Open Exam Prep

[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.

[Series 65] 58, Investment Advisers Act of 1940

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 test (ABC: Advice, Business, Compensation) for defining an investment adviser. - How the L.A.T.E. exclusion for lawyers, accountants, teachers, and engineers is tested on the exam. - The critical distinction between advice that is "solely incidental" versus a primary business activity. - The specific Assets Under Management (AUM) thresholds that determine federal versus state registration. - Common exam traps, such as special conditions that override AUM for SEC registration requirements. 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

[Series 65] 57, QDROs and Special Distribution Situations

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: - A Qualified Domestic Relations Order (QDRO) allows for a penalty-free, but taxable, transfer of retirement assets to an ex-spouse during a divorce. - Hardship withdrawals are only permitted for specific, IRS-defined 'immediate and heavy financial needs' and are subject to taxes and potential penalties. - Rule 72(t) allows for penalty-free early withdrawals through Substantially Equal Periodic Payments (SEPPs) that must last for 5 years or until age 59 ½, whichever is longer. - Indirect rollovers must be completed within 60 days to avoid taxation and penalties, a rule that is a frequent source of exam questions. - The key difference between a direct rollover (trustee-to-trustee) and an indirect rollover, and why the 60-day rule only applies to the latter. 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

[Series 65] 56, ERISA and Plan Fiduciary Standards

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: - That ERISA governs private-sector retirement plans to protect employee assets. - The 'prudent man rule' requires fiduciaries to act with the skill and care of a knowledgeable expert. - Prohibited transactions, such as self-dealing or transacting with a party-in-interest, are strictly forbidden to avoid conflicts of interest. - Plan sponsors have a fiduciary duty of loyalty to act exclusively for the benefit of plan participants. - The Department of Labor enforces ERISA and can levy significant financial penalties for 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

[Series 65] 55, Required Minimum Distributions

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 RMD age requirements based on birth year as set by the SECURE 2.0 Act. - How to calculate an RMD using the prior year-end balance and the IRS life expectancy factor. - The rules for a client's first RMD, including the April 1st deadline and the trap of taking two distributions in one year. - The 10-year rule for most beneficiaries of inherited IRAs and how it works. - The updated penalty for a missed RMD and how it can be reduced from 25% to 10%. 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