Open Exam Prep

Open Exam Prep

By Ran Chen, EA, CFP®EducationCourses
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Open Exam Prep episodes

  • [Series 66] 22, Active Passive Growth and Value Strategies
    This podcast is made by Ran Chen, who holds an EA license, Insurance and Securities licenses (Series 6, 63, 65), and the CFP® designation. He is passionate about opening access to high-quality exam preparation resources and helping learners prepare more effectively for professional certification exams.
    In this episode you will learn:
    - Distinctions between active management aiming for index outperform and passive management tracking benchmark indices
    - Key financial tradeoffs regarding portfolio turnover, transaction costs, management fees, and tax efficiency
    - Characteristics of growth equity strategies, including high price-to-earnings ratios and earnings retention
    - Characteristics of value equity strategies, including low price-to-earnings ratios and higher dividend yields
    - Exam application strategies and fiduciary duties under state and federal securities laws
    This independent study resource helps candidates master portfolio management strategies for the Series 66 exam. For interactive practice and updates, visit https://open-exam-prep.com/practice/series66 and https://www.youtube.com/@Open-exam-prep .
    Sources checked: September 14, 2026:
    - https://www.nasaa.org/wp-content/uploads/2023/02/Series-66-Outline-June-2023.pdf
    - https://www.finra.org/registration-exams-ce/qualification-exams/series66
    5 min
  • [Series 66] 21, Diversification Correlation and Rebalancing
    This podcast is made by Ran Chen, who holds an EA license, Insurance and Securities licenses (Series 6, 63, 65), and the CFP® designation. He is passionate about opening access to high-quality exam preparation resources and helping learners prepare more effectively for professional certification exams.
    In this episode you will learn:
    - How diversification reduces unsystematic risk without eliminating market risk.
    - How correlation coefficients range from -1.0 to +1.0 and affect risk reduction.
    - Why any correlation coefficient below +1.0 provides diversification benefits.
    - How calendar and corridor rebalancing strategies restore target asset allocation.
    - How investment adviser representatives evaluate overall portfolio risk under fiduciary standards.
    OpenExamPrep provides independent study tools for the Series 66 exam. Practice questions and study guides are available at https://open-exam-prep.com/practice/series66 and video resources at https://www.youtube.com/@Open-exam-prep .
    Sources checked: September 14, 2026
    https://www.nasaa.org/wp-content/uploads/2023/02/Series-66-Outline-June-2023.pdf
    https://www.finra.org/registration-exams-ce/qualification-exams/series66
    5 min
  • [Series 66] 20, Strategic vs Tactical Asset Allocation
    This podcast is made by Ran Chen, who holds an EA license, Insurance and Securities licenses (Series 6, 63, 65), and the CFP® designation. He is passionate about opening access to high-quality exam preparation resources and helping learners prepare more effectively for professional certification exams.
    In this episode you will learn:
    • The core framework of strategic asset allocation as a long-term passive baseline strategy.
    • How tactical asset allocation operates as an active short-term portfolio overlay.
    • Why strategic rebalancing differs from tactical market timing and sector rotation.
    • How an investment adviser representative applies discretionary authority during asset shifts.
    • A simple decision rule to easily classify portfolio management strategies on the exam.
    This independent study resource is designed for candidates preparing for the Series 66 examination. Access additional preparation materials at https://open-exam-prep.com/practice/series66 and watch video tutorials on https://www.youtube.com/@Open-exam-prep .
    Sources checked: September 14, 2026
    - https://www.nasaa.org/wp-content/uploads/2023/02/Series-66-Outline-June-2023.pdf
    - https://www.nasaa.org/exams/general-exam-information/series-66-exam-content-outline/
    5 min
  • [Series 66] 19, Time Horizons Liquidity and Life Events
    This podcast is made by Ran Chen, who holds an EA license, Insurance and Securities licenses (Series 6, 63, 65), and the CFP® designation. He is passionate about opening access to high-quality exam preparation resources and helping learners prepare more effectively for professional certification exams.
    In this episode you will learn:
    • How time horizons differ between a client's overall life stage and specific goal-based capital allocations.
    • The definition of liquidity and why illiquid investments are unsuitable for short-term liabilities.
    • Key life events that require an investment adviser representative to update a client investment profile.
    • Why recommending equity investments for short-term capital needs is a frequent exam trap.
    • A simple decision rule for matching liquidity needs to timeframe constraints under fiduciary standards.
    This podcast is an independent study resource for Series 66 exam preparation. For additional practice tools and video content, visit https://open-exam-prep.com/practice/series66 and https://www.youtube.com/@Open-exam-prep .
    Sources checked: September 14, 2026
    • https://www.nasaa.org/wp-content/uploads/2023/02/Series-66-Outline-June-2023.pdf
    • https://www.finra.org/registration-exams-ce/qualification-exams/series66
    4 min
  • [Series 66] 18, Risk Tolerance vs Risk Capacity
    This podcast is made by Ran Chen, who holds an EA license, Insurance and Securities licenses (Series 6, 63, 65), and the CFP® designation. He is passionate about opening access to high-quality exam preparation resources and helping learners prepare more effectively for professional certification exams.
    In this episode you will learn:
    * The fundamental psychological definition of risk tolerance and how it reflects client comfort with market volatility.
    * The quantitative definition of risk capacity and how it is measured through concrete financial metrics.
    * Why financial risk capacity acts as the absolute upper ceiling for investment recommendations.
    * How to avoid exam traps involving client written waivers or explicit requests for speculative risks.
    * A simple decision rule to distinguish psychological feelings from financial limits on exam day.
    Prepare for your exam independently with our comprehensive practice tools at https://open-exam-prep.com/practice/series66 and watch video tutorials at https://www.youtube.com/@Open-exam-prep .
    Sources checked: September 14, 2026
    https://www.nasaa.org/wp-content/uploads/2023/02/Series-66-Outline-June-2023.pdf
    https://www.nasaa.org/exams/general-exam-information/series-66-exam-content-outline/
    5 min
  • [Series 66] 17, Building a Client Investment Profile
    This podcast is made by Ran Chen, who holds an EA license, Insurance and Securities licenses (Series 6, 63, 65), and the CFP® designation. He is passionate about opening access to high-quality exam preparation resources and helping learners prepare more effectively for professional certification exams.
    In this episode you will learn:
    * How to collect both financial and non-financial data when building a client profile for the Series 66 exam.
    * The regulatory distinctions between federal law, Uniform Securities Act rules, and firm policy regarding client recommendations.
    * Why immediate high-interest liabilities and client ethical restrictions must take priority over generic asset allocation strategies.
    * How the definitions and fiduciary duties of investment advisers and investment adviser representatives differ from broker-dealers and agents.
    * A simple decision rule, FACTS, to evaluate client profile intake before rendering investment advice.
    This episode provides independent preparation for the Series 66 exam. For practice questions and study tools, visit https://open-exam-prep.com/practice/series66 and subscribe to https://www.youtube.com/@Open-exam-prep .
    Sources checked: September 14, 2026
    * https://www.nasaa.org/wp-content/uploads/2023/02/Series-66-Outline-June-2023.pdf
    * https://www.nasaa.org/exams/general-exam-information/series-66-exam-content-outline/
    5 min
  • [Series 66] 16, Individuals Businesses Trusts and Estates
    This podcast is made by Ran Chen, who holds an EA license, Insurance and Securities licenses (Series 6, 63, 65), and the CFP® designation. He is passionate about opening access to high-quality exam preparation resources and helping learners prepare more effectively for professional certification exams.
    In this episode you will learn:
    - Key tax and liability distinctions among sole proprietorships, partnerships, LLCs, C corporations, and S corporations.
    - Restrictions governing S corporations, including the maximum shareholder limit and single class of stock requirement.
    - Differences between revocable and irrevocable trusts regarding grantor control and estate inclusion.
    - Characteristics distinguishing simple trusts from complex trusts on the Series 66 exam.
    - Essential fiduciary rules for verifying legal authority when opening and managing trust and estate accounts.
