Becoming a Financial Planner in Florida
Kiplinger magazine reported in 2006 that Florida had one of the highest concentrations of millionaires in the country. Most of these high net worth individuals reside in one of three areas that include the Naples-Marco Island area, where 17.5 percent of households have a net worth of a $1 million or more; Vero Beach, where 13.9 percent of all households have a net worth of $1 million or more; and the Sarasota-Bradenton-Venice area, where 12.7 percent of resident households have achieved millionaire status. Florida’s financial planners have many clients from these areas, as high net worth families very often turn to professional wealth managers, investment advisers, and tax planners to maximize returns on investment and minimize tax obligations.
In 2008, the Lumina Foundation noted that 36.8 percent of adults in Florida had at least an associate’s degree. If college enrollment and degree attainment continues at the current rate, by 2025, 46 percent of adults in the state will have a college degree. With 21.9 percent of Florida’s population under age 18, more Florida residents than ever are expected to seek college degrees in the near future, increasing the need for financial planners who specialize in helping families grow college savings and take advantage of options for creating tax-deferred tuition savings accounts.
How to Obtain an Investment Adviser License in Florida
Florida’s Office of Financial Regulation licenses investment adviser (IA) firms and their representatives (IAR) who do business in the state. Registration through the Financial Industry Regulatory Authority’s (FINRA’s) IARD (Investment Advisor Registration Depository) system is a required component of the licensing process. Exam requirements for investment adviser licensure in Florida are the Uniform Investment Adviser Law Examination (Series 65) by itself, or a combination of both the General Securities Representative Examination (Series 7) and the Uniform Combined State Law Examination (Series 66).
Nationally recognized investment adviser firms have offices throughout Florida, as do local IAs. Among these are Florida Wealth Advisors in Gainesville; Summit Wealth Management in Ocoee; New Wealth Concepts, Inc. in Orlando; T. Rowe Price Investment Services in Boca Raton; Citi in Miami; Banco Popular in Coral Gables; Raymond James Financial Inc. in Saint Petersburg; and BBVA Compass in Jacksonville.
How to Obtain a Stockbroker License in Florida
Stockbrokers, otherwise known as securities sales agents, broker-dealer agents, or registered representatives, register with the Office of Financial Regulation by submitting registration through the FINRA-managed Central Registration Depository (CRD). Broker-dealer agents in Florida must pass the Series 63 or 66 state exams in conjunction with one of the FINRA exams, (Series 6 or 7).
How to Obtain a License to Sell Life Insurance and Fixed Annuities in Florida
The Florida Department of Financial Services Division of Agent and Agency Services licenses life insurance producers who often offer retirement planning services by selling fixed or variable annuities. Florida’s insurance licensing provisions consider qualified applicants for life insurance and variable annuity licenses who meet the following criteria:
Continuing education requirements must be completed every two years to maintain a life and variable annuity license.
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