As a registered rep, your pay starts modest and then follows the assets and clients you bring in. Junior reps start around $60,000 in base pay before commission. The median registered rep or advisor earns about $110,000 including commission and fees, and the top decile, established advisors with a large book of business, earns roughly $275,000.
The Series 7 is the general securities license that lets you sell a broad range of securities, and it's the way into a career as a financial advisor or registered representative.
How the pay works
Junior reps usually get a base salary plus a small commission or bonus. As you build a book, fee and commission income grows until it's most of your pay, which is why the ceiling is so high for advisors who build a big one.
Registered reps work in retail wealth management, at broker-dealers, at RIAs and in dually registered hybrid roles. Titles include Financial Advisor, Registered Representative, Investment Adviser Representative and Wealth Management Associate. It's client-facing work, advising on and selling securities and building relationships.
You typically start as a junior rep or advisor, build a book as a financial advisor, and then run one as an established advisor or team lead. Many advisors add the CFP mark to move into comprehensive planning, and some move to an RIA as an investment adviser representative.
Getting licensed
You need sponsorship from a FINRA member firm and a passing score on the exam, and the SIE is a co-requisite. There's no degree or experience requirement, so it's an accessible way into securities and wealth management. What Is the Series 7 covers the exam itself, and you can practice on FreeFellow's Series 7 bank for free, full solutions and all, so the only cost is the exam fee.
If you want a client-facing career in wealth management or brokerage and you're comfortable with pay that depends on commission and fees, the Series 7 is where you start. The Finance Credential ROI Map compares the path with other credentials.