Hi Dean, I just passed my series 66 this morning. Went 3/3 with the SIE, 7, and 66. Thank you so much for your content it helped so much when taking the tests!
Kidos Investment Advisor Representative for completing your test taking/registration hat trick! Akways very gratifying when this channel contributes to test taking victories like yours.
Thanks Dean! just took this and got a 79. been using STC so good to get a different type of questions. Taking it my 66 on Friday so I hope I am in good shape!
Took me two tries on the 66 but I finally slayed the dragon!! Thank you for everything Dean. Also, For anyone who struggled on laws & regulations I recommend supplementing with Brian’s supplemental course. Well worth the $ and the questions I got asked this time were very close to how he wrote his personal exam
I felt like the laws and regs piece of Brians was a little oversimplified... Only got 20/45 on that section when I took the 66 a couple weeks ago. Didn't feel prepared enough, and felt like there was not enough taught on the NASAA document and other topics I saw a lot of.
Question #80 you marked (C) borrowing money as the correct answer. However in my STC study book it says agents of a B/D is permitted to borrow from immediate family members even if they’re a client.
Money may never be borrowed from a client, unless something in the question indicates that the client is in the business of lending money or is an affiliate of the firm. As a testing matter, that will only be banks or broker-dealers in margin accounts. Exempt securities are unregistered because they are exempt and solicitations for trades are no problem. Sharing in the profits in an account with a customer is permitted under these conditions, and splitting commissions with agents of the same broker-dealer or different broker-dealers under common control is also permitted. However, two registered agents representing nonaffiliated broker-dealers may never share commissions.
@@Dawnwyn Money may never be borrowed from a client, unless something in the question indicates that the client is in the business of lending money or is an affiliate of the firm. As a testing matter, that will only be banks or broker-dealers in margin accounts. Exempt securities are unregistered because they are exempt and solicitations for trades are no problem. Sharing in the profits in an account with a customer is permitted under these conditions, and splitting commissions with agents of the same broker-dealer or different broker-dealers under common control is also permitted. However, two registered agents representing nonaffiliated broker-dealers may never share commissions.
The wash sale rule prevents taxpayers from claiming a loss on the sale of a security if they buy a similar security within 30 days before or after the sale. This 61-day period includes the day of the sale.
The first bonds are 5% and pay $50 per year per bond. The new bonds are 5¼% and pay $52.50 per year per bond. A 5% coupon rate × $1,000 face value = $50 per year per bond; a 5¼% coupon rate × $1,000 face value = $52.50 per year per bond.
I just took the 66 today. Got a 72 so failed by 1. Before I took the test I got 75% and 80% on Kaplan practice exams. No questions about options, no Q’s on any kind of order entries (buy stop/market etc), also zero calculations.
Damn. That hurts for sure. Here are my 5 recommendations on how to respond to this misfortune ruclips.net/video/RbkE6AnnpT8/видео.htmlsi=D-5d_nzKUP4X5UTO
@susanaduffy5718 you can't recommend to one customer to buy and another to sell the same security. That is different than agency cross as the method of execution
@@laurenguidotti9319 the answer is there is no affiliation requirement with Investment Advisor to be a salesman of a variable annuity.. You do need be affiliated with a broker dealer and have both a securities registration and a valid life insurance license. The question is EXCEPT
It is not an agency cross. Nothing suggests that was dual agency. Don't bring extra stuff into questions! It is an unethical and prohibited business practice for investment advisers (IAs) and their representatives to borrow money from clients who are not in the business of lending money. In this case, the loan officer is the one who is doing the lending, not the bank. IAs are permitted to base their fees on the amount of assets under management, generally charging a lower percentage to those with higher balances. IAs are permitted to act as principals in recommended trades, but appropriate disclosure must be made. In an agency cross transaction, a recommendation may be made to either, but not both, parties to the trade.
For question 71, QID: 1530121 I understand why 2 and 4 are correct. But wouldn't 1 also be correct? I thought that if you have discretion over a clients account you also have provide an unaudited balance sheet.
The Uniform Securities Act requires that a balance sheet accompany an adviser's brochure when the adviser maintains custody of client assets or accepts substantial prepayments of fees. Discretion dos NOT trigger a balance sheet. Custody does.
The first step is remembering that Treasuries are quoted in 32nds. That means that 102.20 is 102 and 20/32 which is 102 5/8. Subtract 99 3/8 from 102 5/8 to get 3 2/8 or 3 1/4. On a $1,000 bond, that is $32.50. Then, note that this investor is purchasing 10 bonds, so the difference in price is $32.50 times 10 or $325.
Series 66 Practice Tests and Practice Questions ruclips.net/p/PLK1IazV_JQbEkA91ltz3SNKSQJ6YmSlv7&si=UM_YyixZxel7DSOF
Thank you for this video and Sam for being vulnerable enough to help us. This was extremely helpful. I passed the 66 yesterday.
Glad you found it helpful
Hi Dean, I just passed my series 66 this morning. Went 3/3 with the SIE, 7, and 66. Thank you so much for your content it helped so much when taking the tests!
Kidos Investment Advisor Representative for completing your test taking/registration hat trick!
Akways very gratifying when this channel contributes to test taking victories like yours.
Thanks Dean! just took this and got a 79. been using STC so good to get a different type of questions. Taking it my 66 on Friday so I hope I am in good shape!
You are right where you need to be! Keep grinding! Stay the course!
Took me two tries on the 66 but I finally slayed the dragon!! Thank you for everything Dean. Also, For anyone who struggled on laws & regulations I recommend supplementing with Brian’s supplemental course. Well worth the $ and the questions I got asked this time were very close to how he wrote his personal exam
Kudos Investment Advisor Representative!