    This independent study resource is designed for candidates preparing for the Series 66 exam. Practice more questions at https://open-exam-prep.com/practice/series66 and watch video tutorials at https://www.youtube.com/@Open-exam-prep .
    Sources checked: September 14, 2026
    - https://www.nasaa.org/wp-content/uploads/2023/02/Series-66-Outline-June-2023.pdf
    - https://www.nasaa.org/exams/general-exam-information/series-66-exam-content-outline/
    5 min
  • [Series 66] 15, Options Structured Products and Digital Assets
    This podcast is made by Ran Chen, who holds an EA license, Insurance and Securities licenses (Series 6, 63, 65), and the CFP® designation. He is passionate about opening access to high-quality exam preparation resources and helping learners prepare more effectively for professional certification exams.
    In this episode you will learn:
    * How options contracts function as derivative securities for hedging and income strategies on the Series 66 exam
    * The structural mechanics of structured products combining fixed-income instruments with derivative payoff features
    * Key risk factors of principal-protected notes including issuer credit risk, illiquidity, and capped returns
    * How regulatory standards and the Howey test evaluate digital assets as potential securities under federal and state law
    * A clear decision rule to evaluate structured product risk and avoid common exam traps
    This independent educational episode provides Series 66 exam preparation and is not affiliated with or endorsed by NASAA or FINRA. For interactive practice questions and study tools, visit https://open-exam-prep.com/practice/series66 and subscribe to our YouTube channel at https://www.youtube.com/@Open-exam-prep .
    Sources checked: September 14, 2026
    * https://www.nasaa.org/wp-content/uploads/2023/02/Series-66-Outline-June-2023.pdf
    * https://www.finra.org/registration-exams-ce/qualification-exams/series66
    5 min
  • [Series 66] 14, Annuities and Life Insurance Tradeoffs
    This podcast is made by Ran Chen, who holds an EA license, Insurance and Securities licenses (Series 6, 63, 65), and the CFP® designation. He is passionate about opening access to high-quality exam preparation resources and helping learners prepare more effectively for professional certification exams.
    In this episode you will learn:
    • Differences between fixed, variable, whole, universal, and term insurance contracts.
    • Longevity risk vs premature death protection decision framework.
    • Taxation of non-qualified annuity distributions under LIFO rules.
    • Federal tax guidelines for Section 1035 tax-free insurance exchanges.
    • NASAA model rules regarding suitability and variable product recommendations.
    For independent exam preparation resources, visit https://open-exam-prep.com/practice/series66 and https://www.youtube.com/@Open-exam-prep .
    Sources checked: September 14, 2026
    https://www.nasaa.org/wp-content/uploads/2023/02/Series-66-Outline-June-2023.pdf
    https://www.finra.org/registration-exams-ce/qualification-exams/series66
    5 min
  • [Series 66] 13, REITs Private Funds and Liquidity
    This podcast is made by Ran Chen, who holds an EA license, Insurance and Securities licenses (Series 6, 63, 65), and the CFP® designation. He is passionate about opening access to high-quality exam preparation resources and helping learners prepare more effectively for professional certification exams.
    In this episode you will learn:
    • How REITs qualify for pass-through tax treatment under federal law by meeting asset, income, and distribution requirements.
    • Why REITs pass through income and dividends but never pass through tax losses to individual shareholders.
    • Key differences in liquidity risk across exchange-traded, non-traded, and private REITs.
    • Investment Company Act of 1940 private fund exclusions under Section 3(c)(1) and Section 3(c)(7).
    • Fiduciary suitability obligations for investment adviser representatives evaluating client liquidity needs.
    Prepare for the Series 66 exam with independent study resources. Test your knowledge with free practice questions at https://open-exam-prep.com/practice/series66 and watch detailed video lessons at https://www.youtube.com/@Open-exam-prep .
    Sources checked: September 14, 2026
    https://www.nasaa.org/wp-content/uploads/2023/02/Series-66-Outline-June-2023.pdf
    https://www.finra.org/registration-exams-ce/qualification-exams/series66
    5 min

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