Financial advisor screening questions: registrations, disclosures, book and portability
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Financial advisor screening questions should start with what the regulators publish: which registrations the candidate holds (SIE, Series 7, 63, 65 or 66), whether they are current or still inside the two-year window after leaving a firm, and what disclosures appear on BrokerCheck. Then test the book in numbers that hold up (assets, households, trailing 12-month revenue and its mix), find out how much of it can lawfully move, and listen to how they document a recommendation. The book is what gets a candidate hired; the registrations and disclosures are what get them approved.
This bank is for recruiters and branch or practice managers hiring client-facing advisors at broker-dealers, registered investment advisers (RIAs), hybrids and banks. It is a different seat from the analyst roles in financial analyst phone screen questions, and for insurance-only producers the insurance agent screening questions cover the state producer license.
Which advisor seat are you filling?
| Seat | Registrations usually needed | What to screen hardest |
|---|---|---|
| Broker-dealer registered representative | SIE and Series 7 through a FINRA member firm, Series 63 for state registration | Commission and fee mix, product shelf, supervision history, disclosures |
| Investment adviser representative (IAR) at an RIA | Series 65, or Series 66 with Series 7, registered in each state where required | Planning process, fee schedule, custodian, how assets are managed |
| Hybrid advisor | Series 7 and 66, or 7, 63 and 65 | Which accounts are brokerage and which advisory, and why |
| Bank or branch-based advisor | Securities registrations plus, often, an insurance license for annuities | Referral relationships with bankers, volume of new households |
| Associate advisor or paraplanner | Often SIE and studying for the rest; some firms sponsor exams after hire | Planning software, case prep, exam timetable |
The registration rules to know before the call
As of October 2026, from FINRA and NASAA (not legal advice):
- SIE: open to anyone 18 or older without firm sponsorship; a passing result is valid for four years (FINRA).
- Series 7: requires association with and sponsorship by a member firm, and both the Series 7 and the SIE to obtain the General Securities registration (FINRA).
- Series 63, 65 and 66: NASAA's state law exams. The 63 is for broker-dealer agents, the 65 for investment adviser representatives, and the 66 counts as both, but an IAR registering on the 66 must also hold a valid Series 7 (NASAA).
- Designation waivers: under the NASAA model rule, a current CFP, ChFC, CFA, PFS or CIMA can waive the Series 65 in states that adopt it. It waives nothing else.
- Lapse: a General Securities qualification lapses if the person is not re-registered within two years. FINRA's Maintaining Qualifications Program lets eligible people extend that to a maximum of five years by completing annual continuing education.
Look up the candidate on BrokerCheck and the SEC's Investment Adviser Public Disclosure site before the call, and on the CFP Board lookup if they claim the mark. Write down each registration, the date of the last Form U5 if they have left a firm, and every disclosure.
Knockout questions
| Question | What a strong answer sounds like | Red flag |
|---|---|---|
| 1. What is your CRD number, and which registrations are active today? | Gives the number and a list that matches BrokerCheck, including states. | Lists exams passed years ago as "my licenses" when the registrations terminated. |
| 2. When were you last registered with a firm, and are you enrolled in the Maintaining Qualifications Program? | A date, and either currently registered or inside the window, or enrolled in the program. | Out of the window and assumes they can simply re-register without retesting. |
| 3. BrokerCheck shows [disclosure]. Tell me what happened and how it was resolved. | A calm, factual account that matches the record, including the outcome and any amount paid. | Says it is "nothing" or "the firm's fault" and the account does not match what the record says. |
| 4. Our clients are in [states] and the role needs [Series 65 or 66]. Can you hold those registrations within [timeframe]? | Already holds them, or has a dated plan and knows whether a designation waives the 65. | Expects to advise clients before the registration is approved. |
Book and production questions
Advisors describe their books in different units, and some quote the branch or team total. Ask for each number separately and write it down exactly. Example numbers below are invented for illustration.
| Question | What a strong answer sounds like | Red flag |
|---|---|---|
| 5. How many households do you serve, and what are total assets? | "About 180 households, $210 million." Knows the custodian and the split between brokerage and advisory. | Only a team figure, with no idea of their own share. |
| 6. What was your trailing 12-month revenue, and how much was fee-based versus commission? | A number and a percentage, and what drove last year's commission revenue. | Large one-time annuity or insurance commissions presented as recurring. |
| 7. What share of revenue comes from your top 20 households? | A rough percentage and how long those clients have been with them. | Most revenue from one or two relationships, without saying so. |
| 8. Who on your current team does the planning, trading and service work? | Clear about what they do personally and what an assistant or partner handles. | Claims the whole team's book and every relationship as their own. |
| 9. How many new households did you add last year, and from where? | A number with sources: referrals, centers of influence, a niche, a bank branch. | No new households in several years, presented as "selective". |
Portability and agreements
What the advisor can bring depends on their agreements, not their confidence. Many firms use non-solicitation clauses, and some recruit under the industry's Protocol for Broker Recruiting, which limits what client information a departing advisor may take; not every firm is a signatory. Do not ask a candidate to bring client lists or statements, and route anything unclear to the hiring firm's counsel. The non-solicitation guide covers the recruiter's side of this risk.
