Series 66 vs 65: Which Career Path Fits You?
- April 1, 2025
- Posted by: 'FINRA Exam Mastery'
- Category: Finance
📊 Series 66 vs 65: Which Career Path Fits You?
If you’re planning to offer investment advice or manage client portfolios, choosing between the Series 65 and Series 66 licenses is a key step in shaping your career. While both licenses qualify you to provide advisory services, the right one for you depends on your current credentials and professional goals.
🎯 Series 65 – The Standalone Adviser License
The Series 65 license qualifies individuals to operate as Investment Adviser Representatives (IARs). This license is ideal for professionals who want to offer fee-based financial advice independently or through a Registered Investment Adviser (RIA) firm.
Perfect for:
- Independent financial advisors
- Wealth managers
- Fee-based planners
- RIAs who don’t sell securities
Key Features:
- No broker-dealer affiliation required
- Sponsorship not needed
- Covers economic concepts, investment vehicles, portfolio management, and ethics
- Qualifies you to receive advisory fees
🔗 Series 66 – The Dual Registration Route
The Series 66 license is intended for individuals who have already passed the Series 7 exam. It combines elements of the Series 63 and Series 65, enabling you to act as both a securities agent and an investment adviser representative.
Perfect for:
- Advisors working at broker-dealer firms
- Financial professionals seeking dual registration
- Series 7 license holders
Key Features:
- Must be paired with the Series 7
- Allows both commission- and fee-based services
- Covers state securities regulations, client recommendations, ethics, and fiduciary duties
- Ideal for full-service financial advisors
📌 License Comparison
| Criteria | Series 65 | Series 66 |
|---|---|---|
| Requires Series 7 | ❌ No | ✅ Yes |
| Standalone License | ✅ Yes | ❌ No |
| Suitable for Independent Advisors | ✅ Yes | ❌ No |
| Suitable for Broker-Dealer Advisors | ❌ No | ✅ Yes |
| Combines Series 63 and 65 | ❌ No | ✅ Yes |
| Sponsorship Required | ❌ No | ✅ Yes (with Series 7) |
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