Series exams for Private Banking/Wealth Management analysts
Hey guys,
I am starting a BB Wealth Management/Private Banking gig as an analyst in the next few weeks and was wondering exactly which Series exams I need to take. Obviously the Series 7 is a given, but with regard to the 63/65 and potentially any others, I can't get a straight answer.
Thanks in advance!
You will take the 7 and either the 66 or the 63/65. That's pretty much it. Anything else will be on an as needed basis.
Thanks!
What is the difference between the 66, 63, and 65 and how is it decided which one I will need to take? Is there no industry standard for Wealth Management analysts? Does the bank or FINRA decide?
I wrote about this before,but in a nutshell, the 66 is a combination of the 63, which is the Blue Sky (or State License Registration) exam, and the 65, which is the RIA exam. The 66 serves the same purpose as taking the 63 and 65. It's really a matter of what your bank wants you to take.
Got it.
Thanks again man.
PWM people with Series 7/63? (Originally Posted: 03/24/2011)
Hi guys and gals,
Just curious, after some research, I found out that a lot of PWM people have Series 7 and 63. And, I'm not too sure why. Can someone shed some light on this? I thought the PW Manager would work with the portfolio manager and traders to manage the portfolio for the clients.
Thanks
Alot of people in PWM come from advising. Advisors have to have the 7/6X.
Doc, you need the 7/63 in order to actually take orders and trade on behalf of clients. The 7 allows you to sell securities and offer financial advice on a federal basis while the 63 acts as your state registration. Couple that with the requirement for registration under the Securities Act of '34 (Not entirely the truth, but for argument sake without delving into the Mahoney Amendments and the provisions that were changed in '38), if you want to do PWM and advise people on the transaction of securities, you gotta have the registration components done. Hell, if you want to manage money on a discretionary basis, you need to have the 65 as well... or you take the 66 which does both RIA registration - the 65 - and Blue Sky laws - the 63 - at the same time. The 7/63 used to be the standard for all bankers. With the advent of the Series 79, bankers don't need to take 7/63 however PWM, AM, and S&T are still required to have them on the basis that they selling securities.
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