Can financial planners sell stocks?
Not only can financial planners sell stocks, they are actually one of the best intermediaries to use in this regard. In the United States things are especially easy in this regard. There are a lot of unaccredited organizations posing as financial planners, but legally there are usually requirements for an organization promoting itself as such, and many of these requirements directly pertain to the selling of stocks. So the answer to this question, in a word, is yes.
There are many countries in which financial planning is completely unregulated. Even in those where it is regulated this can be an uncertain thing as the exact nature of financial planning is left somewhat nebulous and unrefined. Thankfully in the United States there has been legislation enacted that require financial planners to register as investment advisers, regardless of the exact service they offer. These new provisions require a planner within the organization to pass the series 66 Registered Investment Adviser Exam. This ensures that financial planners in this country specialize in stocks by default.
There are financial advisers who do not sell stocks at all but there are many who offer this option and usually these types offer bonds and mutual funds for you to invest in as well. Financial planners are allowed to sell a wide variety of banking and investment services. There are also those planners who usually handle the affairs of one wealthy individual and these are called relationship managers or private investors.
Remember that it is best to stick with planners who work for regulated financial service companies. They will have to meet the legal requirement listed above… and the industry has its own standard accreditation system that denotes the designation “Chartered Financial Planner” which involves completion of an extensive educational program and passing numerous tests. Anyone who does not fit the classifications listed could well be a fraud and following the guidelines listed above is the only way to be sure about the nature of who you are working with.
Even thought the industry is for the most part deregulated the recent legislation mandating that financial planners register as investment advisers to me has really helped define the lines in this industry. Selling stocks should be one of the main thing a financial planner does. If they do not offer this option, they are not legal.