Minnesota Financial Planning Newsroom

Financial Planner - Investment Adviser - Securities Agent

Financial Planner
BEWARE!! Anyone can call themselves a Financial Planner. Minnesota currently does not license or regulate Financial Planners. However, if a Financial Planner provides specific investment recommendations for a fee, they may be required to be registered by the Department of Commerce as an Investment Adviser. Financial Planners may also be licensed as securities and/or insurance agents. Financial Planners generally coordinate and monitor your investment concerns and they may work with specialists in various fields.

Investment Adviser
An Investment Adviser makes specific investment recommendations based on your needs and circumstances. They may simply give you advice that you can implement on your own or they may hold your funds in an account managed by the adviser. The Investment Adviser is paid a fee for the service they provide or may charge a percentage of the market value of the securities in your portfolio. Investment Advisers are federally licensed by the Securities and Exchange Commission. In addition, the Minnesota Department of Commerce approves licenses for Investment Advisers for business conducted in the state.

Securities Agent
A Securities Agent represents a securities broker/dealer. They make recommendations and sell various securities for which they are paid a commission. You do not "hire" a Securities Agent. The agent is required to make suitable recommendations based on your objectives and needs. The final responsibility for any securities purchase remains with the consumer. The exception is if the client gives written authority to the agent to manage their account. Securities Agents and Broker/Dealers are licensed by the National Association of Securities Dealers and licenses are approved by the Minnesota Department of Commerce.

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