Glossary
Series 65
The Series 65 is the Uniform Investment Adviser Law Examination, the exam individuals generally must pass (unless waived by certain credentials) to become licensed as investment adviser representatives — the people legally permitted to give investment advice for compensation.
Administered through NASAA and state regulators, it covers securities law, ethics and fiduciary obligations, economics, and investment vehicles. Unlike the Series 7, it involves no product-sales licensing and requires no firm sponsorship; states typically waive it for holders of designations such as the CFP or CFA.
Why it matters in practice
The license someone holds reveals their legal role: a Series 65 alone means adviser (fiduciary duty); a Series 7 means broker (sales, suitability/best-interest standard); both together usually means a dually registered rep whose hat can change mid-conversation. Any individual's licenses and history are checkable free at adviserinfo.sec.gov.
In California
California requires investment adviser representatives of DFPI-registered firms to meet this qualification, and the state applies it broadly — including, in many cases, to owners and officers who give advice.
Related terms: Registered Investment Adviser (RIA) · Fiduciary · Suitability · CFP (Certified Financial Planner) · Form ADV