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Understanding Financial Sales “Titles”
Dr. David Edward Marcinko; MBA, CMP™
Registered Representative
A retail or discount stock broker, regardless of compensation schedule, is also known as a registered representative [RR]. Other names include financial advisor, financial consultant, financial planner, Vice President, Wealth Manager, etc. Typically, the less than rigorous national test known as a Series #7 (General Securities License) test, and state specific Series #63 license is needed, along with Securities Exchange Commission (SEC) registration through the National Association of Securities Dealers (NASD) to become a stockbroker [now Financial Industry Regulatory Authority – FINRA]. Since a commission may be involved, and performance based incentives are allowed, be aware of costs.
Registered Investment Advisor
This securities license, obtained after passing the Series # 65 examination, allows the designee to charge for giving “unbiased” securities advice on retirement plans and portfolio management, although not necessarily sell securities or insurance products. An RIA is also usually a fiduciary, while a RR, financial consultant or stockbroker is not.
About FINRA BrokerCheck
FINRA BrokerCheck is a free online tool to help investors check the professional background of current and former FINRA-registered securities firms and brokers. It should be the first-line resource when a physician or other investor is choosing whether to do business with a particular broker or brokerage firm www.FINRA.org
Features of FINRA BrokerCheck include:
- Search capabilities for both a broker and brokerage firm
- Online delivery of a report on a broker or brokerage firm
- Explanatory information to help investors better understand the content, context and source of the information provided
- http://www.finra.org/Investors/ToolsCalculators/BrokerCheck/index.htm
Assessment
Do you seek “professional” assistance with your investing endeavors, or are you a DIY physician-investor?
Conclusion
And so, as a former holder of all the above titles, your thoughts and comments on this Medical Executive-Post are appreciated.
Speaker: If you need a moderator or speaker for an upcoming event, Dr. David E. Marcinko; MBA – Publisher-in-Chief of the Executive-Post – is available for seminar or speaking engagements. Contact: MarcinkoAdvisors@msn.com or Bio: www.stpub.com/pubs/authors/MARCINKO.htm
Our Other Print Books and Related Information Sources:
Practice Management: http://www.springerpub.com/prod.aspx?prod_id=23759
Physician Financial Planning: http://www.jbpub.com/catalog/0763745790
Medical Risk Management: http://www.jbpub.com/catalog/9780763733421
Healthcare Organizations: www.HealthcareFinancials.com
Health Administration Terms: www.HealthDictionarySeries.com
Physician Advisors: www.CertifiedMedicalPlanner.com
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Filed under: "Advisors Only", Financial Planning, Investing, Portfolio Management | Tagged: FINRA, RIA, RR | 1 Comment »
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