Becoming a Financial Planner in Nevada

The US Department of Labor’s Employment and Training Administration (ETA) predicts growth of 12.2 percent in the number of jobs available to personal financial advisors in Nevada between the years of 2008 and 2018. Growth of 7.9 percent is expected in jobs for insurance sales agents, including life and annuity sales agents who offer popular retirement planning products and market themselves as financial planners. Securities, commodities and financial services sales agent jobs in Nevada are expected to see an increase of 4.4 percent during the ten-year period ending 2018.

The Nevada State Demographer’s Office at the University of Nevada in Reno recently released population projections for the state indicating the state’s total population will grow by 1.2 million between 2015 and 2030. The US Census Bureau predicts that the demographic of Nevada’s population age 65 and over will increase rapidly, representing 21.1 percent of the total population by 2025. This rapid aging of Nevada’s population is due to baby boomers hitting senior citizenship. Nevada residents interested in becoming financial planners focused on the prudent management of retirement savings plans pay close attention to these projections as they indicate a demand for retirement and estate planning services.

Likewise, the demographic of Nevada’s population consisting of residents age 18 and over will increase, from 1.1 million in 1995 to a projected 1.8 million by 2025. This means that there will be more Nevada residents graduating high school and preparing to enroll in college. According to the Lumina Foundation for Education, if current degree attainment rates hold steady in Nevada, by 2025 approximately 39.5 percent of all Nevada adults will have, at minimum, a two-year college degree. Since financial planners are often tasked with helping families establish college savings plans that grow fast enough to keep up with the rising cost of tuition, Nevada has the potential to provide a strong market to planners who specialize in tax-deferred college savings plan options.

IRS data indicates that the wealthiest areas of Nevada lie within the Henderson, Incline Village, Glenbrook, Las Vegas, and Reno areas. Financial planners who locate their businesses within these cities and towns in Nevada should find many business prospects, as those who have higher annual incomes tend to seek out professionals to help with investment advice and wealth management.

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How to Obtain an Investment Adviser Representative License in Nevada

Those interested in becoming investment adviser representatives (IARs) in Nevada or those who wish to establish an independent investment adviser (IA) firm must register with the Nevada Secretary of State’s Securities Department. Registration with the federal Securities and Exchange Commission is required for IAs that will manage more the $100 million in client assets. Both state and federally registered IAs use the Financial Industry Regulatory Authority’s (FINRA’s) IARD (Investment Advisor Registration Depository) system.

Firm proprietors and representatives must pass the North American Securities Administrators Association’s (NASAA’s) Series 65 examination, or both the Series 7 examination and the Series 66 Examination. Exemptions are granted to candidates who hold one of the following professional certifications and/or designations:

  • Chartered Financial Consultant (ChFC) granted by the American College
  • Certified Financial Planner (CFP) granted by the Certified Financial Planners Board of Standards
  • Personal Financial Consultant (PFS) granted by the American Institute of Certified Public Accountants
  • Chartered Investment Counselor (CIC) granted by the Investment Counsel Association of America
  • Chartered Financial Analyst (CFA) granted by the Association for Investment Management and Research

Many investment advisory firms have offices across the state of Nevada. Some of them include Wells Fargo in Las Vegas and Reno; Alamo Capital in Las Vegas; CWMA Nevada, LLC in Las Vegas; CUSO Financial Services, LP in Reno; First Command Financial Services, Inc. in Henderson, Reno and Las Vegas; and Merrill Lynch in Reno.

How to Obtain a Stockbroker License in Nevada

Sales representatives of broker-dealer firms in Nevada – often called stockbrokers by the investing public – are required to be licensed by the Nevada Secretary of State’s Securities Department as well as registered with the FINRA Central Registration Depository (CRD). In order to become licensed in Nevada, prospective sales representatives must present proof of passing the NASAA Series 63 or Series 66 examination, along with FINRA’s Series 7 exam.

Maintaining a securities license requires meeting continuing education (CE) mandates set forth by NASAA and FINRA. After two years of licensure, sales reps must take a computer-based refresher course known as the Regulatory Element of CE. Once every three years after that, this course must be taken again as it is continually updated to reflect the evolving regulatory environment of the securities industry. Broker-dealer firms must provide the Firm Element of CE. This training is intended to offer employees periodic updates on sales practices and investment products in accordance with changing state and federal regulation.

How to Obtain a License to Sell Life Insurance and Fixed Annuities in Nevada

The Nevada Division of Insurance licenses life insurance producers in the state, some of whom may sell fixed annuities so as to offer financial planning services. Pre-licensing education is required and must be obtained from a Division-approved provider. Pearson VUE administers Nevada’s state insurance examinations at centers in Las Vegas and Reno. Exemptions for pre-licensing education and/or examinations may be granted to applicants previously licensed in another state if applying for the Nevada license within 90 days of cancelling the previous license.

All Nevada insurance producers must fulfill continuing education mandates. Exemptions to this rule may be granted if one has been continuously licensed as a Nevada life insurance producer for 20 years or more, or if one holds any of the following professional certifications/designations:

  • Chartered Property Casualty Underwriter (CPCU)
  • Chartered Life Underwriter (CLU)
  • Certified Insurance Counselor (CIC)
  • Chartered Financial Consultant (ChFC)
  • Certified Financial Planner (CFP)

If a Nevada life insurance producer wishes to sell variable annuities, registration with FINRA and the Nevada Secretary of State, Securities Division is required. This involves passing the Series 6 or 7 Exam, as well as the Series 63 exam. Continuing education requirements of both FINRA and the Nevada Division of Insurance apply to variable annuities/variable life insurance agents.