Thursday, August 20, 2009

Series 66 sponsorship

A customer just asked:
We just moved from a broker-dealer firm to an RIA. I have a Series 7 and 63. I have been told that since our RIA is not a member of or registered with FINRA, I cannot take the 66 ... I HAVE to take to 65 because to take the 66 you have to be sponsored by a member firm. Does that make sense? Is it correct?

RESPONSE: before we determine if they're correct, let me ask you this--do you have a preference to take the Series 66 over the Series 65? If so, are you assuming that 100 questions will make the 66 "easier" than the 65? It isn't. It's just a little shorter; it also requires a 71% score to pass, and it has more of a regulatory/legalistic focus compared to the 65.
Okay, so can you sponsor yourself to take the Series 66?
Yes. How do I know? NASAA is in charge of the 65, 66, and 63 exams. At:
We find this:
Do I need to have a sponsor before I take the Series 63, 65, or 66?
No; you can sign up without a sponsor by filing Form U-10 and paying the fee. Indicate “None” or “Not Applicable” where the form requests a sponsoring firm.

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