[Series 65] 62, Custody Rules and Safeguarding Client Assets

[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

[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

[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

[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

[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