Legal Question in Securities Law in California

Re: independent stock research service

I would say if you're really only doing research on historical facts, you don't need any special professional license, just the usual local business license. However, there can be a fine or fuzzy line between offering research results and expressing an opinion or offering advice. You should consider studying for and taking an investment advisor's license exam for three reasons. You'll learn something useful to your basic occupation, you'll probably gain respect and therefore a higher billing rate among your clients, and you'll be protected if your activity is ever challenged as stepping over into a licensed area.