Series 6 vs Series 65

Series 6 representatives earn commissions - they get paid when clients buy products like mutual funds or variable annuities. The commission comes from the product's sales charges or 12b-1 fees. Series 65 Investment Adviser Representatives earn fees - either hourly fees, flat fees, or a percentage of assets under management (typically 0.5%-1.5% annually). The fee-based model often means more predictable income and aligns the advisor's interests with the client's.

Yes, unlike Series 6 (which requires SIE + firm sponsorship), the Series 65 has no prerequisites and anyone can register to take it. This makes Series 65 popular for career changers, CFPs, and those wanting to start their own RIA. After passing, you'd register with your state as an Investment Adviser Representative, either with an existing RIA firm or by starting your own advisory practice.

The industry trend strongly favors fee-based advice (Series 65). Assets in fee-based accounts have grown dramatically while commission-based sales have declined. Many broker-dealers now offer both models. Series 65 positions you for the growing RIA sector and fee-only planning. However, Series 6 remains valuable for insurance-focused careers and bank investment programs. Ideally, having both gives maximum flexibility.

No, they're independent licenses for different activities. Series 65 alone lets you give advice for fees but not earn commissions on product sales. Series 6 alone lets you earn commissions but not charge advisory fees. Many advisors get both, plus Series 63 or 66 for state registration. If you want to recommend mutual funds AND charge planning fees, you need both licenses (or Series 7 + 66 as an alternative).