For many years, stockbrokers were called
Registered Representatives (RRs) or Account
Executives (AEs) by their firms. In the late
1980s to early 1990s, the title Financial
Consultant (FC) came into vogue.Now, their
employers bestow Financial Advisor (FA),
Wealth Management Advisor (WMA) and even
fancier titles on stockbrokers.|
It's all just marketing. Brokers, whatever
their firms may call them, all must pass
the Series 7 examination administered by
the National Association of Securities Dealers
(NASD), a self-regulatory body. Those who
pass the Series 7 exam become "registered"
with the NASD, hence the old title of "Registered
Rep." Some brokers also may have a Series
63 license, an extra credential required
of certain supervisory personnel.
Credentials with some real meaning
If you have complex trusts or estates, it
may be worth looking for a
broker with a
law degree. Whatever the credentials,
there are no guarantees of
- Chartered Financial Analyst (CFA) - Indicates
that he (she) has passed a rigorous exam
designed for securities analysts.
- Certified Financial Planner (CFP) - He (she)
has passed a rigorous exam for independent
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