The 20% discount code for Brian's TestGeek is Guru20.
Honestly wish I had remembered that before! I paid full price but hey I made the mark and I’m not going to complain lol
I felt like the laws and regs piece of Brians was a little oversimplified... Only got 20/45 on that section when I took the 66 a couple weeks ago. Didn't feel prepared enough, and felt like there was not enough taught on the NASAA document and other topics I saw a lot of.
Sam knows his stuff good work
For sure!
Passed the 7 today, S/O Dean ! Major help
Kudos Investment Advisor Representative!
Thanks for the shout out.
Question #80 you marked (C) borrowing money as the correct answer. However in my STC study book it says agents of a B/D is permitted to borrow from immediate family members even if they’re a client.
What is the QID? True of agent of B/Ds agents but not true of IARs.
@@Series7Guru QID 1567670
QID 1567670
Money may never be borrowed from a client, unless something in the question indicates that the client is in the business of lending money or is an affiliate of the firm. As a testing matter, that will only be banks or broker-dealers in margin accounts. Exempt securities are unregistered because they are exempt and solicitations for trades are no problem. Sharing in the profits in an account with a customer is permitted under these conditions, and splitting commissions with agents of the same broker-dealer or different broker-dealers under common control is also permitted. However, two registered agents representing nonaffiliated broker-dealers may never share commissions.
@@Dawnwyn Money may never be borrowed from a client, unless something in the question indicates that the client is in the business of lending money or is an affiliate of the firm. As a testing matter, that will only be banks or broker-dealers in margin accounts. Exempt securities are unregistered because they are exempt and solicitations for trades are no problem. Sharing in the profits in an account with a customer is permitted under these conditions, and splitting commissions with agents of the same broker-dealer or different broker-dealers under common control is also permitted. However, two registered agents representing nonaffiliated broker-dealers may never share commissions.
I’m with Sam on being confused on the wash sale of 30 days vs 61 days (before and after).
The wash sale rule prevents taxpayers from claiming a loss on the sale of a security if they buy a similar security within 30 days before or after the sale. This 61-day period includes the day of the sale.
@@Series7GuruThank you!!
@5:55 (qid 1517783) What is the math that he did? to get the answer of 2.50
The first bonds are 5% and pay $50 per year per bond. The new bonds are 5¼% and pay $52.50 per year per bond. A 5% coupon rate × $1,000 face value = $50 per year per bond; a 5¼% coupon rate × $1,000 face value = $52.50 per year per bond.
@@Series7Guru thank you
I just took the 66 today. Got a 72 so failed by 1. Before I took the test I got 75% and 80% on Kaplan practice exams. No questions about options, no Q’s on any kind of order entries (buy stop/market etc), also zero calculations.
Damn. That hurts for sure. Here are my 5 recommendations on how to respond to this misfortune ruclips.net/video/RbkE6AnnpT8/видео.htmlsi=D-5d_nzKUP4X5UTO
@@Series7Guru thank you!!
im confused on question 93. did it twice and I get b. also googled it and shows b is right. am i missing something obvious?
What id the QID?
@@Series7Guru 1517768
@@Series7Guru Thanks for your prompt response. I take it tomorrow!
@@Series7Guru 1517768
1517768
Could you add a ledger/ answer key. Sometimes its unclear what the correct answer is in this video. Question 69 for example.
What is the QID?
Also question shouldn't question 83 be C. I thought one could not "recommend" a security in an agency cross transaction.
@susanaduffy5718 you can't recommend to one customer to buy and another to sell the same security. That is different than agency cross as the method of execution
can you clarify correct answer to question 25 at miunte 2730. Is the answer C. or D?
What is the QID?
1521579
@@laurenguidotti9319 the answer is there is no affiliation requirement with Investment Advisor to be a salesman of a variable annuity.. You do need be affiliated with a broker dealer and have both a securities registration and a valid life insurance license. The question is EXCEPT
for 18 why would choice 3 not be prohibited?
What is the QID number?
@@Series7Guru 1519528
Q25 QID 1521146 The answer is D not C like what was insinuated
Corrections and verbal errata are corrected at the end of the video or in the video description.
Can you explain why 83 is not C? QID 1530230. No example that the rep disclosed that it was an agency cross transaction.
It is not an agency cross. Nothing suggests that was dual agency. Don't bring extra stuff into questions!
It is an unethical and prohibited business practice for investment advisers (IAs) and their representatives to borrow money from clients who are not in the business of lending money. In this case, the loan officer is the one who is doing the lending, not the bank. IAs are permitted to base their fees on the amount of assets under management, generally charging a lower percentage to those with higher balances. IAs are permitted to act as principals in recommended trades, but appropriate disclosure must be made. In an agency cross transaction, a recommendation may be made to either, but not both, parties to the trade.
For question 71, QID: 1530121 I understand why 2 and 4 are correct. But wouldn't 1 also be correct? I thought that if you have discretion over a clients account you also have provide an unaudited balance sheet.
The Uniform Securities Act requires that a balance sheet accompany an adviser's brochure when the adviser maintains custody of client assets or accepts substantial prepayments of fees. Discretion dos NOT trigger a balance sheet. Custody does.
Hey Dean, can you explain question #93 QID 1517768? I am getting B and unclear why
The first step is remembering that Treasuries are quoted in 32nds. That means that 102.20 is 102 and 20/32 which is 102 5/8. Subtract 99 3/8 from 102 5/8 to get 3 2/8 or 3 1/4. On a $1,000 bond, that is $32.50. Then, note that this investor is purchasing 10 bonds, so the difference in price is $32.50 times 10 or $325.
@@Series7Guru I was messing up with not doing the 32nds. Thank you
please explain question #93
What is the QID?