What is iar in pension?

The Metro-ILA Individual Account Retirement Fund (I. Remuneration of senior executives shall consist of fixed salary, variable salary, pension and other customary benefits. (ix) " Member " means an employee who becomes a; member of the Employees' Pension Fund in' accordance with the provisions of this. Under EPS you will get pension based on the number of years in service and your last drawn salary. Under EPS you will get pension based on the number of years in service and your last drawn salary.

The IAR is the person that clients will actually be working with because they are employed by a firm that provides financial advice.

The individual IARs may have varied degrees of training in different fields of finance and investing, but firms generally require them to take continuing education courses throughout their career to maintain active status.

IARs are not the same thing as financial advisors.

In the case of a financial advisor, they may or may not be working for a firm that provides investing advice, and they provide assistance in many other areas aside from how to invest.

An IAR works at a registered investment advisory firm while acting as an agent of the client. They are regulated by FINRA or the SEC, depending on whether they work at a lien or an investment advisor.

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The responsibilities of an IAR fall into three categories: providing client service, compliance, and product expertise.

Client service is the most important responsibility and includes:

The IAR is required to observe the regulatory requirements. Some of these include:

Evaluating products is an important part of advising as well. The IAR must:

While there is no licensing requirement for IARs, there are a number of professional designations and certifications available for investment advisors.

Working towards one of these can be a good way to distinguish yourself from other IARs in the industry. These include:

While different firms may have their own criteria for hiring IARs, FINRA has registration requirements that must be met.

IARs need to meet the following qualifications:

It's also important to note that some states require those applying for licensing as an IAR to have six months experience as a registered employee with a financial services firm.

The IAR may be paid by the company that provides financial advice, rather than directly from clients.

This makes it important to have a Fiduciary Relationship with the advisor. Most firms will pay their employees on salary, though some also offer a bonus or commission for exceeding certain performance thresholds or special tasks.

Some of the most common IAR salary rates include:

There are several benefits to being an IAR, both personal and professional.

Some of the biggest personal benefits include making a difference in clients' lives, advancing your career, and gaining self-satisfaction.

This career also allows you to work independently with little supervision which can translate into greater job satisfaction and a high degree of professional autonomy.

IARs help people make informed financial decisions, not only for their future, but for the well-being of their family and loved ones.

The following information is intended to be a brief overview concerning the investment adviser industry. Topics include definitions, characteristics of an investment adviser, regulators, application process, licensing periods, record keeping requirements, custody of client funds or securities, disclosure requirements, conflicts of interest, and regulator audits. This discussion does not purport to cover all aspects of the industry or all regulator requirements. You are urged to obtain and review the federal or state laws and rules that may apply to your activities.

Investment Adviser and Investment Adviser Representative RegistrationInvestment advisers (“IA”) and investment adviser representatives (“IAR”) are persons who provide advice to others about investments for a fee and are required by most states to register or become licensed. Some states use the term “register” and others use the term “license.” For purposes of this Guide, the two have the same meaning.

Three essential elements that characterize an investment adviser are:

Advisers must register or become licensed with either state or federal securities regulators, based on the following:

State-registered Investment Advisers:

Federally covered advisers:

FilingsAn investment adviser and an investment adviser representative have a great deal of influence over the financial affairs of others – the clients. For that reason, state securities offices take an interest in how the investment adviser does its job. Every state, the District of Columbia and Puerto Rico has a registration or licensing requirement for investment advisers. State securities regulators may require:

Application for registration/licensing is made by:

A notice filing for a federal covered adviser is usually made by:

The SEC requires electronic filing via the Investment Adviser Registration Depository (IARD).

Licensing PeriodInvestment advisers and investment adviser representatives must renew their registration/license annually. In many states, the term is from January 1 to December 31 of a given year. However, some states have different renewal dates. Check with the state securities office in each state where you intend to do business. If an adviser becomes registered/licensed in the middle of a year, the fee is usually not prorated.

States send out a notice to renew a registration or license some time in advance of the end of the year. Check with each state for specific details. The renewal process for investment advisers will be handled via IARD.

RecordkeepingAn adviser is required generally to maintain and keep current the records listed below. Additional recordkeeping requirements may also be set by the home state of the adviser. It will be necessary to check with the home state regulator.

Records generally required of all state-registered investment advisers pursuant to individual state securities statutes and regulations:

Records required of advisers who have custody of client assets:

Records required of advisers that manage client assets:(These records generally are required to be maintained in an easily accessible place for a period of five years from the end of the fiscal year during which the last entry was made and, for the first two years, the records must be maintained in the adviser’s principal office.)

CustodyIf an adviser has direct or indirect access to client funds or securities, it is considered to have custody of client funds and is subject to additional scrutiny. State-registered investment advisers and applicants for state investment adviser registration should become familiar with the custody requirements in the state(s) in which they are registered or seeking registration.  States have either adopted the NASAA model custody rule or language similar to either the NASAA model custody rule or the SEC custody rule.  In September 2011, NASAA approved amendments to its custody model rule, aligning it closely to the SEC custody rule.  It is important to note that while there are two NASAA custody model rules (Model Rule 102(e)(1)-1 under the 1956 Uniform Securities Act and Model Rule USA 2002 411(f)-(1) under the 2002 Uniform Securities Act) the rules are identical: 1956 model custody rule, as amended  and 2002 model custody rule and known as the “NASAA model custody rule.”

As part of registration and audit/examination review, state securities regulators will require advisers to show how clients assets are handled by asking the following questions:

DisclosureThe most important duty of an investment adviser is the disclosure of all information relating to the relationship between an adviser and a client. Advisers have great leeway in tailoring their client services as long as clients know up-front about such things as:

The key document in making these disclosures is Part 2A of Form ADV, often referred to as the adviser’s brochure (note that FORM ADV Part 2A replaced FORM ADV Part II in 2011). This document should clearly spell out the details of the advisory relationship and other business interests of the adviser. This is the reference tool with which the client or potential client can compare advisory firms for cost of services and for compatibility with their needs. That is why investment advisory regulations require that Part 2A of Form ADV or the brochure be given to customers in advance or no later than the time of entering into a contract if rescission is permitted within a specifically allotted time. State securities regulators also require FORM ADV Part 2B filings (“the brochure supplement”) from individuals providing advice to customers.

Examiners will look for disclosure-related items not only in the disclosure document but in any material describing any facet of the adviser’s business that a client or potential client might see. This can include:

Fiduciary DutyThe anti-fraud provisions of the Investment Advisers Act of 1940, the NASAA Model Rule on Unethical Business Practices of Investment Advisers, Investment Adviser Representatives, and Federally Covered Advisers (NASAA Model Rule 102(a)(4)-1), and most state laws impose a duty on investment advisers to act as fiduciaries in dealings with their clients. Many states impose these requirements as part of their unethical business practices rules, or through other rules or case law. Fiduciary duty requires the adviser to hold the client’s interest above its own in all matters. Conflicts of interest should be avoided at all costs. However, there are some conflicts that will inevitably occur, such as a person being licensed as a securities agent of a broker-dealer as well as an adviser. In these instances, the adviser must take great pains to clearly and accurately describe those conflicts and how the adviser will maintain impartiality in its recommendations to clients. The SEC has said that an adviser has a duty to:

When examiners review advisory books and records, they will be on the lookout for undisclosed or misrepresented conflicts of interest and prohibited practices. Some are obvious and some not so obvious. Some examples of practices that advisers should avoid are: