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.

Information provided by Workforce Kentucky shows that residents of the Area Development Districts (ADD) located in central and northern Kentucky have a higher average per capita personal income than those in the rest of the state. These also tend to be areas where the services provided by financial planners are in highest demand. These more affluent areas include Bluegrass and Kentuckiana, as well as inclusive counties like Trimble, Henry, Oldham, Jefferson, Shelby, Bullitt, and Spencer counties. Here, total per capita personal income is about 17.5 percent higher than the median per capita personal income in the state as a whole. More than 48 percent of Kentucky’s residents live in this area, and it accounts for 57.1 percent of the total income generated in the state.

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).

Investment adviser firms with global, national and regional presence may be found across the state of Kentucky. Ameriprise Financial, New York Life Insurance Company, and Morgan Stanley Smith Barney all have offices in Louisville. MCF Advisors has an office in Lexington; Fidelity has a location in Covington; and Edward Jones has offices in Frankfort, Lexington, and Louisville.

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.

All registered broker-dealer agents must fulfill continuing education (CE) requirements specified by their governing SROS. The Regulatory Element of FINRA CE requires all registered agents to complete a training course updating them on amendments to rules, as well as informing them of the creation of new rules and regulations. This must be done within 120 days of the second licensing anniversary, then again every three years after that as this training module is frequently updated to reflect regulatory changes. The Firm Element of CE requires all firms to provide formal training to registered agents. This in-house training usually covers sales strategies and product knowledge.

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.

Licensed life insurance producers may seek variable contracts licensure in Kentucky, which allows them to sell variable annuities. This requires life producer licensing plus securities sales rep registration, which means applicants must pass either the Series 6 Exam or Series 7 Exam.


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