How to Become a Registered Investment Advisor in Pennsylvania
Becoming a registered investment adviser in Pennsylvania requires careful preparation. People desiring to become registered investment advisers must pass the required licensing exam, register with the Pennsylvania Securities Commission, and pay the required licensing fees.
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Things You'll Need
- Passing score on the Series 65 (or Series 7 and Series 66) exam
- Active IARD account
- Complete and updated form ADV
- Complete and updated form U-4
- Filing fees
Instructions
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Becoming a Registered Investment Adviser in Pennsylvania
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Passing FINRA's Series 65 exam, or passing both the Series 7 and 66 exams, is a requirement to become a registered investment adviser. This requirement is waived if you currently carry at least one of the following designations: Certified Financial Planner, Chartered Financial Consultant, Chartered Financial Analyst, Personal Financial Specialist or Chartered Investment Counselor. The license requirement is also waived for persons who are certified public accountants or attorneys currently in good standing with no disciplinary history.
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Obtain an account with the Investment Adviser Registration Depository at IARD.com. You must have an account to file your Form U-4 and any subsequent amendments to your Form U-4. Your account with IARD also allows you to remit registration, renewal and maintenance fees. Pennsylvania only accepts electronic applications for registration from IARD and the Central Registration Depository, or CRD.
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Remit any necessary registration fees, along with completed Forms U-4 and ADV. Once these have been received and approved by the Pennsylvania Securities Commission, you will be authorized to act as a registered investment adviser.
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Tips & Warnings
Fill out all forms accurately and completely, or registration can be delayed.
Pennsylvania only accepts online registration applications.
Undisclosed disciplinary action can result in denial of your registration request.
References
- The Pennsylvania Code: 303.032. Examination Requirements for Investment Advisers and Investment Adviser Representatives
- Pennsylvania Securities Commission: Investment Adviser Registration Packet
- The Pennsylvania Bulletin: Designation of an Investment Adviser Registration Depository for Applications, Renewals, Amendments and Fees for Investment Adviser Representatives of State Registered Investment Advisers
Resources
- Photo Credit Making a financial plan image by Allen Stoner from Fotolia.com
