Personal financial advisors who directly buy or sell stocks, bonds, insurance policies or specific investment advice need a combination of licenses that varies based upon the products they sell. In addition to those licenses, smaller firms that manage clients? investments must be registered with state regulators, and larger firms must be registered with the Securities and Exchange Commission. Personal financial advisors who choose to sell insurance need licenses issued by state boards. State licensing board information and requirements for registered investment advisors are available from the North American Securities Administrator Association.