lack of study or the assumption that industry knowledge is enough.
Each exam is technical and time-limited. Use reliable prep tools and dedicate at least 60 to 100 study hours, depending on the license.
Skipping the Business Planning Process
Some advisors jump into practice without a plan. Whether you are joining a firm or building an RIA, you need a roadmap. Business planning helps clarify pricing, compliance, branding, and marketing strategies. Get our business plan template here.
Conclusion
Getting licensed as a financial advisor in the U.S. is a structured but manageable process. Whether you are pursuing the Series 7 through a firm, taking the Series 65 independently, or earning your CFP, the key is choosing the path that aligns with your goals and how you plan to serve clients.
Each license opens a different door, from selling investments to offering strategic advice. Understanding the requirements, timelines, and costs upfront helps you avoid delays and stay compliant as you grow.
With the right preparation, you can build a career that is both legally sound and financially rewarding.
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Frequently Asked Questions (FAQs)
What licenses do I need to be a financial advisor in the U.S.?
The license you need depends on the services you want to offer. If you plan to sell investment products, you will likely need Series 6 or Series 7 through FINRA.
If you want to give fee-based advice, Series 65 is the go-to. Insurance advisors need a state-issued license, and those offering full-service planning often pursue both regulatory licenses and certifications like the CFP.
Can I be a financial advisor without a license?
You cannot legally give investment advice or sell financial products in the U.S. without proper licensing.
Some roles, such as client service or support, may not require licenses, but anything involving portfolio recommendations or product sales does. Series 65 or Series 7 are usually required depending on your model.
How much does it cost to get licensed as a financial advisor?
Exam fees range from $40 to over $900. Series 65 costs $187, Series 7 costs $245, and CFP certification can cost $3,000 or more, including coursework.
Pre-licensing courses, fingerprinting, and compliance tools also add to the total financial advisor license cost.
How long does it take to become a licensed financial advisor?
You can get licensed in as little as 4–6 weeks with the Series 65 exam. More complex paths like Series 7 or CFP certification may take 3 to 18 months, depending on your preparation, education, and registration timelines.
Is a degree required to become a financial advisor?
A degree is not legally required for Series 65 or FINRA licenses, but most firms prefer candidates with at least a bachelor’s degree. To become a CFP, a bachelor’s degree is mandatory, along with approved coursework and experience.
What is the difference between Series 65 and CFP?
Series 65 is a legal requirement to provide fee-based investment advice and register as an RIA.
The CFP is a professional certification that enhances credibility and shows expertise in comprehensive financial planning. Some states allow the CFP to substitute for Series 65, but not always.
Do I need to register with the SEC or my state?
If your firm manages over $100 million in assets, you must register with the SEC. If you manage less, you register with your state’s securities regulator.
This applies to financial advisors operating as Registered Investment Advisers (RIAs).
What is the difference between Series 7 and Series 65?
Series 7 allows you to sell a broad range of investment products through a broker-dealer.
Series 65 qualifies you to give investment advice for a fee as an independent adviser. Series 7 requires sponsorship; Series 65 does not.
Can I get licensed without working for a firm?
Yes. Series 65, insurance licenses, and the CFP exam can be taken without firm sponsorship. These paths are ideal if you plan to operate independently or launch your own RIA.
What is the easiest license to get as a beginner?
The Series 65 is considered one of the most accessible licenses for beginners. It does not require sponsorship and is often the first step for those planning to operate independently.
Do financial advisor licenses expire?
Yes. Most licenses must be renewed annually, and some require continuing education. FINRA licenses like Series 6 and 7 must remain active through an affiliated firm, while the Series 65 must comply with state-specific CE rules.
What happens if I fail a financial advisor license exam?
You can retake most exams, usually after a short waiting period. FINRA exams allow retakes after 30 days (up to three attempts), with a 180-day wait after the third failure. You will need to pay the exam fee each time.
Do I need an insurance license to be a financial advisor?
Only if you plan to sell life insurance, annuities, or health-related products. Insurance licensing is regulated at the state level and requires pre-licensing education and a state-administered exam.
Can I start my own firm as a licensed financial advisor?
Yes. If you hold a Series 65 and register as a Registered Investment Adviser (RIA), you can launch your own advisory practice.
You will need to file Form ADV, set up compliance systems, and meet state or SEC requirements.
