Open Exam Prep

Open Exam Prep

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

  • Series 7 Exam Prep 3, Broker-Dealer Business and Customer Solicitation
    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 critical difference between correspondence, retail, and institutional communications based on the "25 retail investor" rule.
    - Why retail communications require pre-approval by a principal while correspondence and institutional communications do not.
    - The strict prohibition on projecting future investment performance in any client-facing material.
    - Key disclosure requirements for using testimonials in advertisements, a common exam trap.
    - How supervision rules apply to various marketing efforts like public seminars and product-specific ads.
    For more free exam prep tools, practice questions, and AI-powered explanations, visit https://open-exam-prep.com/ or YouTube Channel: https://www.youtube.com/@Open-exam-prep
    4 min
  • Series 7 Exam Prep 2, What a General Securities Representative Can Do
    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 Series 7, or General Securities Representative license, offers the broadest authority to solicit and sell most types of securities.
    - Permitted products include equities, corporate and municipal debt, options, variable contracts, and direct participation programs.
    - A key distinction tested on the exam is that Series 7 reps can sell individual stocks and options, whereas Series 6 reps cannot.
    - Exam questions often use scenarios to test whether a representative is acting within their registration's scope.
    - The Series 7 license does not grant the authority to sell commodities, futures, or life insurance, which require separate, distinct licenses.
    For more free exam prep tools, practice questions, and AI-powered explanations, visit https://open-exam-prep.com/ or YouTube Channel: https://www.youtube.com/@Open-exam-prep
    4 min
  • Series 7 Exam Prep 1, Exam Structure and Function Weighting
    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 Series 7 exam has 125 scored questions and 10 unscored pretest items, with a time limit of 3 hours and 45 minutes.
    - Function 3, covering recommendations and client communications, dominates the exam with 91 questions, making up 73% of your score.
    - How to structure your study plan to mirror the exam's heavy weighting on Function 3 concepts.
    - Exam questions are primarily scenario-based, testing your ability to apply product knowledge to specific client suitability profiles.
    - A common exam trap involves choosing a good investment that isn't the single most suitable option for the client described.
    For more free exam prep tools, practice questions, and AI-powered explanations, visit https://open-exam-prep.com/ or YouTube Channel: https://www.youtube.com/@Open-exam-prep
    4 min
  • [Series 65] 75, Anti-Money Laundering and Senior Protection
    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 difference between a Currency Transaction Report (CTR) for cash transactions over $10,000 and a Suspicious Activity Report (SAR) for suspicious activity of $5,000 or more.
    - The absolute prohibition against "tipping off" a client that a SAR has been filed on their account.
    - The definition of a "specified adult" as someone over 65, or over 18 with a reasonably believed impairment.
    - That firms must make a reasonable effort to obtain a trusted contact person, but clients are not required to provide one.
    - The rules for placing a temporary hold on disbursements for suspected senior exploitation: an initial 15 business days, with a potential 10-business-day extension if reported to authorities.
    For more free exam prep tools, practice questions, and AI-powered explanations, visit https://open-exam-prep.com/ or YouTube Channel: https://www.youtube.com/@Open-exam-prep
    4 min
  • [Series 65] 74, Insider Trading and Market Manipulation
    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:
    - What constitutes material nonpublic information and how it's tested on the exam.
    - The specific requirements for establishing tipper-tippee liability, including the 'personal benefit' test.
    - How firms use 'Chinese Walls' as a procedural safeguard to prevent the misuse of inside information.
    - Key market manipulation tactics like wash trades, marking the close, and pump and dump schemes.
    - The severe civil and criminal penalties for insider trading, including treble damages and imprisonment.
    For more free exam prep tools, practice questions, and AI-powered explanations, visit https://open-exam-prep.com/ or YouTube Channel: https://www.youtube.com/@Open-exam-prep
    5 min
  • [Series 65] 73, Fiduciary Duty and Prohibited Practices
    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 two primary components of fiduciary duty for an investment adviser are the duty of care and the duty of loyalty.
    - The duty of care includes providing suitable advice, seeking best execution, and ongoing monitoring.
    - The duty of loyalty requires advisers to place client interests ahead of their own and to disclose or eliminate conflicts of interest.
    - Prohibited practices like front-running, churning, and commingling are strictly forbidden and frequently tested.
    - Full and fair disclosure of all material facts and conflicts of interest is a cornerstone of an adviser's fiduciary obligation.
    For more free exam prep tools, practice questions, and AI-powered explanations, visit https://open-exam-prep.com/ or YouTube Channel: https://www.youtube.com/@Open-exam-prep
    5 min
  • [Series 65] 72, Advisory Contracts and Client Agreements
    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:
    - Advisory contracts must be in writing and detail the services, term, fee formula, and any discretionary authority.
    - A change in the majority ownership of an advisory firm is considered an "assignment" and requires client consent.
    - Performance-based fees are prohibited unless the client is a "qualified client" with at least $1.1 million AUM or a $2.2 million net worth.
    - Contracts cannot contain "hedge clauses" that require a client to waive their legal rights.
    - Upon termination, clients are entitled to a pro-rata refund of any prepaid, unearned advisory fees.
    For more free exam prep tools, practice questions, and AI-powered explanations, visit https://open-exam-prep.com/ or YouTube Channel: https://www.youtube.com/@Open-exam-prep
    3 min
  • [Series 65] 71, Advertising and Marketing Rules for IAs
    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 SEC Marketing Rule now allows testimonials and endorsements, but requires clear disclosures about compensation and client status.
    - Performance advertising must show net returns with equal prominence whenever gross returns are displayed to provide a fair and balanced view.
    - Investment advisers are strictly prohibited from claiming they are "approved" by the SEC or from guaranteeing investment results.
    - All social media communications, including posts, shares, and likes, are considered advertising and must comply with the rule's requirements.
    - Advisers cannot use "cherry-picked" past recommendations; performance data must be presented for standardized time periods.
    For more free exam prep tools, practice questions, and AI-powered explanations, visit https://open-exam-prep.com/ or YouTube Channel: https://www.youtube.com/@Open-exam-prep
    3 min
  • [Series 65] 70, Exempt Securities and Exempt Transactions
    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:
    - To distinguish between exempt securities (based on what they are) and exempt transactions (based on how they are sold).
    - That securities issued directly by a bank are exempt, while those issued by a bank holding company are not.
    - Why variable annuities are considered non-exempt securities that must be registered, unlike fixed insurance products.
    - The specific state rules for a private placement: offers to no more than 10 non-institutional investors in a 12-month period.
    - The critical rule that no security or transaction is ever exempt from the anti-fraud provisions of the Uniform Securities Act.
    For more free exam prep tools, practice questions, and AI-powered explanations, visit https://open-exam-prep.com/ or YouTube Channel: https://www.youtube.com/@Open-exam-prep
    3 min
  • [Series 65] 69, Securities Registration Methods
    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:
    - When to apply Registration by Coordination for securities offerings registered with the SEC and sold in multiple states.
    - The specifics of Registration by Qualification, used for intrastate offerings not registered with the SEC.
    - The purpose of Notice Filing for federal covered securities like mutual funds.
    - The distinct timing and application of a stop order versus a denial by the state Administrator.
    - A memorable phrase to differentiate the three securities registration methods for the Series 65 exam.
    For more free exam prep tools, practice questions, and AI-powered explanations, visit https://open-exam-prep.com/ or YouTube Channel: https://www.youtube.com/@Open-exam-prep
    4 min

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