Is dual licensing your next career move?

In financial services, one popular strategy for expanding professional responsibilities (and increasing salaries) is “license stacking.” This involves holding two (or more) types of certifications, which enhance the services and products an advisor or other representative can offer. While one of the most popular combinations involves carrying licenses for financial advising and insurance sales, there are many options for driven individuals looking to broaden their professional horizons.

Financial services licensing 101

In client-focused advisory roles, professionals must hold the appropriate certifications to provide expert investment and financial advice. Licenses are critical markers of competency and legality within the financial services industry. Obtaining credentials requires passing rigorous regulatory exams and usually sponsorship from an employer. The Financial Industry Regulatory Authority (FINRA) is responsible for developing, administering, and overseeing these licensing exams, ensuring that candidates and sponsoring firms meet all necessary requirements.

Many registered representatives choose to earn the Series 7 license, known as the General Securities Representative qualification, as their starting point. This cornerstone license authorizes individuals to sell a wide breadth of securities and investment products. Similarly, the Series 6 license, formally called the Investment Company and Variable Contracts Products Representative license, allows holders to recommend and sell a more focused list of investment vehicles.

Qualifying as a licensed financial professional generally demands passing at least one representative exam, such as the Series 6 or Series 7, along with a relevant state law exam. Some of the most recognized license combinations in the industry include:

SIE + Series 7 + Series 63

The Series 63 exam, or Uniform Securities Agent State Law Examination, is developed by the North American Securities Administrators Association (NASAA) in cooperation with FINRA. This credential empowers Series 7 holders to act as securities representatives, enabling them to sell investment products in compliance with standards across multiple states.

Earning both the entry-level Securities Industry Essentials (SIE) license and the Series 63 doesn’t require employee sponsorship, making them accessible early in a candidate’s career journey.

SIE + Series 7 + Series 65

The NASAA Series 65 examination, also known as the Uniform Investment Adviser Law Exam, is another key financial advisor license for those seeking to deliver investment advisory services. Passing the Series 65 allows registered representatives and financial advisors to charge for investment advice, in addition to managing client portfolios and assuming fiduciary roles within Registered Investment Advisor (RIA) firms. Importantly, the Series 65 can be completed without sponsorship, further accelerating professional progression.

SIE + Series 7 + Series 66

The Series 66 license, obtained by passing the Uniform Combined State Law Examination, combines sections of both the Series 63 and Series 65 into a single certification. With this streamlined path, financial professionals can simultaneously qualify as securities sales agents and full-service investment advisors upon successfully completing both exams, enabling them to operate fully under an IAR (Investment Adviser Representative) title.

SIE + Series 6 + Series 63

With specialization in “packaged” investment products such as mutual funds, annuities, and ETFs, the Series 6 license complements the Series 63 exam well. This combination enables the sale of a specific range of investment products and the legal operation within corresponding state jurisdictions.

Bottom line: To launch a successful career as a financial advisor, you first need to fulfill the core registrations. Completing at least three related exams is often necessary to satisfy regulatory requirements, and for many, this marks only the first phase of their broader licensing journey.

Common licensing duos and add-ons

Securing a license to act as a financial advisor is already a major milestone for anyone committed to building a rewarding finance career. Achieving additional certifications further validates expertise, enabling professionals to offer a broad range of financial and investment services tailored to clients’ unique needs. Ambitious advisors often pursue extra credentials to expand their product offerings, deliver more comprehensive financial advice, and address complex client objectives. For other professionals, obtaining a FINRA-licensed license is a valuable enhancement to existing qualifications and supports long-term success in the industry.

Series 7 + Insurance license

One popular licensing combination for ambitious professionals is earning the Series 7 in tandem with additional registrations, such as the Series 63, Series 65, or Series 66, and obtaining an insurance producer or broker license. Holding this type of dual license as a financial advisor enhances your ability to fully serve clients, allowing you to offer both a full suite of investment products and a wide range of insurance solutions.

Insurance licenses expand your practice, enabling you to address a range of wealth management needs, from growth strategies to financial protection. Becoming dual-licensed involves completing state-specific prelicensing education and passing exams for each line of insurance, such as life, health, property, and casualty. Regulatory requirements can vary by jurisdiction.

The need for insurance solutions often coincides with pivotal financial milestones, such as new home purchases, life insurance planning, or the design of effective retirement income strategies. Embracing a dual license positions you as a trusted advisor who can offer holistic advice while creating accelerated revenue diversification (maximizing your earning potential in the process). With a Series 7 license and insurance licensing, you deepen client trust, boost client retention, and attract new opportunities, increasing client satisfaction while safeguarding their financial futures.

Series 6 + Life insurance license

One of the most common products sold by Series 6 licensees is a variable annuity, a long-term, tax-deferred retirement contract issued by an insurance company. For individuals seeking to specialize in retirement and legacy financial planning, passing the Series 6 exam along with state life or life and health exams offers a focused pathway.

A trusted financial professional who holds this mix of complementary credentials can provide clients with exceptional guidance through multiple financial transactions, making the process both convenient and reassuring.

