Becoming a Financial Planner in Washington
The U.S. Bureau of Economic Analysis reported in 2010 that Washington's average per capita personal income ranked 13th when compared with all other states. In 2007, Forbes magazine reported that Washington was home to ten of the richest individuals in the United States, including the person holding the top spot on the list: Microsoft founder, Bill Gates, who has an estimated net worth of $56 billion. According to the U.S. Census Bureau's 2010 American Community Survey, one of the wealthiest areas in Washington state is the Clyde Hill neighborhood on Seattle's east side, where over 62 percent of households had yearly incomes of $150,000 or more. In nearby Yarrow Point, nearly 57 percent of households had incomes of $150,000 or more. Financial planners in the many affluent upper middle class areas of Western Washington find no shortage of clients among the wealthy families and individuals who turn to professionals for portfolio management and investment advisory services.
The College Board notes that in 2005-06, nearly half of all high school graduates in Washington immediately enrolled in college. The higher education advocacy group, Lumina Foundation for Education, reported that 42 percent of Washingtons's adults hold an associate's degree or higher. This data suggests that Washington offers a strong market for college planning services, as many middle-income families in the state are looking to the future by setting aside money to pay for the increasing cost of a college education.
How to Obtain an Investment Adviser License in Washington
Investment adviser (IA) firms and their representatives (IARs) who advise Washington residents must register with the Washington State Department of Financial Institutions Division of Securities, or the Securities and Exchange Commission (SEC), dependent on the amount of client assets they have under management. Firms that manage in excess of $100 million qualify for federal SEC registration, while those that manage less than this would register with the state. In both instances, the Financial Industry Regulatory Authority’s (FINRA’s) IARD (Investment Advisor Registration Depository) system is used.
Applicants that hold one of the following designations or who were registered as an IAR in another state within the past two years, are exempt from taking these exams:
Investment adviser firms located in Washington include MetLife in Bellevue; CUSO Financial Services, LP in Tacoma; Country Financial in Tacoma, Wenatchee and Spokane; as well as Russell Investment Group, Towers Watson, and Brokerage Consultants, Inc., all with offices in Seattle.
How to Obtain a Stockbroker License in Washington
Stockbrokers must register with the Washington State Department of Financial Institutions Division of Securities through the FINRA-operated Central Registration Depository (CRD). These securities sales agents must pass the Uniform Securities Agent State Law Exam (Series 63) or the Uniform Combined State Law Examination (Series 66), in addition to the proper product-specific examination for the products they’ll be selling. For general securities agents, this would be the Series 7 Exam.
How to Obtain a License to Sell Life Insurance and Fixed Annuities in Washington
The Washington State Office of the Insurance Commissioner licenses life insurance producers, who also sell fixed annuities. Before taking an examination, pre-licensing education (PLE) of 20 hours per line of authority is required. Washington-approved PLE providers may be found here. Aspiring producers may then take the Washington licensing exam given by Pearson VUE.
|Home | Contact Us | Careers|