Summary:
- Licenses
- Designations
- Our team’s qualifications
You’ll see this all over financial planners’ websites and social media profiles, lists of letters following their names, like CFP® or ChFC®. Those letters are a shorthand way for planners to show they have a specific financial designation (or multiple). Designations are not to be confused with licenses, like Series 7 or Series 65. Let’s talk about the difference between the two, the different designations and licenses available, and about our team members’ designations and licenses!
Licenses
Licenses allow people to provide financial services. There are various licenses available that allow for various services to be provided, from giving financial advice to selling financial products. Many individuals working in the financial industry hold multiple licenses. Some examples of licenses are:
- SIE: Securities Industry Essentials
- This exam goes over the basics of the financial industry and is a prerequisite for many other licenses.
- Series 6: Investment Company and Variable Contracts Products Representative
- Allows individuals to sell certain investment securities such as mutual funds and variable annuities.
- Series 7: General Securities Representative
- Allows individuals to sell certain investment securities, offering a wide range of securities to sell, including ETFs, REITs, stocks and bonds, and many more.
- Series 24: General Securities Principal Exam
- Allows a financial professional to supervise other financial professionals.
- Series 63: Uniform Securities Agent State Law Exam
- If you hold a Series 6 or 7 license, you also need to pass the Series 63 exam. This exam goes over topics like investment advisor regulation, ethical practices, means of communicating with clients and potential clients, and more.
- Series 65: Uniform Investment Adviser Law Exam
- Passing this exam allows you to offer financial planning services on a fee-only basis. The key topics in this exam include basic economic concepts, ethical practices, investment strategies, and more.
- Series 66: Uniform Combined State Law Exam\
- This license allows a financial professional to both sell securities and provide investment advice.
- Life and Disability Producer
- This is a combination license allowing an individual to sell certain insurance products, such as life insurance policies, health insurance, Medicare, or disability policies.
Designations
While licenses are the legally required knowledge tests that allow financial professionals to work in the financial planning and investment industry, designations are extra qualifications. They often require a professional to take a course, pass an exam, meet experience criteria, and maintain continuing education requirements. There are so many designations, here are just a few!
- CFP® Certified Financial Planner®
- A rigorous designation covering retirement, investments, taxes, insurance, estate planning, ethics, and more. It also requires a bachelor’s degree and 6,000 hours of financial planning professional experience.
- ChFC® Chartered Financial Consultant®
- Similar to the CFP® designation, but with fewer requirements. It requires the completion of 9 college level courses covering specific topics such as estate planning, retirement, tax, and more, and requires three years of professional experience.
- BFA Behavioral Financial Advisor
- A designation that integrates psychology with finance, focusing on emotions, values, and decision-making in financial behavior.
- RICP® Retirement Income Certified Professional®
- A designation that emphasizes sustainable income in retirement, with a focus on Social Security, investing and withdrawal strategies, long term care, and more.
- CRPC® Chartered Retirement Planning Counselor®
- Similar to the RICP, CRPCs focus on preparing for and living through retirement with a planning emphasis on retirement income, health insurance strategies, and Social Security.
- CDFA® Certified Divorce Financial Analyst®
- This designation prepares financial planners to navigate the financial complexities that often come with divorce.
- FPQP® Financial Paraplanner Qualified Professional®
- Often obtained by staff members who support financial planners, the FPQP is an entry level designation that covers foundational knowledge of financial planning and investment management.
West Invest Team Member Licenses and Designations
We believe in investing in our professional growth, and many team members have multiple licenses and designations on our team!
- Marty has SIE, Series 24, Series 7, Series 63, and Series 65.
- Blair has SIE, Series 7, Series 66, a Life and Disability Producer license, and he holds CFP® and a ChFC® designations.
- Korinda has SIE, Series 6, Series 7, Series 63, Series 66, a Life and Disability Producer license, and a BFA designation.
- Luke has Series 65, and a Life and Disability Producer license.
- Adam has Series 65, and a WA Life Insurance Producer license.
- Alice has SIE, Series 7, Series 66, and a CFP® designation.
- Emily has SIE, Series 7, and Series 66.
- Emily B has her Life and Disability Producer license.
We’re always looking to add licenses and designations as need, stay tuned for updates as we continue to learn! If you’re curious about licenses, you can always check FINRA’s BrokerCheck.