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Series 7 for RIAs Passing the Series 7 exam alone will not qualify you to become an advisor working for an RIA. The relevant exam for prospective advisors is the Series 65 exam. The Series 65 is the most widely accepted credential for investment advisors and the typical first step to becoming an advisor.

All states require that investment advisers (IAs) and investment adviser representatives (IARs) conducting business in the state register with the state's securities regulatory authority (or qualify for an exemption from registration). Approximately 17,500 investment advisers are so registered.

Form ADV is the uniform form used by investment advisers to register with both the SEC and state securities authorities. The form consists of two parts, both of which are available to the public on the SEC's Investment Adviser Public Disclosure (IAPD) website.

Advisers with less than $100 million in assets under management (AUM) must register with the state regulator for the state where the adviser has its principal place of business.

Firms must register any person engaged in the securities business of the firm – including salespersons, branch managers, department supervisors, partners, officers and directors – before they can take a qualification exam.

Advisers to investment companies registered under the Investment Company Act of 1940 must register with the SEC. Advisers to business development companies, when the adviser has at least $25 million of RAUM, must register with the SEC.

Registration Exemptions Employees exempt from FINRA registration include individuals whose functions are: Solely clerical and/or ministerial in nature, Related solely to the member's need for nominal corporate officers or capital participation (limited partners), OR.