Definition & Registrations of Persons. Series 63 Exam, Series 65 Exam & Series 66 Exam

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Ninety More Testable Minutes on the Uniform Securities Act • Series 66 Exam, Series...
Time stamps:
00:00 Greetings and salutations
3:00 Introduction to NASAA and the USA
4:00 USA is a template
5:00 Person is any legal entity
5:15 Definition of a broker/dealer
7:00 Broker/dealers are NOT individuals
8:00 Capacity of a broker/dealer
9:00 Agent Broker Commission (ABC)
10:00 Registration of a broker/dealer
11:00 Broker/dealers have NO de minimus
14:00 Registration of agents of the broker/dealer
18:00 Futures are NOT defined as securities under the USA
25:00 Registration of the Investment Advisor
26:00 Three pronged test of the definition an Investment Advisor
27:00 Difference between B/D and Investment Advisor
30:00 Investment Advisor is a Fiduciary
33:00 NSMIA established federally covered Investment Advisor
35:00 Notice filing
36:00 No one and nothing are exempt from Antifraud provisions of the USA
37:00 AUM of $110 million or more federally covered
38:00 Registration of federally covered Investment Advisor
41:00 State registered Investment Advisor
42:00 De minimus no more than 5 clients
43:00 Registration of an Investment Advisor Representative
44:00 IAR of a federally covered IA
45:00 Only if office in state
46:00 State IAR mirrors state IA

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24 июл 2024

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Комментарии : 174

@Series7Guru Год назад

Ninety More Testable Minutes on the Uniform Securities Act ru-vid.com/video/%D0%B2%D0%B8%D0%B4%D0%B5%D0%BE-0MxV1TQX3JE.html

@skysdalimit19 2 месяца назад

Hey Brian, is it possible to get a copy of your series 65 Cheat Sheet? Thank you!

@Series7Guru 2 месяца назад

@@skysdalimit19 send Brian an email request

@thepocketshot9116 Год назад

I love these videos about securities that Michael Keaton is doing. Much more entertaining than the text book.

@GoldAmbitionMediaGroup 9 месяцев назад

Not Michael Keaton tho😂🤣

@arynnelson371 7 месяцев назад

😂😂😂

@mickwong6325 6 месяцев назад

Michael Keaton is such a talented individual.

@rodolfomarquez5527 2 месяца назад

😂😂😂

@newhouserules6489 5 дней назад

Just passed my exam, can’t thank you guys enough!! This video alone is enough to get you a passing grade. The way Brian breaks this down is amazing

@Series7Guru 4 дня назад

Kudos! Brian is the best at distilling of test issues for sure.

@skaterman8180 5 месяцев назад

I passed the 66 yesterday and I’ll tell ya, I wrote down everything Brian discussed from this video and it helped me pass. So many questions that this video alone will answer for you. Thanks Dean and Brian.

@Series7Guru 5 месяцев назад

Kudos Investment Advisor Representative! Always very gratifying when this video contributes to test taking victories like yours.

@sharonhuffman8618 Год назад

Well Done!!! This video was more beneficial than ALL of the other studies & videos I have encountered during my exam prep. Thanks a million, Dean & Brian!! :)

@Series7Guru Год назад

Glad you found that helpful!

@omgsharpies Год назад

Amazing! Dean and Brian, you are making an impact on this generation of new finance professionals. Your content is so appreciated!

@Series7Guru Год назад

Thank you so much for the super chat and your kind words. Always very gratifying when my content contributes to test taking victories.

@theeagleiscoming5864 Час назад

I was going nuts with PP. Brian made it easy for me

@Series7Guru Час назад

Glad you found it helpful

@hotrodjones74 15 дней назад

This was super helpful. Thanks Dean & Brian! This section of the 66 has been giving me quite a bit of trouble, despite decent marks on my practice tests. This chapter in PassPerfect was exhausting to read. Your materials have proved to be extremely useful additions to my firm assigned materials. I used your "day of" videos to help me pass the SIE and Series 7 (got em on my first try).

@Series7Guru 15 дней назад

Glad it helped!

@user-go3lp6jl5p Месяц назад

This video literally helped me pass the 63 thanks to Brian explaining this in the simplest way possible! Thank you Dean for all the videos you post, they helped me get fully licensed and were crucial to passing all my tests! Thank you so much you're the GOAT Dean

@Series7Guru Месяц назад

Kudos on completing your test taking/registration hat trick! Always very gratifying when this channel contributes to test taking victories like yours

@VictorMartinez-fi8lh 17 дней назад

Thank you Dean, thank YOU Brian! I failed my S63 the first time I took it but after watching this video 7-10 times it clicked! I passed my S63 two weeks ago or so and I can say this video helped me a TON! I also took many practice tests but the way you explained things always resonated with the questions asked in the real test and the practice ones too. Thank you very much!

@Series7Guru 17 дней назад

Kudos!!!

@Series7Guru 17 дней назад

Always very gratifying when this video contributes to test taking victories like yours.

@donnapavin3098 11 месяцев назад

Love the combination of the two of you with your expertise! It's great! I love the simplicity of Brian's explanations and his enthusiasm. I feel like I have less anxiety when I see questions pertaining to BD's, IAR's, etc. Thank you.

@Series7Guru 11 месяцев назад

More collabs to come.

@kristingraham7957 7 месяцев назад

I owe so much to you Dean. I found you on my way to my SIE and picked up several points from your SIE in 60 minutes video. I took the 7 and failed, and found my way back to you. I watched all of your series 7 videos, and the material made so much more sense. I took it again and passed it, thanks to you. I am now studying for my 63, and here I am.

@Series7Guru 7 месяцев назад

Kudos on your testing victories and your resiliency!

@rrod3069 5 месяцев назад

Your videos have been a God send. I just my material for the 63 and I started the book and I’m almost done. But Brian definitely helped break it down in plain easy English. Thank you for these videos!!

@Series7Guru 5 месяцев назад

Glad you are finding them helpful

@yanskym189 4 месяца назад

This video was so good I just had to purchase Brian's program. I struggled so much with this exam and thankfully I came across this video. Thanks to both of you I finally passed my 63. Now I'm officially done and can get this out of my life. I can't thank you guys enough.

@Series7Guru 4 месяца назад

Kudos on completing your test taking/registration journey. Always very gratifying when this channel contributes to testing victories like yours

@ericsuh2133 Месяц назад

Thank you so much for all your videos! These collabs with Brian were extremely helpful while I studied. I passed today! 🎉

@Series7Guru Месяц назад

Kudos Investment Advisor Representative!

@austrolib1181 10 месяцев назад

Best instructor/ video for the 63 on the internet. Hands down.

@Series7Guru 10 месяцев назад

I will relay to Brian.

@samanthagarland9286 11 месяцев назад

Loved this video!!!! Y’all do great collaborating!

@Series7Guru 11 месяцев назад

More to cone

@domenicbiamonte6276 4 месяца назад

I cannot thank you enough for the tips in this video. These units have been such a point of contention for me when using Kaplan and I’ve been looking for exactly this. Kaplan really draaaaags out BD/Agent and IA/IAR registration in the text and it can make the testing of it incredibly tedious. Many, many thanks.

@Series7Guru 4 месяца назад

Glad you found it helpful

@superstarimportant5751 8 месяцев назад

Excellent job, Brian!! You made it fun 🤩👏🏻👏🏻👏🏻🍧🍧 thank you 🍭🍭

@user-ir1oc4yz3d 11 месяцев назад

Brian and dean, missed the 63 with a 70% last month.. taking it again this week. this video is the HOLY GRAIL. Brian kept it so simple and made things click for me versus reading my text book 474394 times where the various info is spread out and hard to compare. thank you!!

@Series7Guru 11 месяцев назад

De nada. Brian is the best at simplifying NASAA exam content.

