What's What in the Financial Services Industry


Definition: individual who merely solicits new accounts for an investment adviser representative and gets paid a commission but does not provide investment advice

License: must be registered with the Indiana Securities Division as an investment adviser representative unless they work for an SEC-registered firm, have no place of business in Indiana and are not included within the SEC definition of investment adviser representative

Regulated by: there is no federal regulation for solicitors; on the state level, they are regulated by the Indiana Securities Division

Standard of care: fiduciary duty for those regulated by the Indiana Securities Division



Explanation of License Exams:

  • Series 7 - General securities representative exam
  • Series 63 - Uniform state law exam
  • Series 65 - Investment adviser exam
  • Series 66 - Uniform combined state law exam
  • Series 24 - General securities principal

Related Information: