Becoming a Financial Planner in New York
The New York Department of Labor expects strong growth in the personal financial planning industry during the current ten-year period ending 2018. The Department projects job growth of 13.1 percent for personal financial advisors, and expects growth to remain favorable for securities, commodities, and financial services sales agents as well.
Financial planners often consider the age and education demographics of an area to be nearly as important as the financial demographic. This is due to the age-sensitive nature of specialty planning services related to college tuition planning, as well as retirement and estate planning. According to the New York State Office of the Aging, the state’s senior citizen population is expected to grow considerably in the coming years. In 2000, the number of New York residents that were between the ages of 60 and 85 was 3,204,331. It is projected that by 2015 this number will jump to 4,030,378, an increase of over 826,000.
More than 43 percent of New Yorkers held at least a two-year college degree in 2008, according to information provided by the U.S. Census Bureau. This is considerably higher than the national average of 38 percent, and highlights a trend among middle class households that is expected to create an increased demand for professionals familiar with the tax-advantaged college tuition savings plans available in New York.
How to Obtain an Investment Adviser License in New York
New Yorkers who are interested in becoming financial planners usually establish themselves as investment advisers (IAs) or investment adviser representatives (IARs) of existing firms. These licensed professionals must meet qualifications set forth by the New York Office of the Attorney General’s Investor Protection Bureau. While New York does not require IARs to register with the state, both state-registered investment adviser firm principals and IARs who represent state registered investment advisers must still meet exam qualifications: The Series 65 Exam by itself, or both the Series 66 and Series 7 exams in combination.
As the financial capital of the world, New York is home to many investment adviser firms that have established themselves with a strong presence in the state. Among these well-respected firms is UBS, Deutsche Bank, and Reid & Rudiger in New York City; Towers Watson in Astoria-Long Island; T. Rowe Price Investment Services in Garden City; and Gilford Securities, which has offices in both Albany and New York City.
How to Obtain a Stockbroker License in New York
As home to the New York Stock Exchange, New York stands out among all the rest of the states in terms of the types of opportunities for licensed stockbrokers. The Investor Protection Bureau is charged with licensing and registering these financial professionals.
How to Obtain a License to Sell Life Insurance and Fixed Annuities in New York
The New York State Insurance Department regulates life insurance agents/brokers, who are also qualified to sell fixed annuities. Prospective life insurance producers must first take a 40-hour pre-licensing education course approved by the Department. A searchable database of Department approved education providers may be found here. Next, would-be life insurance agents must pass the New York licensing examination administered by PSI Exams.
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