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Not surprisingly, the survey showed that 77% of investment advisers expressed a high degree of satisfaction with their career.
Investment advisers who secure employment with existing firms have the benefit of working to serve a well-established client base without having to worry about paying the additional expenses that come with operating a business.
Independent advisers have the benefit of running their firm in a way that fits their goals and once the practice gains a healthy client base, independent IAs have the potential to earn much more than they would as IARs working with an existing firm.
The Series 66 is a 100-questions exam with 10 pretest questions.
The candidate is allowed 150 minutes to complete the exam, and a passing score of 72% is required.
After the IAR gains experience and builds a client base, they may elect to open their own practice.
Advisers who go independent often continue to work with some or all of their existing clients in their newly formed firm.The most common path to becoming an independent investment advisor is to first work as an investment adviser representative (IAR) at another firm.Using this path, the advisor gains valuable experience working under a seasoned IA before joining the rapidly growing arena of independent advisory firms.With the recent pensions freedoms and other legislative changes creating greater complexity around pensions, tax and general financial planning, the consensus is that the next ten years and more are likely to be a boom time for financial advisers.This and the attraction of owning your own company, mean that whether you’re a seasoned adviser looking to go it alone or a newcomer to the industry, the prospect of starting up your own financial advisory firm can look appealing.This is a win for clients who usually prefer to continue working with the advisor they’ve grown to trust, while also allowing these independent advisers to establish their new business with an existing client base, which should generate enough income to get their businesses off the ground.Those interested in becoming financial advisors will make the decision to either go independent by establishing an investment advisory firm of their own, or to pursue employment as investment adviser representatives (IARs) with an existing investment advisory firm.The Series 7 exam is often regarded as considerably harder than the Series 65 and serves a slightly different person.Those passing the Series 7 and 66 exams may become registered representatives working for established broker dealer firms but also qualifies them to act as an investment adviser.Careful planning, research and determination are all key ingredients to building a successful business, and failing to plan could, quite literally, be planning to fail.So from clients to costs, what are the key things you need to consider if you’re looking to establish your own firm?