| Question | What a strong answer sounds like | Red flag |
|---|---|---|
| 10. What agreements are you under: non-solicit, notice period, promissory notes or deferred compensation? | Lists them, knows the amounts outstanding on any forgivable loan, and offers to share the documents with counsel. | "I never signed anything," at a firm known for transition notes. |
| 11. If you moved, how would your clients find out, and what percentage do you realistically expect to follow? | Describes a lawful announcement process and gives a range with reasons (relationships, custodian, product availability). | Plans to download client data before resigning, or promises 100%. |
Practice and compliance questions
Since June 30, 2020, broker-dealers have had to comply with the SEC's Regulation Best Interest and Form CRS when making recommendations to retail customers. Advisors who work well under supervision describe the documentation without being prompted.
| Question | What a strong answer sounds like | Red flag |
|---|---|---|
| 12. Walk me through onboarding a new client, up to the first trade. | Discovery, risk profile, goals and time horizon, Form CRS and account paperwork, the plan or investment policy, then implementation. | Starts with the product they sell most. |
| 13. A client asks you to roll a 401(k) into an IRA with you. What do you consider and document? | Fees and services in both options, investment choices, the client's needs, and why the recommendation is in the client's interest. | "It's always better with me." |
| 14. A client wants to put 40% of their account in one speculative stock. What do you do? | Explains the concentration risk, documents the conversation, follows firm policy on unsolicited orders. | Does it to keep the client happy and writes nothing down. |
| 15. Tell me about a client complaint and how it was handled. | A specific account: escalated to compliance as required, what they changed afterward. | Handled it "privately" outside the firm's process. |
| 16. What planning and CRM software do you use every week? | Names the tools and what they produce for clients. | Cannot name the system that holds their own client notes. |
A 20-minute phone-screen flow
- Before the call: BrokerCheck, IAPD and the CFP lookup. Note every registration and disclosure.
- Minutes 0 to 3: the platform, compensation model, custodian, product shelf and support.
- Minutes 3 to 7: knockouts 1 to 4.
- Minutes 7 to 13: book questions 5 to 9. Write each figure exactly as said.
- Minutes 13 to 17: questions 10 and 11, then 12 or 13.
- Minutes 17 to 20: next steps: a meeting with the branch or practice leader, and a request for a production summary the candidate is allowed to share.
Scoring the screen
Pass or fail: registrations active or recoverable without retesting in the firm's timeline; disclosures explained consistently with the public record; no agreement that makes the move unworkable.
Scored 0 to 2 each (10 possible):
- Book stated in households, assets and revenue that agree with each other.
- Revenue quality: recurring share and concentration.
- Realistic, lawful portability plan.
- Documented, client-first recommendation process.
- New household growth.
Legal cautions
This section summarizes rules as of October 2026 and is not legal advice.
- Criminal history. FINRA's eligibility guidance treats any domestic felony conviction within ten years, and certain misdemeanors, as a statutory disqualification, and SEC Rule 17f-2 requires broker-dealers to fingerprint their employees, with limited exceptions. That makes the history relevant, but state and city fair chance laws still govern when the hiring firm may ask. Leave it to the Form U4 and the firm's process unless counsel says otherwise; see ban-the-box interview questions.
- Credit and finances. Disclosures such as bankruptcies may appear on BrokerCheck, but pulling a credit report is regulated separately and some states restrict it. Check credit check laws for employers first.
- Age. Do not ask age, retirement plans or "how long you plan to keep working". Ask about the firm's succession programs only if the candidate raises them.
- Everything else. The usual limits on national origin, religion, family and health questions apply; see illegal interview questions.
Questions people ask
How do I check a financial advisor's registrations and disclosures?
Search the advisor on FINRA BrokerCheck and on the SEC's Investment Adviser Public Disclosure site using their name or CRD number. Note current and past registrations, exams passed, employment history and any disclosures, then ask the candidate to walk you through each disclosure on the call.
How long do Series 7 and Series 66 qualifications last after an advisor leaves a firm?
FINRA says a General Securities Representative qualification lapses if the person is not re-registered within two years of last being registered. Eligible people who enroll in FINRA's Maintaining Qualifications Program and complete annual continuing education can extend that to a maximum of five years. A passing SIE result is valid for four years.
Does a CFP certification replace the Series 65?
In states that follow the NASAA model rule, a current CFP, ChFC, CFA, PFS or CIMA designation can waive the Series 65 exam for investment adviser representative registration. It does not waive the Series 7 or the Series 63, so check the rule in each state where the advisor will register.
Can I ask a financial advisor about criminal history?
Securities registration has its own rules: FINRA treats any domestic felony conviction within the past ten years, and certain misdemeanors, as a statutory disqualification. Many states and cities still limit when an employer may ask, so follow the job location's fair chance rules and rely on BrokerCheck, the Form U4 and the firm's background process rather than an early open-ended question.