Becoming a Financial Planner in Tennessee
The Tennessee Department of Labor and Workforce Development expects that opportunities for residents looking to become financial planners will be plentiful. A 2.7 percent increase per year in jobs for personal financial planners is expected between 2008 and 2018. More modest growth rates of 0.5 percent annually for life insurance and annuity producers and 0.8 percent annually for securities, commodities and financial services salespersons are expected during this same period.
Population projections for the state of Tennessee indicate that by 2020 the number of residents over age 65 will rise to 1,120,730. This represents a significant increase from the 2010 total of 853,462 residents, which was then 13.4 percent of the state’s total population. Financial planners committed to the unique level of responsibility associated with retirement planning see the potential for a strong client base here for years to come.
College enrollment levels at colleges and universities within the Tennessee Board of Regents system has boomed recently. In the fall of 2010, enrollment increased by five percent at these schools. If these enrollment trends hold, financial planners in Tennessee who specialize in assisting families establish and grow savings to fund their children’s college education should find no shortage of clients.
How to Obtain an Investment Adviser Representative License in Tennessee
The Tennessee Department of Commerce and Insurance Securities Division is charged with registering investment adviser firms and the representatives of these firms, who are commonly referred to in Tennessee as representative advisers (RAs). Registration for state and federal level investment adviser firms, as well as their representatives, is done through the Financial Industry Regulatory Authority’s (FINRA’s) IARD (Investment Advisor Registration Depository). One of the following criteria must be met before registration will be granted to RAs:
Globally, nationally, and regionally recognized investment advisory firms are located across the state of Tennessee. Among these is FirstBank in Dayton; Waddell and Reed FAD in Memphis; BB&T in Chattanooga; Wilson Bank & Trust Investment Services in Hermitage; Ameriprise Financial in Kingsport; Capital Financial Group in Knoxville and Brentwood; Merrill Lynch in Germantown; and US Bank in Rogersville.
How to Obtain a Stockbroker License in Tennessee
Broker-dealer agents must register with the Tennessee Securities Division as well as the Securities and Exchange Commission (SEC) through the FINRA Central Registration Depository (CRD). Passing either the Series 63 or Series 66 state examinations along with a securities license exam pertaining to the sponsoring broker-dealer’s product line (such as Series 6 or Series 7) is also required prior to registration.
How to Obtain a License to Sell Life Insurance and Fixed Annuities in Tennessee
The Tennessee Insurance Division regulates life insurance producers by upholding licensing standards required for them to solicit clients in the state. Many life insurance producers sell fixed annuities, and market themselves as financial planners. In order to be eligible to take the life insurance licensing exam in Tennessee, prospective producers must meet the following requirements:
After fulfilling these requirements, aspiring insurance producers may sit for the life insurance licensing exam, also offered through PearsonVUE. To maintain a license, continuing education requirements of 24 hours every two years must be met.If licensed life insurance producers want to sell variable contracts in Tennessee they must attain a securities license. No additional pre-licensing education applies to getting a variable contracts license; however, in addition to passing the state’s insurance licensing exam, they must pass the FINRA Series 6 or Series 7 Exams, as well as the Series 63 Uniform Securities Agent State Law Exam.
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