Becoming a Financial Planner in South Carolina
Certain areas of South Carolina may be more lucrative for financial planners, as they house higher-income residents who are more likely to retain professionals for investment advice and help with retirement planning strategies. According to Kiplinger magazine, the Hilton Head-Beaufort area of the state ranks fifth in the nation in terms of highest concentration of millionaire households. Households with a net worth in excess of a million dollars comprise 13.4 percent of South Carolina’s households, and most of these are located in this very affluent area.
In 2010, the US Census Bureau reported that 13.6 percent of South Carolina’s population was age 65 or over. By 2030, that percentage is expected to grow to 22.6 percent, higher than the projected national average for that same period. The proportion of South Carolina’s population under the age of 18 is also expected to reach 22.2 percent by 2030. Both of these age demographic projections are favorable for financial planners working in the state, as many will specialize in helping residents who are approaching retirement age establish savings plans, while others will help families prepare adequately for the ever-increasing costs of a college education.
How to Obtain an Investment Adviser Representative License in South Carolina
Under the South Carolina Uniform Securities Act of 2005, all investment adviser representatives (IAR) in the state must register with the federal Securities and Exchange Commission (SEC) as well as with the South Carolina Securities Division. The FINRA (Financial Industry Regulatory Authority) Series 65 examination must be passed, or in lieu of this examination, a combination of the Series 66 and Series 7 exams may be taken and passed. Once requirements are met and forms and fees are submitted, it takes about one week to become registered to do business as an IAR in South Carolina.
How to Obtain a Stockbroker License in South Carolina
Stockbrokers, also known as broker-dealer agents, must also be licensed by the South Carolina Securities Division and registered with the FINRA Central Registration Depository (CRD). Passing scores on a FINRA examination suitable for the types of securities the prospective broker-dealer agent plans to sell, as well as on the Series 63 Uniform Securities Agent State Law Examination or the Series 66 Uniform Combined State Law Exam, are necessary before registration will be granted.
How to Obtain a License to Sell Life Insurance and Fixed Annuities in South Carolina
The South Carolina Department of Insurance (SCDOI) licenses life insurance producers, who may or may not also choose to provide financial planning services through the sale of fixed annuities. Pre-licensing requirements for producers in the state were repealed in 2008, but all producers must still pass licensing exams administered by Prometric. Continuing education must also be fulfilled through approved courses provided by Prometric at a rate of 24 credits every two years.
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