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Open Exam Prep: Daily Summaries Delivered
by Ran Chen, EA, CFP
Open Exam Prep: Mastering Financial Exams The path to becoming a certified financial professional is known for its difficulty, and finding high-quality, accessible study material shouldn't be the hardest part. Created by Ran Chen—an AI application enthusiast, Financial Advisor, and holder of the EA (Tax), Life Insurance, Series 6/63/65, and CFP® designations—this podcast was born from personal experience. Having navigated these challenging exams himself, Ran realized the need for better resources and created Open Exam Prep as a free solution for aspiring professionals. Each episode breaks down complex major exam topics into clear, digestible lessons, covering everything from tax planning and estate strategies to retirement solutions and investment principles. Whether you’re studying during your commute, workout, or downtime, we are here to guide you—one question, one topic, one victory at a time.
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- Today4 min
[Series 65] 73, Fiduciary Duty and Prohibited Practices
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 two primary components of fiduciary duty for an investment adviser are the duty of care and the duty of loyalty. - The duty of care includes providing suitable advice, seeking best execution, and ongoing monitoring. - The duty of loyalty requires advisers to place client interests ahead of their own and to disclose or eliminate conflicts of interest. - Prohibited practices like front-running, churning, and commingling are strictly forbidden and frequently tested. - Full and fair disclosure of all material facts and conflicts of interest is a cornerstone of an adviser's fiduciary obligation. 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
- Yesterday2 min
[Series 65] 72, Advisory Contracts and Client Agreements
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: - Advisory contracts must be in writing and detail the services, term, fee formula, and any discretionary authority. - A change in the majority ownership of an advisory firm is considered an "assignment" and requires client consent. - Performance-based fees are prohibited unless the client is a "qualified client" with at least $1.1 million AUM or a $2.2 million net worth. - Contracts cannot contain "hedge clauses" that require a client to waive their legal rights. - Upon termination, clients are entitled to a pro-rata refund of any prepaid, unearned advisory fees. 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
- 2 days ago2 min
[Series 65] 71, Advertising and Marketing Rules for IAs
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 SEC Marketing Rule now allows testimonials and endorsements, but requires clear disclosures about compensation and client status. - Performance advertising must show net returns with equal prominence whenever gross returns are displayed to provide a fair and balanced view. - Investment advisers are strictly prohibited from claiming they are "approved" by the SEC or from guaranteeing investment results. - All social media communications, including posts, shares, and likes, are considered advertising and must comply with the rule's requirements. - Advisers cannot use "cherry-picked" past recommendations; performance data must be presented for standardized time periods. 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 days ago2 min
[Series 65] 70, Exempt Securities and Exempt Transactions
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: - To distinguish between exempt securities (based on what they are) and exempt transactions (based on how they are sold). - That securities issued directly by a bank are exempt, while those issued by a bank holding company are not. - Why variable annuities are considered non-exempt securities that must be registered, unlike fixed insurance products. - The specific state rules for a private placement: offers to no more than 10 non-institutional investors in a 12-month period. - The critical rule that no security or transaction is ever exempt from the anti-fraud provisions of the Uniform Securities Act. 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 days ago3 min
[Series 65] 69, Securities Registration Methods
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: - When to apply Registration by Coordination for securities offerings registered with the SEC and sold in multiple states. - The specifics of Registration by Qualification, used for intrastate offerings not registered with the SEC. - The purpose of Notice Filing for federal covered securities like mutual funds. - The distinct timing and application of a stop order versus a denial by the state Administrator. - A memorable phrase to differentiate the three securities registration methods for the Series 65 exam. 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 days ago2 min
[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
- 6 days ago3 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
- 1 weeks ago4 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
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About Open Exam Prep
Open Exam Prep: Mastering Financial Exams The path to becoming a certified financial professional is known for its difficulty, and finding high-quality, accessible study material shouldn't be the hardest part. Created by Ran Chen—an AI application enthusiast, Financial Advisor, and holder of the EA (Tax), Life Insurance, Series 6/63/65, and CFP® designations—this podcast was born from personal experience. Having navigated these challenging exams himself, Ran realized the need for better resources and created Open Exam Prep as a free solution for aspiring professionals. Each episode breaks down complex major exam topics into clear, digestible lessons, covering everything from tax planning and estate strategies to retirement solutions and investment principles. Whether you’re studying during your commute, workout, or downtime, we are here to guide you—one question, one topic, one victory at a time.
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Frequently Asked Questions
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How often does Open Exam Prep release new episodes?
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