How Attorneys Can Get Their Financial Licenses

In our recent March to a Million podcast episode, we delved into the crucial steps attorneys need to take to get licensed to integrate financial services into their practice. If you missed the episode, be sure to give it a listen. We will break down the key points discussed, focusing on the licensing process for financial and insurance services.

Starting with Financial Securities Licenses

The journey begins with understanding the different types of financial securities licenses available. For many attorneys looking to add financial services to their practice, the appeal lies in the recurring revenue stream. As Matt and I discussed, this provides a sense of security by ensuring that you don’t start each year at zero, searching for the first dollar of revenue.

The financial licenses can be confusing with all the Series 6, 7, 63, 65, etc. designations. Here’s a simplified breakdown of the more pertinent licenses:

• Series 6: Allows you to sell mutual funds for a commission.

• Series 7: Enables you to sell stocks, bonds, and other securities for a commission.

• Series 65: Authorizes you to provide investment advice for a fee, acting as a fiduciary.

For attorneys, the Series 65 is particularly relevant as it aligns with the fiduciary standard and simplifies the process. Unlike the Series 6 and 7, which focus on commission-based sales, the Series 65 authorizes you to offer advice and manage investments on a fee basis.

The Path to Getting Licensed

The process of obtaining these licenses involves some study and examination. Typically, this includes purchasing study materials, often available online, and taking the exam at a local testing center. The Series 65 exam, while comprehensive, is manageable with focused study and is significantly less daunting than the bar exam.

For example, when I transitioned into financial services, I found the Series 65 to be a natural fit. As an attorney, your analytical skills and ability to process complex information will serve you well here. Many of our members at the Wealth Solutions Network (WSN) have successfully navigated this process, often with a few weeks of dedicated preparation.

Getting Your Life Insurance License

Next, let's discuss the life insurance license (life and health in many states), another critical component for those looking to provide comprehensive financial solutions. This license is state-specific but generally involves a straightforward process:

1. Online Study: Most people use providers like Kaplan for their study materials.

2. Examination: Schedule and pass the state exam.

3. Fingerprinting and Background Check: Ensure you meet the ethical standards required to sell insurance products.

The life insurance exam is considered easier compared to the financial securities exams. It’s designed to ensure that you understand the basics of life, health, and annuity products and not advanced application of concepts. 

Partnering for Success

Once licensed, the next step is to find the right partners to access financial products and solutions. For investment products, custodians like Fidelity or Schwab provide the necessary infrastructure. They handle the assets, allowing you to focus on client relationships and strategic advice.

In the insurance world, working with an FMO (Field Marketing Organization) can be invaluable. These organizations provide access to a range of insurance products and offer support for marketing, case design, and more. They help you navigate the complexities of different insurance solutions, ensuring that you can offer the best products to your clients.

 

The Wealth Solutions Network Advantage

At WSN, we simplify this entire process. By joining WSN, you gain access to a network that supports you through every step—from licensing to providing the best financial and insurance solutions to your clients. We handle the heavy lifting, allowing you to focus on building and maintaining strong client relationships.

Our licensed members benefit from our established relationships with top-tier financial and insurance providers, ensuring you have the tools and support needed to succeed. Whether it's through our strategic partnerships, mentoring, or our comprehensive training programs, WSN is designed to help you integrate financial services seamlessly into your practice.

Final Thoughts

Integrating financial services into your law practice doesn’t have to be daunting. By taking a structured approach to licensing and partnering with the right organizations, you can significantly enhance the value you provide to your clients.

Most licensed members of WSN start with the life insurance license first as it the easier of the two and has more immediate impact to their bottom line.  With both tests it is important to understand that they are general proficiency tests, not advanced application. 

Remember, every step you take towards this integration brings you closer to positively impacting more lives and achieving your goals. If you’re ready to take the next step, reach out to us at WSN. We’re here to support you on your journey.

Don’t forget to listen to the full podcast episode for a deeper dive into the licensing process.