@vinthevietkieu 2 месяца назад

passed the S66 yesterday… watched this video before taking the exam… the way he illustrated I/A, IAR, B/D and agent was very helpful… would definitely recommend this video to anyone that is studying for these exams… hopefully folks read the textbook for the additional % of knowledge needed to pass the exams… pay attention to any “italicized” terms, know what goes into the balance sheet and income statements… know how to compute the most common ratios… anyways, good luck 🍀 future test takers

@Series7Guru 2 месяца назад

Kudos Investment Advisor Representative! Thanks for the shout out and paying it forward with this your victory post and debrief

@Wai755 5 месяцев назад

Thank you for clarifying. I started reading chapter 1-2 in STC textbook and fell lost. As always, fell grateful for you both to making this video! 🎉

@Series7Guru 5 месяцев назад

Glad you found it helpful

@michaelmoon4957 7 месяцев назад

Such a great video, simple and easy to follow. Thanks Dean and Brian

@Series7Guru 7 месяцев назад

Glad you found it helpful.

@michaeldevine2305 3 месяца назад

Used your videos for the series 7 and passed! lets try it with the 66 now. Thanks for all you guys do this content is amazing.

@Series7Guru 3 месяца назад

Kudos on your past testing victory and this next testing victory!

@DanCGe 8 месяцев назад

I’m so grateful for you guys

@post7786 5 месяцев назад

This was so helpful!! Thank you both for breaking it down for us!!!!

@Series7Guru 5 месяцев назад

Glad you found it helpful

@GriffithCapitalGroup 2 месяца назад

I thought I had a good handle on these definitions. Then I watched this and realized, I have more work to do lol.

@jackrhead8236 5 месяцев назад

Brilliant breakdown and enthusiasm

@user-og6tl4mx6h 8 месяцев назад

Great video - and great way to present the material

@Series7Guru 8 месяцев назад

Glad you found it helpful.

@AndreasMarcos 6 месяцев назад

Truly glad Michael Keaton has taken some time off from acting to become such a good teacher!! 💯 Highly appreciative of the quality content!!

@Series7Guru 6 месяцев назад

Glad you found it helpful

@Series7Guru 6 месяцев назад

Glad you are finding it helpful.

@user-rn8rv6lz5b 11 месяцев назад

This was perfect - keep it simple - Thank you

@Series7Guru 11 месяцев назад

De nada. Glad you found it helpful.

@andreslozano901 11 месяцев назад

Just passed my S63 exam. Thanks for posting this 🙏

@Series7Guru 11 месяцев назад

Kudos on your Series 63 testing victory!

@GriffithCapitalGroup Месяц назад

Amazing. Thank you for this!!’

@Series7Guru Месяц назад

You are welcome

@PilotSquare79 8 месяцев назад

This is GOLD!!

@Series7Guru 8 месяцев назад

Glad you found it helpful.

@P76690 11 месяцев назад

INCREDIBLE!!! on repeat !!

@Series7Guru 11 месяцев назад

Glad you found it helpful.

@AnaFranco-mb7ex 2 месяца назад

I loved this!

@AmandeepSinghSaini 7 месяцев назад

This is a great video!!! Thanks both

@Series7Guru 7 месяцев назад

De nada

@bradleybeebee 6 дней назад

Getting a head start already!!!

@Series7Guru 5 дней назад

Love it

@darlag13 5 месяцев назад

Great video. Very helpful! Taking my 63 tomorrow.

@Series7Guru 5 месяцев назад

Glad you found it helpful. Sending you good test vibes.

@lilbitz17-ho4tk Месяц назад

Brian Lee is an unstoppable force of nature

@YoungAbe1993 2 месяца назад

Thank you for this!

@Series7Guru 2 месяца назад

De nada

@sev7837 7 месяцев назад

Wow this was amazing

@madduxmyer7431 8 месяцев назад

Referencing adviser reps for fed covered firms (45:30). If a rep for a fed covered firm has an office in Nebraska (main office) and Kansas (secondary office), must that rep register with both NE and KS or just with NE?

