Private Bankers

Certification or Licensing

Many organizations offer certification to private bankers, including:

• American Bankers Association: certified trust and fiduciary advisor and other credentials
• American College of Financial Services: chartered financial consultant
• Association for Financial Counseling and Planning Education: accredited financial counselor
• Association of International Wealth Management: associate wealth manager, certified international wealth manager
• Certified Financial Planner Board of Standards: certified financial planner
• CFA Institute: chartered financial analyst
• Fi360: accredited investment fiduciary, accredited investment fiduciary analyst, professional plan consultant
• Institute of Business and Finance: certified fund specialist, certified annuity specialist, certified estate and trust specialist, certified income specialist, certified tax specialist
• Investments & Wealth Institute: certified investment management analyst, certified private wealth advisor, retirement management advisor

Private bankers must obtain their Series 7 and Series 63, 65, or 66 credentials from the Financial Industry Regulatory Authority, the self-regulatory arm of the investment industry. The Series 7, or General Securities Representative certification, allows you to buy or sell, or solicit the purchase or sale, of all securities products, including corporate securities, municipal securities, municipal fund securities, options, direct participation programs, investment company products, and variable contracts. The Series 63 registration requires knowledge of state securities laws and allows you to be a securities agent. Other firms may require the Series 66 (which covers the same ground as a Series 63, but also certifies you to act as a registered investment adviser) and the Series 65 (which certifies you to act as an investment adviser representative). Private bankers who deal with variable annuities, life insurance, and related products may need to be licensed by state insurance boards.

Other Requirements

Most employers require private bankers to pass a background check.