Becoming a Financial Planner in Oregon
Phoenix Marketing International reported in 2008 that Oregon was home to 61,621 millionaire households, ranking the state 25th in the nation. However, Deloitte LLP’s Center for Financial Services predicts that in the current decade ending 2020, the number of millionaires in Oregon will triple, ranking the state third in the nation in terms of new millionaires. Among other factors, this expected growth in personal net worth will be spurred on by Oregon’s lower tax rates on income earned through capital gains.
Oregon’s colleges and universities recently experienced record enrollment numbers. In 2010, enrollment trends at the seven public universities in Oregon showed a 36 percent increase since 1999. This is positive news for financial planners in the state who work with families to establish tax-advantaged college savings plans that grow fast enough to keep up with the increasing cost of tuition.
How to Obtain an Investment Adviser License in Oregon
The Oregon Division of Finance and Corporate Securities is charged with the task of registering and licensing investment adviser (IA) firms and representatives (IAR) who work in the state. Prospective firm principals and IARs of both state and federal-level firm registrants process registration through the Financial Industry Regulatory Authority’s (FINRA’s) IARD (Investment Advisor Registration Depository) system.
Investment adviser firms that are internationally, nationally, and regionally recognized have a presence in Oregon. Among these is JPMorgan Chase in Portland, Ontario and Corvallis; Phillips & Company in Portland; U.S. Bank in Bend, Salem, and Eugene; KeyBank in Yamhill County and Multnomah County; Merrill Lynch in Lake Oswego; and Umpqua Bank in Portland.
How to Obtain a Stockbroker License in Oregon
Stockbrokers, otherwise known as securities salespersons, must register with the Oregon Division of Finance and Corporate Securities through FINRA’s Central Registration Depository (CRD). Prospective stockbrokers must obtain passing scores on either the Series 6 or Series 7 product exam as well as on either the Series 63 or Series 66 state law exam. Employment with an Oregon-licensed broker-dealer firm is also required.
How to Obtain a License to Sell Life Insurance and Fixed Annuities in Oregon
The Oregon Insurance Division licenses life insurance/annuity producers in the state. These producers often work as financial planners since fixed annuities and life insurance are among the most common financial planning products sold in America. Twenty hours of pre-licensing training is required and may be taken with one of these division-approved trainers. An examination specific to the life insurance line of authority is then taken prior to being granted licensure as an Oregon life insurance producer.
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