Becoming a Financial Planner in Utah
Information provided by the Economic Development Corporation of Utah shows the state’s median household size, in terms of number of family members, is the largest in the nation. Population concentration is greatest in Weber, Davis, Salt Lake, and Utah counties, which contain 75.9 percent of the state’s total population. Utah’s median age of 29 is the youngest of any state. However, as 34.3 percent of Utah residents fell in the age bracket of 0 to 19, and 37.2 percent in the 20 to 44 bracket, Utah provides a large client base for financial planners who work with families to help establish strategies for putting aside money early for the purpose of funding college and providing a nest egg for retirement.
Utah’s average household income is a bit higher than the national average. The Economic Development Corporation of Utah notes that as of 2008, household incomes are greatest in the Ogden-Clearfield metropolitan area, the Salt Lake metropolitan area, Davis County, Morgan County, Summit County, and Wasatch County. A large percentage of household incomes are over $100,000 per year in the following areas of Utah: Davis County, Morgan County, Summit County, Wasatch County, Ogden-Clearfield area, Provo-Orem metropolitan area, and the Salt Lake metropolitan area. These areas tend to be where the greatest demand exists for financial planners who become involved in providing investment advisory and wealth management services.
How to Obtain an Investment Adviser License in Utah
Prospective investment adviser (IA) firms and investment adviser representatives (IAR) in Utah must register with the Utah Division of Securities. Forms must also be filed online through the Financial Industry Regulatory Authority’s (FINRA’s) Investment Adviser Registration Depository (IARD) system. Utah requires its IARs to pass the Series 65 (Uniform Investment Adviser Law) exam, or the Series 66 (Uniform Combined State Law) exam along with the Series 7 (General Securities Representative) exam.
How to Obtain a Stockbroker License in Utah
Broker-dealer agents in Utah are also required to register with the Utah Division of Securities as well as with an SRO (self-regulatory organization) through the Central Registration Depository (CRD). Sylvan Technology Center administers the FINRA/NASAA exams necessary for licensure including the Series 63 (Uniform Securities Agent State Law) Examination, the Series 66 (Uniform Combined State Law) Examination, as well as other examinations pertaining to the type of securities product in which one plans to deal.
How to Obtain a License to Sell Life Insurance and Fixed Annuities in Utah
The Utah Insurance Department licenses life insurance producers. Some of these producers may provide financial planning services by dealing in fixed annuities. To maintain one’s license, 24 hours of continuing education (CE) must be fulfilled every two years. Twelve of these hours must be in classroom courses, and three must be in ethics courses.
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