An investment adviser representative, as defined in Iowa Code section 502.102, is an individual employed by or associated with an investment adviser or federal covered investment adviser and who makes any recommendations or otherwise gives investment advice regarding securities, manages accounts or portfolios of clients, determines which recommendation or advice regarding securities should be given, provides investment advice or holds oneself out as providing investment advice, receives compensation to solicit, offer, or negotiate for the sale of or for selling investment advice, or supervises employees who perform these tasks.
Every individual seeking to be registered as an investment adviser representative must meet the minimum qualification requirement. The primary way to meet this qualification is passage of the new Series 65 exam (or the Series 7 and Series 66 exams) through Financial Industry Regulatory Authority (FINRA). An individual applying to be an investment adviser representative in Iowa may be exempt from the examination requirements under certain circumstances that are provided in Iowa Administrative Code rule 191-50.33.
An investment adviser representative must renew annually and submit any required amendments through the Investment Adviser Registration Depository (IARD). Any application for withdrawal of registration as an investment adviser representative shall be completed on Form U-5 through the Investment Adviser Registration Depository (IARD).
FINRA’s website for industry professionals discusses many issues such as registration and qualifications; rules and guidance; education and training; FINRA’s oversight; and regulatory filing and reporting.
You may review information about your employment history, certifications, and licenses—as well as regulatory actions, violations or complaints – through the search tool at FINRA’s BrokerCheck.