Open Exam Prep

Open Exam Prep

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

  • [Series 65] 68, Uniform Securities Act Overview
    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 determine if an offer falls under a state Administrator's jurisdiction based on origination and receipt.
    - The crucial two-part test an Administrator must satisfy to deny, suspend, or revoke a registration.
    - The key differences between a punitive action like revocation and a non-punitive action like cancellation.
    - The specific 60-day window to appeal an Administrator's order.
    - The separate statutes of limitations for civil (3 years/2 years) and criminal (5 years) violations.
    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] 67, Regulation Best Interest
    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 four core obligations of Regulation Best Interest: Disclosure, Care, Conflict of Interest, and Compliance.
    - That Reg BI applies specifically to broker-dealers making recommendations to retail customers, not to Investment Advisers.
    - The critical distinction between the Reg BI standard and the higher, ongoing fiduciary standard imposed on Investment Advisers.
    - The role and delivery requirements of Form CRS, the Client Relationship Summary, as part of the Disclosure Obligation.
    - Common exam traps, such as confusing the two standards of care and identifying prohibited conflicts like product-specific sales contests.
    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] 66, Agent and BD Registration Requirements
    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 specific definition of an 'agent' under the Uniform Securities Act and how it differs when representing a broker-dealer versus an issuer.
    - Key exclusions from the agent definition, particularly for individuals representing issuers in exempt security or exempt transactions.
    - State registration triggers for broker-dealers, including having a place of business or even a single retail client in a state.
    - The 'institutional client' and 'snowbird' exemptions that allow broker-dealers to avoid state registration.
    - The strict 30-day timeline for a firm to file Form U5 upon an agent's termination and the two-year jurisdictional period that follows.
    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] 65, Broker-Dealer vs Investment Adviser Distinction
    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:
    - Broker-Dealers earn transaction-based commissions and are held to a suitability standard.
    - Investment Advisers earn fees for providing ongoing advice and are held to a higher, fiduciary standard.
    - The method of compensation—commissions for transactions versus fees for advice—determines whether one is acting as a BD agent or an IAR.
    - Wrap fee accounts, which bundle services for a single fee, always require registration as an Investment Adviser Representative because advice is a core component.
    - For dually-registered individuals, the exam requires you to identify which "hat" they are wearing based on the activity and compensation for that specific interaction.
    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] 64, IAR Definition and Registration Requirements
    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 five specific job functions that define an individual as an Investment Adviser Representative (IAR).
    - The examination requirements for IAR registration, including the Series 65 or the Series 7 and 66 combination.
    - Which professional designations, such as CFP®, CFA®, and ChFC®, grant a waiver from the Series 65 exam.
    - The key differences in state registration requirements for IARs of federal-covered advisers versus state-registered advisers.
    - Common exam traps, including the distinction between clerical duties and activities requiring IAR registration, and the nuances of the de minimis exemption.
    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] 63, Form ADV Part 1 and Part 2 Brochure
    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:
    - Form ADV Part 1 is the regulatory filing for the SEC and states, while Part 2 (the brochure) is the disclosure document for clients.
    - Part 2A is the firm's brochure, detailing services and fees, while Part 2B is the supplement, detailing the backgrounds of specific advisory personnel.
    - The client brochure must be delivered no later than the time of entering into an advisory contract.
    - Advisers must file an annual updating amendment within 90 days of their fiscal year-end and deliver a summary of material changes to clients within 120 days.
    - Any material changes to the Form ADV require a "prompt" filing of an other-than-annual amendment.
    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] 62, Custody Rules and Safeguarding Client 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:
    - The broad definition of "custody" and how it's tested on the exam.
    - The critical role and requirements of a qualified custodian.
    - The purpose and exceptions to the annual surprise examination rule.
    - How custody is disclosed on Form ADV.
    - The concept of inadvertent custody and common exam traps associated with it.
    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] 61, Recordkeeping and Books and Records Requirements
    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 five-year record retention rule and the specific two-year accessibility requirement.
    - Key records advisers must maintain, including financial statements, client agreements, and communications.
    - The strict standards for electronic recordkeeping, specifically the WORM (Write Once, Read Many) format.
    - Common exam traps, such as the fiscal year start date for retention and the requirement to keep performance ad backup data.
    - That failure to maintain records is a standalone violation, regardless of client outcomes.
    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] 60, IA Net Worth and Bonding Requirements
    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 minimum net worth requirement for a state-registered investment adviser with custody of client assets is $35,000.
    - An investment adviser with discretionary authority over client accounts must maintain a minimum net worth of $10,000.
    - An adviser can post a $35,000 surety bond as an alternative to meeting the minimum net worth requirement for custody.
    - If an adviser's net worth falls below the minimum, they must notify the state administrator by the next business day.
    - An adviser with custody must file an audited balance sheet with the state, while an adviser with only discretion files an unaudited balance sheet.
    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] 59, State vs Federal IA Registration
    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 specific Assets Under Management (AUM) thresholds that determine whether an Investment Adviser must register with the state or the SEC.
    - The rules and limitations of the de minimis exemption for state registration.
    - How operating as a multi-state adviser can affect SEC registration eligibility.
    - The precise triggers and timeframes for switching between state and federal registration.
    - The distinction between full state registration and the 'notice filing' required for federal covered advisers.
    4 min

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