Financial Advisor vs. Investment Advisor Representative

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Nov 16, 2010 3:33 pm

I have a Series 7 and a Series 66 license along with Life/Health.  I used to work for a wirehouse and had the title of Financial Advisor (FA) or Registered Representative (RR). 

I now work for another company (insurance based, non-wirehouse) and received my business cards with both the Financial Advisor and Investment Advisor Representative (IAR) titles on it.  I'm wondering if I correctly understand the differences. 

My understanding is than an FA or RR is typically associated with a broker-dealer and is allowed to receive commissions generated from security sales.  An IAR is an investment professional that specializes in fee-based financial planning.  Technically, if you have two titles, you can act in both capacities.  Is this true?

Can someone better articulate the differences or tell me if I am correct in my understanding?  Thanks.

Nov 16, 2010 7:47 pm

You are correct.  So you are working for a dually registered firm.

Nov 16, 2010 9:09 pm

RickRoss,

I am looking to make the opposite move as you made. I am going to send you a message to see if I could get your take of what its like on the other side of the fence and why you made the switch. It looks to me like there are pros and cons of each side.

Thanks