How should I work towards owning an RIA firm?

I am an Active Duty service member that has a desire to begin financial counseling and asset management. The width and depth of articles I have read have ultimately led me in circles as to what is absolutely needed. As I do not plan on leaving active duty, this would be something I pursue at a slow pace, over time, ideally allowing me to retire from the military already managing $2-3 million in assets. I have began my series 65 preparation and am also studying for the CRPC designation. I only have interest in doing this on a fee basis.

Once registered as an RIA, with my own business, am I able to take assets under management? What can I do with those assets if I do not posses the series 6 or 7 licenses?

Career / Compensation, Military / Veterans
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September 2017
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You can begin managing money even before you are registered as long as you don't take on more than fifteen clients.  You do not need a Series 6 or 7 in order to manage assets; passing the Series 65 exam is sufficient.  You will have to register in the state where you live, and if you end up with six or more clients in another state then you will have to eventually register there also.

You should immediately begin contacting potential clients and having them refer people to you.  It will probably be slow at first, but eventually you should be able to build up a book of business.

The most important thing is to develop a solid reputation.

September 2017
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