@Series7Guru 8 месяцев назад

Both. Any state where they have a place of business

@VC-stang Год назад

Thank you for the videos! I’m gearing up for a 66

@Series7Guru Год назад

De nada

@VC-stang Год назад

@@Series7Guru wow!! I feel like a celebrity, getting a reply from the one and only Guru.

@Series7Guru Год назад

@@VC-stang lol

@aylorrix4114 10 месяцев назад

Thank you Dean and Brian! Where can we access the "cheat sheet" you refer to at the end of the video? TIA

@Series7Guru 10 месяцев назад

Contact Brian at TestGeek. There is a link.

@jessecordoba5048 11 месяцев назад

Great video with Brian. Please continue making more!!!!

@Series7Guru 11 месяцев назад

Will do

@the_real_patrick17 8 месяцев назад

Got more from this session than the past month of reading the LEM

@Series7Guru 8 месяцев назад

Glad to hear this made a contribution to your study effort.

@the_real_patrick17 8 месяцев назад

@@Series7Guru passed yesterday thank you for everything you do!!! And to Brian lee!

@e47340 11 месяцев назад

Brian looks like Michael Keaton. Love this video.

@Series7Guru 11 месяцев назад

lol

@dorissweanapo9860 Год назад

Great lecture, more vids please

@Series7Guru Год назад

There are dozens and dozens of videos in the playlist for your Series playlist. Find your Series playlist.

@user-xv8ih2li4q 4 месяца назад

Hi! Just watched this! Thought it was super helpful. How can I access your cheat sheet / practice questions you mentioned during this live class? Thank you!

@Series7Guru 4 месяца назад

Reach out to Brian at TestGeek

@Kam-Mass 7 месяцев назад

If my ER Firm meets the definition of B/D, and I am a non registered rep there (Admin) can I take a clients order over the phone for a trade (All registered reps are out that day) for a government security (exempt issuer) or for an exempt security? Or can I never take any order bc it’s prohibited? And is it prohibited bc I’d then be meeting the definition of a B/D Rep by taking a trade order? I struggle with questions like this.

@Series7Guru 7 месяцев назад

No. To take orders must be registered regardless of the type of security.

@user-rq5bd3qh9i 5 месяцев назад

Hi Dean, thank you for your videos! You have been crucial in me passing my SIE and series 7. I was wondering where I can get access to this "cheat sheet" that you guys keep referencing in this video. thank you!!

@Series7Guru 5 месяцев назад

Contact Brian Lee at TestGeek. There is a link on the about page.

@Ivy-tz3es 9 месяцев назад

Hi Dean , thank you and Brian for all that you do. How can I get the cheat sheet??

@Series7Guru 9 месяцев назад

Email Brian at TestGeek Exam Prep.

@peckspacks272 10 месяцев назад

so if i am an IAR for a state registered IA and i have clients in Illinois, Indiana, and Minnesota and i have an office in Michigan, i have to register in all 4 states?

@Series7Guru 10 месяцев назад

Yes, unless de minimus

@Ralph3_ 8 дней назад

hey dean i just passed my s7 much thanks to u. 66 is up next and im using pass perfect. i feel so overwhelmed the first section was mostly discussing agents bd ia iar. who has has to be registered and who doesnt. is this playlist a good place to supplement the reading?

@Series7Guru 8 дней назад

Yes! Watch the podcast series too!

@emmettkate1370 4 месяца назад

Hi Dean, in 49:22 you mentioned your example as doing business in NY. If the BD is not registered in NY, but you have institutional clients in NY. Do you still need to register in NY? I thought BD don't need to register in that state if only deal with institutional clients(not retail clients)? Thanks.

@Series7Guru 4 месяца назад

If the b/d and the agent have no retail clients and no office they do not have to register.

@emmettkate1370 4 месяца назад

⁠@@Series7GuruIn the video, 49:22, the example you gave, you said you have institutional clients in clients in NY ask you to do business in NY. Why you said you need to register in NY? If you don’t have office and only institutional clients, you don’t need to register there right? Thanks.

@Series7Guru 4 месяца назад

@emmettkate1370 that was a retail person at the bar. Listen again. Not institutional. Retail would trigger registration not my existing institutional business

@jamesjohnson5816 Месяц назад

Amazing video

@Series7Guru Месяц назад

Thx

@eliamora03 27 дней назад

Hi, I am new to your channel and will like to know what do I need to do to get the “sheet sheet” you walked about in this video. Is there a membership? Thanks

@Series7Guru 27 дней назад

Send an email request to brian@testgeekexamprep.com

@eliamora03 27 дней назад

@@Series7Guru thank you When are your lives for 66?

@erahia5637 7 дней назад

just to clarify with the BD registration. When they don’t have an office and no resident clients and only deal with institutions, they don’t register with the state and only with the SEC, correct? I read in Kaplan that B/D register with fed and can register with the state. Are all B/Ds that are not registered in the state federally covered?

@Series7Guru 7 дней назад

There is no such thing as federally covered B/Ds. No office in State, No retail customers in state, NO REGISTER IN STATE! TESTABLE! All B/Ds register with SEC and FINRA. NOT TESTABLE.

@ryanmerkle5868 10 месяцев назад

So office OR client, a BD must register; and for state IA, it’s an office AND 6 or more retail clients must register ? Is that accurate ?

@Series7Guru 10 месяцев назад

Yes

@brandonwabnik1007 9 месяцев назад

Hey hope you’re doing well. I just started preparing for the 66, which video should I start with to begin my journey?

@Series7Guru 9 месяцев назад

The videos are in suggested watch order in the playlist.

@jeraldmundackal4820 3 месяца назад

So a federally covered advisor who has an office in a state need not register with a state, they only pay a filing fee correct?

@Series7Guru 3 месяца назад

Yes. The channel is self serve not interactive.

@nicothic 8 месяцев назад

Thank you:)

@Series7Guru 8 месяцев назад

De nada

@Thuuunderous_Wizard 10 месяцев назад

A bit confused on registration in exempt transactions like unsolicited. I don’t know why but I just can’t get that.

@Series7Guru 10 месяцев назад

Can you articulate that any further? A broker/dealer is not subject to the jurisdiction of the Uniform Securities Act in an unsolicited transaction, it is an exempt transaction.

@ericmaher6606 10 месяцев назад

I have this on a loop

@Series7Guru 10 месяцев назад

Thx

@johnwimbley189 8 месяцев назад

Hey Dean, I took 65 exam today and thought I passed with 70% of 130 questions which is 91. However I apparently failed because you actually need 92 /130 which actually is a little more than 70%. I called FINRA but they actually agreed with me but said to contact NASSA. I listened to your cast on FINRA changes and 70% was mentioned. No offense but I think you may want to consider just giving the total number correct as opposed to percent. Not your fault but of course given this exam appropriate that 70 percent isn't really 70 percent. Thanks and appreciate your feedback and your classes are great! John

@Series7Guru 8 месяцев назад

We have discussed this is more than one podcast episode. Sorry to hear of this testing misfortune. Hurts for sure.

@lucasdesouza2120 4 месяца назад

Hey Dean, is there any difference in a Registered Investment Advisor (RIA) and an Investment Advisor (IA)? Have been getting a few questions about them and I know that the IAR is the actual person, but is there any difference between a RIA and a IA ?

@Series7Guru 4 месяца назад

There is not.

@lucasdesouza2120 4 месяца назад

@@Series7Guru thank you as always

@lucasdesouza2120 4 месяца назад

@@Series7Guru passed my SIE and series 6 huge thanks to you. One more to go 🙏

@Series7Guru 4 месяца назад

@lucasdesouza2120 de nada

@GenoveseKids Год назад

Can I buy the cheat sheet from somewhere Dean?

@Series7Guru Год назад

You can from TestGeek Exam Prep.

@kyle5841 3 месяца назад

Very informative video, it would be even more awesome if he could put his Batman costume on for one of the videos!

