Series 65 vs Series 66

The Series 65 vs Series 66 decision is fundamentally a question about your business model: will you charge fees only, or will you also earn commissions? This distinction drives virtually every aspect of the comparison — prerequisites, cost, career path, and long-term earning potential.

The Series 65 has emerged as one of the most important exams in financial services because of the explosive growth of the RIA model. Registered Investment Advisers now manage over $9.3 trillion in assets (IAA 2024 Industry Snapshot), and the fee-only advisory sector is growing at approximately 12% annually. This structural shift means more advisors are choosing the standalone Series 65 path — bypassing the traditional SIE → Series 7 → Series 66 pipeline entirely. For career changers, CFP holders, and professionals from adjacent fields (CPAs, attorneys, insurance agents), the Series 65 offers a remarkably efficient entry point: one exam, $187, no prerequisites, and you can register as an IAR.

The Series 66, meanwhile, remains the standard for wirehouse and hybrid advisors who need the full toolkit. Combined with the Series 7, it enables dual registration as both a securities agent and an IAR — critical for advisors at firms like Morgan Stanley, LPL Financial, or Raymond James where fee-based accounts coexist with commission-based business. The Series 66 is also more efficient than taking the Series 63 and Series 65 as separate exams: one exam replaces two, saving time, money, and testing fatigue. With a 73% pass rate versus the Series 65's 66%, the Series 66 is statistically easier — though this is partly because its candidates have already demonstrated competency by passing the Series 7.

Salary comparisons between the Series 65 and Series 66 are nuanced because the exams serve different business models. Series 65 holders working at fee-only RIA firms earn a median of approximately $78,695 (ZipRecruiter, 2024), though experienced advisors at established RIAs managing significant AUM earn considerably more. The 2024 InvestmentNews Advisor Compensation Study reported average RIA advisor compensation of approximately $151,000, and RIA firm owners with $200M+ in AUM commonly earn $300,000-$750,000+. The fee-only model produces steadier, more predictable income through recurring AUM-based fees — typically 0.75%-1.25% of assets under management — creating a compounding revenue stream that grows as client portfolios appreciate.

Series 66 holders almost always also hold the Series 7, placing them in wirehouse and hybrid advisory roles with significantly higher ceiling compensation. BLS data reports a median of $78,140 for securities sales agents (SOC 41-3031, May 2024), but this dramatically understates wirehouse earnings. Advisors at dual-registered firms earn through a combination of brokerage commissions, advisory fees, and product revenue, with wirehouse grid payouts of 35-51% of total revenue. A hybrid advisor generating $800,000 in annual revenue (split between commissions and advisory fees) earns $280,000-$408,000 from the grid alone. The trade-off: wirehouse income is higher-ceiling but more variable, while RIA income is more predictable and increasingly competitive as AUM-based fee models gain market share.

The Series 65 career path centers on the RIA ecosystem. Entry-level roles include paraplanner, associate advisor, or client service associate at an established RIA firm, typically earning $45,000-$65,000. Within 2-5 years, advisors advance to lead advisor or financial planner roles earning $75,000-$120,000, often while pursuing the CFP designation which dramatically enhances credibility and earning power. The long-term play for Series 65 holders is equity ownership in an RIA — either building your own firm or becoming a partner at an existing one. RIA firm owners managing $200M+ in AUM routinely earn $300,000-$750,000+, and the recurring fee-based revenue model creates significant enterprise value when it comes time to sell the practice.

The Series 66 career path typically runs through the wirehouse and hybrid broker-dealer channel. Series 7 + 66 holders enter as financial advisor trainees at firms like Morgan Stanley, Merrill Lynch, or Wells Fargo, with 18-24 month training programs offering $55,000-$85,000 base salaries. After training, compensation shifts to grid-based payouts (35-51% of revenue), and advisors building $500,000+ annual revenue within 3-5 years earn $175,000-$255,000. The dual-registration capability — being both a securities agent and an IAR — is increasingly critical as over 90% of wirehouse revenue has shifted to fee-based advisory accounts. Some Series 66 holders eventually transition to the independent channel (LPL, Raymond James, Cetera) where they keep 80-95% of revenue but manage their own overhead.

The BLS projects 13% growth for personal financial advisors through 2034 — significantly faster than the average for all occupations — driven by an aging population that needs retirement planning guidance, the ongoing shift from commission-based brokerage to fee-based advisory, and the growing complexity of financial products and tax law. The RIA channel is growing even faster: the number of SEC-registered investment advisers has increased by over 30% in the past decade, and state-registered RIAs (where most Series 65 holders work) are growing at an even higher rate. For Series 66 holders, the outlook combines advisory growth with the steady demand for securities sales agents (38,100 annual openings, BLS). The most powerful trend is the convergence of brokerage and advisory: over 90% of wirehouse revenue now comes from fee-based accounts, meaning virtually all Series 7 holders are being pushed toward adding the Series 66 for advisory capabilities. An estimated 30-40% of financial advisors will retire by 2030, creating massive succession opportunities for young professionals in both the RIA and wirehouse channels.