Selling any financial product is quite rewarding financially. You need to secure a series 6 license. If your state requires, you may have to test for a series 63 NASD license. If you only sell mutual funds, you can make a decent living, but most people get insurance licensed, too. These two licenses allow you to sell all insurance products, including variable annuities. Getting prepared to sell mutual funds is the first battle to overcome to have a successful career. After the initial licensing and securing a position, the task of prospecting and selling is your main hurdle.
Things You'll Need
- FINRA registered company
- College degree or sales experience (optional)
- Funds for test if company doesn't pay
- Fingerprint form
- Classes for examination
Secure a college degree or sales experience. Most companies want someone with a degree or successful experience in sales. You'll find it's not always necessary but it makes it easier to secure a company's backing.
Find a company whose products you want to sell. You need to have a sponsoring company to sit for the examination. The company will have to fill out U-4 forms and file them with FINRA, the Financial Industry Regulatory Authority, so you can take the examination. The company often submits the paperwork at the same time for the series 63, Blue Sky Laws, examination if the state requires it, since they just need to duplicate the paperwork.
Fill out your paperwork online. You'll need to complete a form that allows FINRA to do a background check. You also have to let them know of your history, including places you've lived and the work you've done.
Take your fingerprint card to the local police to complete. Before you take any exam, you also have to submit a fingerprint card. It's not only part of the background check, it also is a way to track you if you suddenly go bad and confiscate funds from your clients.
Sign up for a class to prepare you for the series 6 examination. Many people take the series 6 and series 63 close to the same time. Often, they only take one preparation class, then the exam and follow it by the other class and examination.
Sit for the examination at one of the national examination centers. All tests are now on computer, which allows you to see your results immediately. The computer transmits all results to the NASD. If you have to take a series 63 for your state's requirements, complete it also.
Learn all you can about the products you'll sell. You are now a fiduciary for other people's funds and need to have as much knowledge as possible. They trust you to help them make the best decisions, so you owe it to your clients to live up to that trust.
- Photo Credit Jupiterimages/BananaStock/Getty Images
Why Do I Need a Broker to Purchase Mutual Funds?
Mutual funds offer you the opportunity to diversify your investment dollars across a broad range of stocks and bonds. While you can...
Requirements of Variable Annuity Licenses
Variable annuities are complex products that are regulated at both state and federal levels. People applying for variable annuity licenses must pass...
How to Become an Undercover Agent
Dreaming of the excitement of being an undercover agent doesn't have to remain a dream any longer. If you long for the...
How to Become a Licensed Insurance Agent in Ohio
A licensed insurance agent sells insurance policies as well as annuities, securities and mutual funds. All insurance agents must obtain a license...
- How Do I Become a Mutual Fund Manager?
How to Get a Mutual Fund License
Mutual funds are a regulated securities investment monitored by the Securities Exchange Commission. Those who solicit and sell mutual funds must have...
- How to Become a Massey Ferguson Dealer
How to Become an Agent for Liberty Mutual
Liberty Mutual is one of America's largest insurance companies, offering an array of services and insurance. For personal insurance, Liberty Mutual offers...
What Is a Mutual Fund Transfer Agent?
The interactions you have with your mutual fund company will be primarily with the fund company's transfer agent. The Investment Company Act...
What Is a Series 7 Brokers License?
A Series 7 broker is a stock broker. The financial services industry requires a prospective broker be sponsored by a stock brokerage...
What License Do I Need to Sell Mutual Funds?
To sell mutual funds, you need Series 6 and Series 63 licenses. The Series 6 license allows you to sell mutual funds;...