Reply #40: The next time you talk to that Edward Jones broker, ask him what licenses he holds. [View All]

[A HERETIC I AM]

He is going to tell you he has either a Series 6 or 7 and a Series 63, 65 or 66. He may also tell you he has a Series 24.


For definitions of these, you can look them up on www.investopedia.com

Series 7 means he is fully licensed to sell Stocks, Bonds, Options, Mutual Funds, Annuities, etc. The only investment excluded from the 7 are Futures and Commodities. For that he would need a Series 3.

Series 6 means he can not sell Stocks, Bonds or Options but can sell Mutual Funds, Insurance and Annuities

Series 63, 65 & 66 differ to the extent of where he can do business, (His own state or others also) and what he can legally call himself. (Registered Investment Advisor, a Broker/Securities Agent or both. Series 66 incorporates both 63 & 65)

Series 24 means he can act as a Branch Manager and supervise other license holders.

If he has a 24, but only a 6 and a 63, you need to find a new guy.

If he has a 7 and refuses to sell you individual stocks, you need to find a new guy.


Edited for punctuation and spelling