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Series 66: Uniform Combined State Law Examination


What is the Series 66?

The Series 66, officially known as the Uniform Combined State Law Examination, is a professional licensing exam administered by the Financial Industry Regulatory Authority (FINRA) and developed by the North American Securities Administrators Association (NASAA). It qualifies individuals to act as Investment Adviser Representatives (IARs) and securities agents, enabling them to provide investment advice and sell securities under state regulations.
The Series 66 combines elements of the Series 63 (state securities laws) and Series 65 (investment adviser regulations), making it a critical credential for financial professionals like Matt McDonald who work with clients, including federal employees, on retirement and investment planning.


Why the Series 66 Matters

The Series 66 designation ensures that a financial professional is well-versed in:

  • State Securities Regulations: Compliance with the Uniform Securities Act and state-specific "blue sky" laws.
  • Investment Adviser Responsibilities: Ethical and legal obligations when providing financial advice.
  • Client Investment Strategies: Knowledge of securities, portfolio management, and retirement planning tools, such as the Thrift Savings Plan (TSP) for federal employees.
  • Client Protection: Understanding fiduciary duties, disclosure requirements, and ethical practices to prioritize clients’ interests.

This credential is essential for advisors who, like Matt McDonald, serve as Investment Adviser Representatives with firms such as Cetera Advisors LLC, ensuring they meet both federal and state regulatory standards.


Requirements and Rigor

To earn the Series 66 license, candidates must:

  • Pass the Exam: The Series 66 exam consists of 100 scored multiple-choice questions, covering topics like economic factors, investment vehicles, client recommendations, and regulatory compliance. A passing score is 73% (73/100 correct answers), and candidates have 150 minutes to complete it.
  • Meet Prerequisites: Candidates must also pass the Series 7 exam (or equivalent) as a co-requisite, ensuring a strong foundation in securities knowledge.
  • Maintain Compliance: License holders must adhere to ongoing regulatory requirements, including continuing education and ethical standards enforced by FINRA and state regulators.


Why Choose a Series 66-Licensed Advisor?

For federal employees planning their retirement, a Series 66-licensed professional like Matt McDonald offers:

  • Expertise in Regulatory Compliance: Ensuring advice aligns with state and federal laws.
  • Tailored Investment Guidance: Strategies that optimize accounts like the TSP, IRAs, or other retirement vehicles while considering tax implications.
  • Ethical Standards: A commitment to acting in your best interest, backed by rigorous regulatory oversight.

The Series 66 complements other credentials, such as Chartered Federal Employee Benefits Consultant (ChFEBC) and Chartered Retirement Planning Counselor (CRPC), making Matt a highly qualified partner for navigating FERS, CSRS, and other federal benefits.


Trust in Your Financial Future

With a Series 66 license, Matt McDonald brings regulatory expertise and a client-first approach to your retirement planning. Contact Matt today to build a secure, personalized financial plan that aligns with your goals.