Becoming a Financial Planner in Kentucky
Kentucky labor market projections published by Workforce Kentucky show an expected increase of 34.1 percent in the number of jobs that will become available to personal financial advisors in the state during the current ten-year period ending 2018. This amounts to about 86 new job openings each year. Securities, commodities, and financial services sales agents are expected to see a 10.1 percent increase in the number of jobs in the state during this time, or an estimated 113 new jobs annually. An increase of 8.2 percent is expected during the same period for insurance sales agents in the state, many of who offer financial planning services through the sale of life insurance and annuities. This is equal to about 192 new insurance producer jobs per year during this period.
How to Obtain an Investment Adviser License in Kentucky
Investment adviser (IA) firms and their representatives (IAR) who work with the residents of Kentucky must be registered with the state in accordance with the Kentucky Security Act. State-level registration with the Kentucky Department of Financial Institutions Division of Securities (less than $100 million in assets under management) as well as federal-level registration through the SEC (more than $100 million in assets under management) is processed through the Financial Industry Regulatory Authority’s (FINRA’s) CRD (Central Registration Depository) system. Under Kentucky law, the North American Securities Administrators Association’s (NASAA’s) Series 65 examination must be passed with a raw score of 94. In lieu of this exam, the Series 7 examination may be taken along with the Series 66 examination (which requires a raw score of 75 to become registered).
How to Obtain a Stockbroker License in Kentucky
Broker-dealer agents in Kentucky must register with the Kentucky Securities Division through FINRA’s Central Registration Depository (CRD). Prior to registration, either the Series 63 exam (with a raw score of 43) or Series 66 exam (with a raw score of 75) must be passed, along with another product-specific FINRA exam.
How to Obtain a License to Sell Life Insurance and Fixed Annuities in Kentucky
The Kentucky Department of Insurance licenses qualified individuals to become life insurance and annuity producers. A 20-hour pre-licensing education course must be completed before taking the state’s insurance licensing exam. Applicants must then submit to a criminal background check. Finally, qualified individuals may take the life insurance licensing exam online at the National Insurance Producers Registry (NIPR). Once licensed, life insurance producers in Kentucky must complete 24 hours of continuing education (CE) every two years. This CE may be in either classroom or correspondence course format. Three hours of this training must deal specifically with ethics related topics.
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