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Open Exam Prep

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.

Visit for more content: https://open-exam-prep.com/

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  • Yesterday · 4 min

    [Series 66] 48, Fiduciary Duty and Conflicts of 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 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

  • Monday · 4 min

    [Series 66] 47, Advisory Contracts Fees and Assignment

    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

  • Sunday · 4 min

    [Series 66] 46, Discretionary Authority and Trading Permissions

    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/

  • Saturday · 4 min

    [Series 66] 45, Custody 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: - 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/

  • Friday · 4 min

    [Series 66] 44, Registration Renewals Amendments and Records

    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 registration renewals on December 31st differ from federal annual ADV updating amendments. • When material amendments to Form ADV and Form U4 must be filed promptly with regulatory authorities. • Retention timelines for investment adviser books and records under NASAA model rules and federal regulations. • How the de minimis exemption applies to investment adviser representatives serving out-of-state clients. • A decision framework for remembering amendment deadlines, annual renewals, and record retention periods. OpenExamPrep provides independent study resources for professional qualification tests. Prepare for your exam at https://open-exam-prep.com/practice/series66 and explore visual tutorials on 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/

  • Thursday · 4 min

    [Series 66] 43, Civil Liability and Criminal Penalties

    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 civil remedies under the Uniform Securities Act aim to make investors whole through rescission, interest, attorney fees, and court costs. - The civil statute of limitations rules under state law, requiring action within three years of sale or two years of discovery, whichever comes first. - The conditions under which letters of rescission bar civil litigation if unaccepted after thirty days. - State criminal penalty maximums under the Uniform Securities Act and how they compare to federal standards. - The role of state Administrators versus state prosecutors in enforcing criminal securities laws. This independent prep content helps you study effectively for the Series 66 exam. Practice more questions 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/ https://www.nasaa.org/wp-content/uploads/2021/10/1956-Uniform-Securities-Act-with-NASAA-Updates-and-Commentary.pdf

  • November 4 · 5 min

    [Series 66] 42, Administrator Powers and Investigations

    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: - Scope of state Administrator investigative powers under the Uniform Securities Act - Difference between administrative cease and desist orders and court-issued injunctions - Procedure for enforcing subpoenas through state court petitions - Procedural requirements and hearing timelines for summary administrative orders - Key distinction between administrative remedies and judicial enforcement powers This independent study resource is designed for candidates preparing for the Series 66 exam. Access additional practice tools at https://open-exam-prep.com/practice/series66 and watch our video tutorials on YouTube 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.finra.org/registration-exams-ce/qualification-exams/series66

  • November 3 · 4 min

    [Series 66] 41, Registration Coordination and Qualification

    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 registration by coordination coordinates state filings with SEC registration under the Securities Act of 1933. * The required conditions for coordination to become effective simultaneously with federal registration. * When registration by qualification is required for intrastate and non-SEC registered offerings. * Why qualification requires an explicit order of effectiveness from the state Administrator. * Key exam distinctions and practical rules for evaluating state security registration scenarios. This independent study guide provides state securities regulation prep for the Series 66 exam. Practice interactive test questions 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/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.nasaa.org/wp-content/uploads/2021/10/1956-Uniform-Securities-Act-with-NASAA-Updates-and-Commentary.pdf

  • November 2 · 4 min

    [Series 66] 40, Federal Covered Securities and State Authority

    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 NSMIA establishes federal preemption of state securities registration. - The key categories of federal covered securities under federal law. - How state notice filing and fee rules apply to covered offerings. - Why state administrators lack authority to perform merit reviews on covered securities. - How state anti-fraud enforcement authority is preserved for all securities transactions. This independent study resource helps candidates master Uniform Securities Act and federal regulatory concepts. For practice questions and study tools, visit 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/exams/general-exam-information/series-66-exam-content-outline/ https://www.sec.gov/education/capitalraising/building-block/national-securities-markets-improvement-act-1996

  • November 1 · 4 min

    [Series 66] 39, Exempt Securities vs 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: - How exempt securities derive status from what the security is, regardless of how it is traded. - Why bank-issued securities are exempt while bank holding company stock requires registration. - How exempt transactions derive status from how or to whom a sale is conducted. - The state private placement rule allowing offers to no more than 10 non-institutional investors in 12 months. - The fundamental rule that no security or transaction is ever exempt from anti-fraud provisions. For independent Series 66 study resources and free practice tools, visit https://open-exam-prep.com/practice/series66 and subscribe to 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/

  • October 31 · 4 min

    [Series 66] 38, Agent Registration and Exclusions

    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 the Uniform Securities Act defines an agent as an individual representing a broker-dealer or issuer. - The narrow exclusion for clerical and ministerial employees at broker-dealers who do not effect or solicit trades. - Why individuals representing issuers in exempt securities or exempt transactions are excluded from agent registration. - Why representing a broker-dealer selling exempt securities still requires state agent registration. - A simple decision rule to evaluate entity representation before examining security exemptions on state exams. This independent study resource is designed to help you master Uniform Securities Act regulations. Practice additional questions at https://open-exam-prep.com/practice/series66 and watch video explanations 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.finra.org/registration-exams-ce/qualification-exams/series66

