Open Exam Prep

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 distinction between Regulation Best Interest for broker-dealers and fiduciary duties for investment advisers. - The four core component obligations of Regulation Best Interest: Disclosure, Care, Conflict of Interest, and Compliance. - How cost evaluation under the Care Obligation elevates Regulation Best Interest above traditional suitability. - Why Regulation Best Interest applies to broker-dealer account type recommendations for retail customers. - How to apply the Scope, Standard, Status decision rule to evaluate scenario-based exam questions correctly. This independent study resource is designed for candidates preparing for the Series 66 examination. Access additional 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.sec.gov/regulation-best-interest https://www.finra.org/rules-guidance/key-topics/regulation-best-interest https://www.sec.gov/about/divisions-offices/division-trading-markets/broker-dealers/staff-bulletin-standards-conduct-broker-dealers-investment-advisers-care-obligations

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 core pillars of fiduciary duty: duty of loyalty and duty of care under SEC and NASAA rules. • How to distinguish investment adviser and representative standards from broker-dealer requirements. • Why conflicts of interest require full written disclosure on Form ADV rather than automatic prohibition. • How firm policies, state rules, and federal statutes interact when evaluating material conflicts. • A simple decision rule for handling potential conflicts of interest on the Series 66 exam. Prepare for your Series 66 exam with independent study resources at https://open-exam-prep.com/practice/series66 and watch video tutorials on YouTube at https://www.youtube.com/@Open-exam-prep . Sources checked: September 14, 2026 https://www.nasaa.org/exams/general-exam-information/series-66-exam-content-outline/ https://www.finra.org/registration-exams-ce/qualification-exams/series66

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 state rules under the Uniform Securities Act differ from federal rules under the Investment Advisers Act regarding written advisory contracts. - What constitutes an assignment of an investment advisory contract and how to identify the applicable client-consent requirement. - The regulatory distinction between majority and minority partner changes in an investment adviser partnership. - The rules governing performance-based fee arrangements and qualified client exemptions under state and federal law. - Requirements for prepaid advisory fees, refund provisions, and substantial prepayment disclosure thresholds. This independent study resource helps candidates prepare for the Series 66 examination. Access practice questions at https://open-exam-prep.com/practice/series66 and video lessons 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.nasaa.org/exams/general-exam-information/series-66-exam-content-outline/ https://www.sec.gov/files/rules/interp/2019/ia-5248.pdf

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 discretionary trading and time and price discretion under state rules. * Prior written authorization requirements for broker-dealers and agents under the Uniform Securities Act. * The ten business day oral discretion window for state-registered investment advisers under NASAA model rules. * Common exam traps surrounding trade authorization timing between broker-dealers and investment advisers. * How to distinguish state regulatory mandates from internal firm policies on test day. Prepare for your Series 66 exam with independent practice tools 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.nasaa.org/exams/general-exam-information/series-66-exam-content-outline/

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: - Legal definition of custody under federal rules and NASAA model rules. - Mandatory safeguards including qualified custodians, client notices, and quarterly account statements. - Exceptions to the annual surprise examination requirement for direct fee deduction. - The three-business-day rule for inadvertent receipt of client funds, securities, and third-party checks. - How physical possession of assets beyond three business days creates custody obligations. This independent study resource helps candidates prepare for the Series 66 exam. For interactive practice questions and tools, visit https://open-exam-prep.com/practice/series66 and subscribe 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.nasaa.org/exams/general-exam-information/series-66-exam-content-outline/