Dually registered advisors

A dually registered advisor, also known as a dual-licensed financial advisor, acts as both an investment advisor and a broker-dealer representative. These professionals, frequently Series 66 licensees, are uniquely qualified to meet suitability standards and fiduciary responsibilities. A dual-licensed financial advisor can offer expert financial advice for a fee, while also selling investment products and earning commissions, thereby providing clients with versatile solutions tailored to their needs. Governed by Securities and Exchange Commission (SEC) regulations, firm compliance standards, and expectations for client satisfaction, a dual-licensed advisor must balance regulatory and ethical obligations.

Some clients may express concern about potential conflicts of interest when working with a dual license holder. However, nearly half of all U.S. advisors today hold dual licenses, reflecting the growing reliance on these financial advisors for holistic investment guidance and product recommendations. For professionals, pursuing both duties expands career opportunities and flexibility, enabling them to serve clients better while supporting long-term career growth in the evolving financial services landscape.

Certified Financial Planner (CFP)

A Certified Financial Planner (CFP) is a distinguished financial professional who is qualified to provide investment management, estate planning, retirement planning, tax strategies, and risk management services. Unlike general financial planners or analysts, a CFP credential signifies extensive expertise, elevated ethical standards, and advanced knowledge, greatly enhancing a planner’s professional credibility alongside other leading financial certifications.

While the CFP designation is highly respected in the financial services industry, many CFPs pursue additional licenses and designations, such as becoming IARs by passing industry-recognized licensing exams. This demonstrates advanced competence and signifies a commitment to being a recognized leader within wealth management and financial advisory services.

Chartered Financial Analyst (CFA)

The Chartered Financial Analyst (CFA) credential, awarded by the CFA Institute, is globally recognized as one of the premier certifications for financial analysts and investment portfolio managers. Earning the CFA designation demonstrates advanced expertise in asset management, financial planning, and strategic investment analysis, key skills for professionals advising clients on complex financial matters. Many U.S.-based financial professionals choose to obtain the CFA alongside the Series 7 license to offer a larger range of financial services and investment solutions to their clients.

Certified Public Accountant (CPA)

The highly respected and versatile Certified Public Accountant (CPA) credential is among the most recognized designations in accounting, finance, and wealth management. Financial professionals seeking to combine an accounting background with financial planning expertise often pursue both the CPA and the Series 7 license, along with other related certifications. This pathway, integrating the strengths of accounting and wealth management qualifications, is among the most lucrative and rewarding in the financial services industry.

Supervisory licenses

After holding and practicing at the representative level, financial professionals at broker-dealers, banks, or other financial institutions may be selected for supervisory roles. These promotions often require additional licensing, such as the Series 9/10 (General Securities Sales Supervisor) or the Series 24 (General Securities Principal). These certifications open doors to higher-ranking positions, greater responsibility, and improved earnings, enabling individuals to enter managerial and strategic roles.

These licenses can only be approved and administered by an employer. Alternatively, financial advisors working independently can boost their salary prospects and credibility by pursuing additional licensing, as discussed in detail above.

Benefits of dual licensing

There are many tangible benefits to carrying multiple financial licenses, including:

• Expanded service options and variety, whether at a firm or as an independent consultant
• Better career prospects and long-term stability
• More opportunities to develop trusted relationships with clients
• Higher earning potential, both from commissions and sales, and from the possible growth of your client base
• More dynamic and exciting professional environments and development opportunities

For financial professionals who are interested in a wide range of roles and products, “stacking” licenses allows you to wear many hats at once.

Things to consider

While holding two or more major financial licenses has its major pros, here are some things to keep in mind:

1. Time commitment: Each additional license will require a separate number of hours devoted to exam preparation, fulfilling professional obligations, and other requirements. Time-intensive qualifications like the CFA require significant effort over years, while other certifications can be achieved within a few months, so plan accordingly.
2. Cost: With certification costs ranging from a few hundred to a few hundred dollars, financial advisors should consider the full weight of the up-front investment, especially early in their careers.
3. Career goals: Ask yourself, are you looking to provide a broad range of services, or be more narrow in your scope? In some cases, a single licensing track may best complement your aspirations.
4. Duties and responsibilities: Ultimately, your main duty is to your clients and what you think is in their best interest. Consider how different licenses may enhance or detract from the kinds of products and services you’re willing to provide.

Pursuing financial licenses is no small commitment, but it can be greatly rewarding with the right planning and strategy. When in doubt, consult professionals in the field for their recommendations: networking in the industry is another key to advancement.

Final takeaways

In finance, professional licenses are far more than just lines on a resume: they serve as important gateways to new opportunities and as trusted badges of credibility. The Series 7 license is among the most recognized credentials in financial services, often paired with state-specific qualifications, such as the Series 63, to ensure compliance with securities laws. However, financial professionals have a wide array of licensing options beyond the Series 7 and the state exams, enabling them to specialize in areas such as portfolio management, financial planning, and insurance sales while offering comprehensive advisory services. With the right mix of licenses, financial services representatives can strategically shape their careers, build strong reputations, and cultivate lasting client relationships as they pursue their individualized professional journeys.