Becoming a Financial Planner in Mississippi
The Mississippi Department of Employment Security projects that more personal financial advisors will soon be needed in the state. The profession is expected to experience exceptional job growth of 27.7 percent in the current ten-year period ending 2018. Insurance sales agents who provide financial planning services through the sale of annuities, as well as securities, commodities, and financial services sales agents will also see strong growth. The Mississippi Department of Employment Security expects an 8.9 percent increase in jobs for insurance producers and a 7.9 percent increase for securities, commodities, and financial services sales agents.
Age demographics are a very important consideration for financial planners who often focus on establishing college savings plans, as well as on retirement and estate planning. According to the American Community Survey of 2005-2007, 492,730 of Mississippi’s 2,906,118 residents were age 60 and over. Additionally, U.S. Census Bureau statistics indicate that in 2009, 26 percent of Mississippi’s population was 18 years of age or younger, considerably higher than the nation’s average within this demographic.
How to Obtain an Investment Adviser Representative License in Mississippi
The Mississippi Secretary of State's Business Regulation & Enforcement Division is responsible for regulating investment advisers and stockbrokers who wish to do business in the state. Investment adviser representatives (IARs) in the state must register with the Mississippi Secretary of State Securities Division. The Mississippi Securities Act Rule 629 requires that all prospective IARs in the state get a passing score on NASAA’s (the North American Securities Administrators Association’s) Uniform Investment Adviser Law Examination (Series 65); or the Financial Industry Regulatory Authority ‘s (FINRA’s) General Securities Examination (Series 7) in combination with the NASAA Uniform Combined State Law Examination (Series 66). The only broker-dealer agents exempt from registration with the state are those who perform financial advisory services supplementary to their regular business and without charging for the service.
The state’s most enterprising investment advisers establish IA firms of their own, and become registered with the Mississippi Secretary of State Securities Division.
How to Obtain a Stockbroker License in Mississippi
The Mississippi Secretary of State Securities Division also registers stockbrokers, more often referred to in the industry as registered representatives. Prospective registered reps must be sponsored by a broker-dealer firm and pass either NASAA’s Series 63 Uniform Securities Agent State Law Exam or Series 66 Uniform Combined State Law Exam, as well as either the Series 6 or 7 exams, depending on the specific financial products they’ll be selling.
How to Obtain a License to Sell Life Insurance and Fixed Annuities in Mississippi
The Mississippi Insurance Department licenses producers of life insurance, which qualifies them to act as financial planners dealing in fixed annuities. Prospective life insurance producers must take a 20-hour pre-licensing course through an approved provider and receive a passing grade on the Mississippi Insurance License Examination (life) administered by Testing Services, Inc. Exams can be taken at any one of the Testing Services, Inc locations in the state: Senatobia, Gulfport, Ridgeland and Oxford.
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