@Series7Guru 3 месяца назад

Lol

@kyle5841 3 месяца назад

@@Series7GuruDean which video would recommend for the 63 after this one or any others that are very beneficial?

@Duddyguy7 10 месяцев назад

I am confused about IAR registration. I had a review with my firm and the trainer had said you don’t have to register if you are an IAR unless your feet are physically in that state. Is this correct? Based on the video I just watched he is saying that you have to register based on if you have an office in the state or not. Another way to put it is my trainer said if I live in Indiana and have an office in Indiana but I visit someone in another state that I don’t have an office in, I still have to register in that state if I’m there physically giving advice. I hope this makes sense.

@Series7Guru 10 месяцев назад

If I am IAR of a federally covered IA I only register in a state in which I have an office. If that conflicts with your trainer than your trainer is wrong.

@Duddyguy7 10 месяцев назад

@@Series7Guru how about state IAR though? I’m interpreting as if you have an office in the state of business, yes. However, say if you work in an Indiana office and have like 6 clients in Florida and you DO NOT have an office in Florida, you would still need to register in Florida?

@Duddyguy7 10 месяцев назад

Sorry, I think the wrong info is embedded. My understanding: if fed covered IAR, dependent on whether you have an office or not in place of business if you need to register. If state IAR - have office in state , yes. If no office but 5 or less clients then no.

@Series7Guru 10 месяцев назад

@@Duddyguy7 you are confusing IARs who work for federally covered IA with IARs who work for state IAs. The registration rules are different for each.

@Series7Guru 10 месяцев назад

@@Duddyguy7 that is correct and nothing in this contradicts that.

@phillipsavin3201 5 месяцев назад

How do I sign up for the classes on Tuesday?

@Series7Guru 5 месяцев назад

Deantinneytutoring.setmore.com

@danielplascencia2504 16 дней назад

Just to confirm, the deminimus rule ONLY applies to State IA's or State IAR's?

@Series7Guru 16 дней назад

Yes

@danielplascencia2504 16 дней назад

@@Series7Guru thank you

@danielplascencia2504 3 месяца назад

following these vids and started kaplan 66

@Series7Guru 3 месяца назад

Welcome

@danielplascencia2504 3 месяца назад

@@Series7Guru I just never know what to write down from reading the text book

@nathantournahu3955 7 месяцев назад

Dean, could you share your cheat sheet?

@Series7Guru 7 месяцев назад

Request should be made to TestGeek Exam Prep, Brian Lee

@Matt-qu3pg 5 месяцев назад

When he said "if i have a client who is a resident i must register as a state IA, unless i have no more than 5" how does that make sense

@Series7Guru 5 месяцев назад

Not sure the context. If you are a state covered advisor if you have an office you must register in that state. No office in state and no more than 5 retail investors the IA doe not have to register.

@Jameswilliams-yr6xg Год назад

Just failed the 66 by 1 on my third try. Hoping the 63 is easy. Plan to take in two weeks. Then have ring into the haunting 65

@Series7Guru Год назад

Damn. That hurts for sure. Like your new battle plan.

@madcreditman1121 Год назад

Thanks Dean- any advice on whether to do the 65 or 63 first. Most people say 63 can be fairly straight forward with no more then a week or so to study for it ( when coming off the 66 )

@Jameswilliams-yr6xg Год назад

@@madcreditman1121not sure why it went to my old RU-vid channel lol

@Series7Guru Год назад

@@madcreditman1121 i agree. 63 first.

@Jameswilliams-yr6xg Год назад

@@Series7Guruunfortunately after looking at the 65 it looks like just bigger more mean version of the 66…..

@user-rn8rv6lz5b 10 месяцев назад

I am reading STC and it is so confusing and full of so much crap. I’ve watched this video 3 times and finally have it memorizing. I commented before but I have to say “way to keep it simple”. STC does a really horrible job, and yes it really is 40 pages of CRAP.

@Series7Guru 10 месяцев назад

For sure.. Glad you found it helpful.