You have to be licenced to trade stocks as well. As you know.
There are basically three levels of registration.
With the MFDA you can sell mutual funds only. The CSC and CPH allow you to start doing that. (I would never start with any other course as it limits your options.)
The second level is under IIROC and there are many different levels of what you can do. Again, it starts with the CSC and CPH. You can trade stocks, mutual funds and other vehicles. There are also specializations for options as you progress. You can also be a discretionary manager with a specific IIROC designation. Discretionary means you don't need to ask the client for permission before entering a trade. You can use your own discretion if it is suitable for the client. The vast majority of IIROC registrants are not discretionary.
The third level of registration is as a portfolio manager under the ASC. This requires a CFA designation which is horribly difficult to obtain.
You can simply trade stocks for people as an order taker. You would likely be at an iiroc firm and not have suitability obligations. This is another special category or registration.
This would be a discount broker. Any other purchases for a client would have to take into account their risk tolerance, investment objectives and the know your client information. You would have to take into account their entire situation to determine if the trade is suitable for them. There is little distinction between this and "managing money" for people. The level of service is variable with every advisor but they are all "managing money" for people. As you progress and gather certifications the services you are able to competently offer grow. This would be where Slava and Moneyguy are now. You can get into the industry without and credentials and then work on them as you work. The more credentials you have, the higher you start.
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