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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
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Filed under: "Advisors Only", Financial Planning, Investing, Portfolio Management | Tagged: FINRA, RIA, RR |
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The SEC also provides a website to evaluate the basic characteristics of investment advisers and their firms.
http://www.adviserinfo.sec.gov/IAPD/Content/Search/iapd_OrgSearch.aspx
The site reveals Part I of the Form ADV, but not Part II which has much more specific information. Prospective clients can always request to view a firm’s ADV Part II before becoming a client. Lots of disclosure information is included in the ADV Part II. Some advisers include the form on their website for easy access while others only deliver it upon request.
Bill Winterberg; CFP
Portland, OR
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