Yes, it's a contradiction. Once you work for one of the big banks (or any large advisory firm), you'll be essentially following their model. California requires the Series 65 exam to manage funds as an investment advisor representative, regardless of the number of clients. So even if you have ONE client and collect fees, you must have a Series 65. The good thing about the 65 is you do not require a sponsoring broker. You can fill out the U10 form (as opposed to the U4), pay the fees, and take the exam. The downside is you are starting from scratch building your book of business, however you will have the freedom to offer an advisory business to focus on managing assets for other people. Here is what you are going to find in California if you choose the route of applying with a large firm: Even after you get the 65, they will eventually want you to have the 7/66 and insurance license (Series 6). If you only want to trade/invest OPM, then you can surely do that with the 65 and set up your own shop. The hardest part is not the passing of the exam, it's getting others to trust YOU with THEIR money. Hope that helps.