Series 7 Exam - General Securities Representative Exam (GS)

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We're looking to hire a registered representative of a broker-dealer to work for our registered investment advisory firm as an investment advisor representative. The person has Series 7 and 66 licenses. He'd like to keep his Series 7, broker dealer license series 7 in case things don't work out, but we don't want the hassle of having to clear things with broker dealer license series 7 broker-dealer.

It's my understanding that he couldn't just "park" his license with a broker-dealer anyway. How long does the Series 7 remain active once he leaves his broker-dealer? While there are some firms that may allow a registered representative to "park" his license, you are correct that FINRA frowns on a rep parking his license with broker dealer license series 7 broker-dealer without actively working as a registered representative.

A Series 7 registered representative of a broker-dealer has two years from the date he is no longer associated with a broker-dealer to get re-registered with such a firm before his Series 7 license lapses. After that two-year period, if he wants to become associated with a broker-dealer again, he'd have to re-take his series 7 exam. Since he currently has the Series 7 and 66 licenses, he would not need to take another exam like the 65 in order broker dealer license series 7 become registered as an investment advisor representative IAR with a registered investment advisory firm RIA.

As long as he remains continuously registered with an RIA, broker dealer license series 7 does not have a two-year gap where he's not registered as an IAR of an RIA, he could move from one RIA to another without having to re-take any other exams even if more than two years have passed. However, even if he remains continuously registered with an RIA, if he hasn't been registered with a broker-dealer for more than two years, he'd have to retake his Series 7 before he could work as a registered rep.

I own a small RIA firm. Before my quarterly meetings with clients I prepare an Excel spreadsheet summarizing their accounts, which lists the current value and other information. I get the values from the custodian's website, or in the case of fixed annuities, by calling and asking for the value. Its original intent was as a summary for the advisor to refer to during the meeting and not as a handout for clients.

I was asked by an advisor yesterday how we can provide a client who holds a fixed annuity with its value during a review, when the client only receives an annual statement from the insurance company.

Would it be permissible to give the client the spreadsheet? I do not see an issue with providing the spreadsheets to clients, provided the advisor ensures that the values are accurate. You mention that the advisors call and ask for the value with broker dealer license series 7 to fixed annuities. If you are going to report fixed annuity values to clients, a better practice would be to document in writing the information you receive.

In other words, to the extent possible, you should print the values from the insurance broker dealer license series 7 as opposed to relying on a phone call with the company. I would also suggest that if you give the spreadsheet to your clients you should include a disclaimer of some sort stating something to the effect of: Foxman is an attorney with the law offices of Rita G.

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Our site will be unavailable for 3 hours starting on Friday, April 6, from We apologize for any inconvenience this may cause. The Series 7 license, known as the General Securities Registered Representative license, allows you to sell a broader range of securities. A holder is allowed to sell corporate stocks and bonds, municipal bonds, mutual funds, variable annuities, options, direct participation program DPP partnerships, and packaged securities i. The Series 7 is a more comprehensive license than the Series 6, and is generally preferred by banks and broker dealers for new recruits coming directly into the financial services industry.

Those who get this license are officially listed as registered representatives by FINRA, but are more commonly referred to as stockbrokers. This article provides the process now, as well as the likely process in the future with the SIE exam. There is an exam fee that is typically covered by the sponsoring firm.

The exam consists of questions and is given in two 3-hour segments. The exam covers the five main job functions of a Series 7 representative:. The SIE exam will cover topics like fundamentals, regulatory agencies and their functions, product knowledge, and acceptable and unacceptable practices. In the future state, a candidate will no longer have to be sponsored by a member firm or self-regulatory organization SRO to take the SIE exam. After passing the SIE exam, candidates will need to be sponsored by a member firm or self-regulatory organization SRO.

Once a candidate has passed the SIE exam and is sponsored, they can then take the top-off exam for the Series 7 license. Candidates will have a four-year window in which to take and pass any of the representative level top-off exams after passing the SIE exam. The Series 7 top-off exam will likely be shorter than it is currently; FINRA has indicated they are planning to reduce the number of questions asked on the Series 7 exam from to The exam details are still being finalized, but we will continue to update this article as we gain more information.

Ready to start your Series 7 licensing exam prep? Learn more about our live and online study options and to purchase a Series 7 exam prep package on our website. Download this free guide to learn more about how the new securities licensing process will work, the rationale for the change, proposed SIE exam content, and how it could change hiring and recruiting practices.

What is the Difference? What Does a Financial Analyst Do? What Do Investment Bankers Do? What is Wealth Management? Financial Planning Career Resources. Kaplan Financial Education Updated: The exam covers the five main job functions of a Series 7 representative: