Investment adviser licence and exam map

Who this helps

• - Investment adviser candidates
• - RIA founders
• - Wealth advisers
• - Advisory platforms
• - Research-led advice teams

Typical job titles

• - Investment adviser
• - Investment adviser representative
• - Wealth adviser
• - Portfolio adviser
• - Financial adviser

Core question

Does the role provide investment recommendations, portfolio advice, financial product advice, or personalised guidance to clients or investors?

Activity triggers

• - Personalised recommendations about securities, funds, portfolios, or financial products.
• - Asset-based or advisory fees tied to investment advice.
• - Automated or platform recommendations based on client profile or portfolio.
• - Research, model portfolios, or education that turns into a recommendation workflow.
• - Solicitation, referral, or client-introduction compensation for advisory services.

Licence and registration map

• - US: check SEC/state adviser registration, IAR status, Form ADV, IAPD, and Series 65/66 context.
• - UK: check FCA advice permissions, retail-client qualification rules, SM&CR/certification, and financial promotions.
• - Australia: check AFSL personal financial advice, relevant provider, professional standards, adviser exam, and FAR.
• - Hong Kong: check Type 4 advising and possible Type 1, Type 9, or fund-marketing overlap.
• - Singapore: check CMS/financial adviser representative context and CMFAS module relevance.

Exam or competence checks

• - Series 65/66, FCA appropriate qualification, ASIC adviser exam, HKSI, or CMFAS evidence depends on the role and jurisdiction.
• - Exam evidence usually supports individual competence; it does not replace firm authorisation or appointment.
• - Check client type because retail, professional, accredited, wholesale, and institutional advice can change evidence and controls.

Application evidence

• - Advice workflow and client classification memo.
• - Suitability or advice rationale process.
• - Disclosure, conflicts, fee, and complaint controls.
• - Adviser competence, regulatory history, supervision, and availability evidence.
• - Form ADV, FCA, SFC, MAS, or AFSL route pack where relevant.

Register checks

• - IAPD for US adviser firms and representatives.
• - FCA register, ASIC FAR/professional registers, SFC register, and MAS FID for local checks.
• - Record firm status, permissions, conditions, individual status, disclosures, and source date.

Jurisdiction notes

Common mistakes

• - Using education or research labels while the client journey gives personalised advice.
• - Ignoring broker-dealer or dealing questions when transaction compensation appears.
• - Treating an individual exam as proof that the firm is authorised.

Disclaimer

Information on LicenseCompare is for general educational purposes only and does not constitute legal, regulatory, financial, tax, investment, or professional advice. Licensing requirements depend on facts and change over time. Always consult official regulator materials and qualified professional advisers.