Open Exam Prep

Open Exam Prep

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

  • [Series 66] 33, Investment Adviser Definitions and Exclusions
    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 three-prong legal test used to define an investment adviser under federal and state securities laws.
    * Statutory exclusions under the Uniform Securities Act including banks, publishers, and the LATE professionals.
    * How incidental advice and separate compensation affect professional exclusions for lawyers and accountants.
    * Key distinctions between investment advisers, investment adviser representatives, broker-dealers, and agents.
    * A simple three-step decision rule for evaluating adviser definitions, exclusions, and state registration requirements.
    This independent prep episode helps you master Series 66 concepts through structured analysis. For practice tools, 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.nasaa.org/exams/general-exam-information/series-66-exam-content-outline/
    https://www.nasaa.org/wp-content/uploads/2021/10/1956-Uniform-Securities-Act-with-NASAA-Updates-and-Commentary.pdf
    5 min
  • [Series 66] 32, Matching Recommendations to Client Needs
    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 analyze financial and non-financial client profile factors for Series 66 suitability.
    - Why placing municipal bonds in tax-deferred accounts is a classic suitability trap.
    - How fiduciary standards for IARs differ from suitability and Reg BI for BD agents.
    - The Profile Priority Rule for balancing expressed goals with actual financial capacity.
    - How to evaluate product liquidity against client withdrawal time horizons.
    This independent study resource helps candidates prepare 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.finra.org/registration-exams-ce/qualification-exams/series66
    5 min
  • [Series 66] 31, Measuring and Comparing Portfolio Returns
    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 total return combines capital appreciation and income dividends or interest.
    * The difference between time-weighted return and dollar-weighted return when evaluating investment adviser management.
    * How risk-adjusted return measures such as the Sharpe ratio evaluate performance relative to total risk.
    * How Jensen's alpha measures portfolio return relative to expected return calculated by the capital asset pricing model.
    * Why inflation-adjusted real returns and benchmark comparisons are essential for evaluating client portfolio performance.
    This episode is part of an independent prep series for the Series 66 examination. For additional study materials, practice questions, and study tools, 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] 30, Trading Orders and Execution Costs
    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 operational mechanics and price execution guarantees of market, limit, and stop orders.
    * How broker-dealers act in agency or principal capacities to charge commissions, markups, or markdowns.
    * The fiduciary obligation of investment advisers to achieve best execution across trading venues.
    * Permissible soft dollar safe harbor activities under Section 28(e) of the Securities Exchange Act of 1934.
    * How to avoid common exam traps regarding improper soft dollar usage for general office overhead.
    Master Series 66 concepts with free practice questions and AI tools at https://open-exam-prep.com/practice/series66 and subscribe to our video 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
    https://www.investor.gov/introduction-investing/investing-basics/glossary/market-order
    5 min
  • [Series 66] 29, Estate Planning and Wealth Transfers
    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 federal cost basis rules differ between lifetime gifts and testamentary bequests.
    - The mechanics and tax implications of the stepped-up basis at death versus carryover basis for gifts.
    - How revocable and irrevocable trusts impact estate inclusion and basis transfers.
    - Key differences between federal gift/estate tax rules and state inheritance tax laws.
    - Regulatory boundaries for investment advisers and representatives advising on wealth transfers.
    This independent study resource is created for Series 66 candidates to master estate planning and wealth transfer topics. Explore more practice questions and tools at https://open-exam-prep.com/practice/series66 and watch video lessons 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.irs.gov/businesses/small-businesses-self-employed/estate-and-gift-taxes
    https://www.irs.gov/publications/p551
    5 min
  • [Series 66] 28, Account Ownership and Beneficiary Choices
    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 individual, JTWROS, and Tenants in Common account registrations.
    * How Transfer on Death (TOD) designations bypass probate and override instructions in a will.
    * The critical distinction between lifetime Power of Attorney authority and TOD beneficiary rights.
    * Account documentation rules for corporate, partnership, and fiduciary trust accounts.
    * A decision rule for identifying survivorship versus estate transfer rules on the Series 66 exam.
    For independent Series 66 exam study resources, practice questions, and video modules, 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.finra.org/registration-exams-ce/qualification-exams/series66
    5 min
  • [Series 66] 27, Education Accounts and Health Savings
    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 differences and contribution limits for Section 529 plans and Coverdell ESAs
    - Income phase-outs and beneficiary age restrictions for Coverdell accounts
    - Eligibility criteria and triple-tax benefits of Health Savings Accounts
    - Tax and penalty rules governing non-qualified Health Savings Account distributions
    - Practical decision frameworks for selecting education and healthcare savings vehicles
    This independent study guide supports candidate preparation for the Series 66 examination. Explore interactive practice questions at https://open-exam-prep.com/practice/series66 and video lessons on YouTube 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.irs.gov/publications/p970
    5 min
  • [Series 66] 26, ERISA Fiduciaries and Retirement Advice
    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 ERISA defines fiduciary status functionally based on discretionary authority or compensated investment advice.
    • The four statutory ERISA fiduciary duties and the requirements for Section 404(c) liability relief.
    • Why fiduciary self-dealing and prohibited transactions cannot be cured by disclosure alone under federal law.
    • How to distinguish federal ERISA plan rules from state regulations under the Uniform Securities Act.
    • A simple decision rule to determine when ERISA fiduciary obligations apply on the Series 66 exam.
    Independent practice materials and additional guidance are available at 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.dol.gov/agencies/ebsa/about-ebsa/our-activities/resource-center/fiduciary-education
    5 min
  • [Series 66] 25, Employer Retirement Plans and Rollovers
    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:
    * Distinguishing qualified employer plans from non-qualified executive deferred compensation plans.
    * Key regulatory features and distribution constraints of SEP IRAs and SIMPLE IRAs.
    * How the mandatory 20% federal tax withholding applies to direct distributions paid to participants.
    * The mechanics of completing a 60-day indirect rollover versus direct trustee-to-trustee transfers.
    * State securities regulatory duties for investment advisers and representatives when recommending plan rollovers.
    This study tool is an independent preparation module for Series 66 candidates. Access complete practice questions and tools at 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.irs.gov/retirement-plans/plan-participant-employee/rollovers-of-retirement-plan-distributions
    5 min
  • [Series 66] 24, Traditional and Roth IRA Decisions
    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:
    * Core tax differences between Traditional and Roth IRAs under federal tax law.
    * Contribution eligibility, income phase-out rules, and aggregate annual contribution limits.
    * Distribution requirements, including RMD rules at age 73 for Traditional IRAs and Roth exemptions.
    * How an IAR evaluates current versus projected retirement tax brackets to recommend the appropriate IRA strategy.
    * Common exam traps involving workplace plan participation and excess contribution penalties.
    This episode is an independent preparation resource for the Series 66 exam. Access comprehensive practice materials and video guides at https://open-exam-prep.com/practice/series66 and https://www.youtube.com/@Open-exam-prep .
    Sources checked: September 14, 2026
    https://www.irs.gov/retirement-plans/plan-participant-employee/retirement-topics-ira-contribution-limits
    https://www.irs.gov/retirement-plans/plan-participant-employee/retirement-topics-required-minimum-distributions-rmds
    4 min

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