Financial Counselor or Planner

Exam

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Education

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Experience

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Background check

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The business of "financial planning" means providing, or offering to provide, financial planning services or financial counseling or advice, on a group or individual basis. A person who, on advertisements, cards, signs, circulars, letterheads, or in any other manner, indicates that the person is a "financial planner," "financial counselor," "financial adviser," "investment counselor," "estate planner," "investment adviser," "financial consultant," or any other similar designation or title or combination thereof, is considered to be representing himself or herself to be engaged in the business of financial planning. Minnesota Department of Commerce Minnesota regulates Financial Planners if they provide investment recommendations or other related advisory services for a fee. They need to register as an Investment Adviser and persons providing the advisory services need to qualify as investment adviser representatives. See Minn. Stat. 80A.41(16), Minn. Rule 2876.5204, and Minn. Rule 2876.4120, See Resident Producers or Non-resident Producers. If Financial Planner is also offering insurance products they must be licensed as an Insurance Agent. None