👥 Can You Manage Clients with Series 65 Only?

Yes — if you pass the Series 65 exam, you are qualified to work as an Investment Adviser Representative (IAR), which allows you to manage client portfolios and provide investment advice for a fee at the state level. Unlike broker-dealers, advisers do not need to sell securities products to earn commissions; they charge for advice, asset management, or financial planning.

However, there are some important nuances to understand.

✅ What the Series 65 Allows You to Do

• 📊 Provide investment advice
• 💼 Manage client assets (portfolio management, retirement planning)
• 📝 Charge fees for advice (fee-only or fee-based models)
• 🗂️ Work as an IAR for a Registered Investment Adviser (RIA) firm or start your own RIA (subject to state/federal registration)

❗ What the Series 65 Does NOT Allow

• 🚫 Sell individual securities (stocks, bonds, mutual funds) unless you also hold a Series 6, Series 7, or other securities license
• 🚫 Act as a broker-dealer or earn commissions from securities transactions
• 🚫 Avoid state registration — even with Series 65, you must register with your state regulator

🧠 Real-World Scenario

🛡️ Compliance Matters

• Even with Series 65, you must follow strict fiduciary standards:
  • Always act in your client’s best interest
  • Provide clear disclosures
  • Avoid or disclose conflicts of interest
• You (or your RIA firm) must also:
  • File Form ADV with regulators
  • Maintain compliance programs and recordkeeping

📥 Get Ready to Manage Client Portfolios

With the Series 65, you’re empowered to become a trusted adviser — but make sure you understand the compliance framework and any additional licensing needed if you want to sell products too.

👉 Start your Series 65 prep at FINRA Exam Mastery