  • October 30 · 4 min

    [Series 66] 37, Broker-Dealer Definitions and Registration

    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 statutory definition of a broker-dealer and entities excluded under the Uniform Securities Act. • Why broker-dealers lack a de minimis exemption for state registration with retail clients. • How Form BD, filing fees, and the Consent to Service of Process complete initial registration. • Effective registration timelines, annual renewal, and net capital limitations under federal law. • A simple decision rule to determine when out-of-state broker-dealer registration is mandatory. This independent study episode helps candidates prepare for the Series 66 exam. For practice questions and study tools, visit https://open-exam-prep.com/practice/series66 and 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/

  • October 29 · 4 min

    [Series 66] 36, IAR Registration and Place of Business

    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 legal distinction between an investment adviser entity and an investment adviser representative * How physical place of business is defined under SEC Rule 203A-3 * The federal preemption rule governing registration for representatives of federal covered advisers * How the de minimis client count exemption applies differently depending on adviser registration type * A simple decision rule to evaluate state registration requirements on exam day This independent prep episode helps candidates master state registration principles for the Series 66 exam. For interactive practice, visit https://open-exam-prep.com/practice/series66 and 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.finra.org/registration-exams-ce/qualification-exams/series66 https://www.ecfr.gov/current/title-17/section-275.203A-3

  • October 28 · 4 min

    [Series 66] 35, Adviser Exemptions and Notice Filing

    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 state adviser registration and federal covered adviser notice filing. - How the de minimis exemption applies to out-of-state investment advisers. - Requirements for an adviser notice filing package including Form ADV and fees. - The distinct state registration rules governing investment adviser representatives. - How physical place of business impacts exemption eligibility and registration triggers. This independent study guide supports candidates preparing for state securities licensing. Practice questions are available at https://open-exam-prep.com/practice/series66 and video resources 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

  • October 27 · 4 min

    [Series 66] 34, State vs Federal Adviser Registration

    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 assets under management (AUM) thresholds determine state versus federal SEC registration for investment advisers. - The key difference between optional SEC registration at $100 million AUM and mandatory registration at $110 million AUM. - How buffer rules govern transitions, including the 90-day SEC registration window and 180-day state registration window. - Why an investment adviser can be an individual sole proprietor or a legal entity rather than strictly a firm. - A simple decision rule to easily remember registration, mandatory transition, and withdrawal thresholds on exam day. This independent study resource helps candidates master state and federal adviser registration rules for Series 66 exam preparation. Explore interactive study 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/exams/general-exam-information/series-66-exam-content-outline/ - https://www.sec.gov/investment-advisers https://www.sec.gov/about/divisions-offices/division-investment-management/electronic-filing-investment-advisers-iard/frequently-asked-questions-form-adv-iard

  • October 26 · 4 min

    [Series 66] 33, Investment Adviser Definitions and Exclusions

    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 three-prong legal test used to define an investment adviser under federal and state securities laws. * Statutory exclusions under the Uniform Securities Act including banks, publishers, and the LATE professionals. * How incidental advice and separate compensation affect professional exclusions for lawyers and accountants. * Key distinctions between investment advisers, investment adviser representatives, broker-dealers, and agents. * A simple three-step decision rule for evaluating adviser definitions, exclusions, and state registration requirements. This independent prep episode helps you master Series 66 concepts through structured analysis. For practice tools, visit https://open-exam-prep.com/practice/series66 and 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.nasaa.org/wp-content/uploads/2021/10/1956-Uniform-Securities-Act-with-NASAA-Updates-and-Commentary.pdf

  • October 25 · 4 min

    [Series 66] 32, Matching Recommendations to Client Needs

    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 analyze financial and non-financial client profile factors for Series 66 suitability. - Why placing municipal bonds in tax-deferred accounts is a classic suitability trap. - How fiduciary standards for IARs differ from suitability and Reg BI for BD agents. - The Profile Priority Rule for balancing expressed goals with actual financial capacity. - How to evaluate product liquidity against client withdrawal time horizons. This independent study resource helps candidates prepare for the Series 66 exam. Practice more questions 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.finra.org/registration-exams-ce/qualification-exams/series66

  • October 24 · 4 min

    [Series 66] 31, Measuring and Comparing Portfolio Returns

    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 total return combines capital appreciation and income dividends or interest. * The difference between time-weighted return and dollar-weighted return when evaluating investment adviser management. * How risk-adjusted return measures such as the Sharpe ratio evaluate performance relative to total risk. * How Jensen's alpha measures portfolio return relative to expected return calculated by the capital asset pricing model. * Why inflation-adjusted real returns and benchmark comparisons are essential for evaluating client portfolio performance. This episode is part of an independent prep series for the Series 66 examination. For additional study materials, practice questions, and study tools, visit https://open-exam-prep.com/practice/series66 and 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.finra.org/registration-exams-ce/qualification-exams/series66

  • October 23 · 4 min

    [Series 66] 30, Trading Orders and Execution Costs

    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 operational mechanics and price execution guarantees of market, limit, and stop orders. * How broker-dealers act in agency or principal capacities to charge commissions, markups, or markdowns. * The fiduciary obligation of investment advisers to achieve best execution across trading venues. * Permissible soft dollar safe harbor activities under Section 28(e) of the Securities Exchange Act of 1934. * How to avoid common exam traps regarding improper soft dollar usage for general office overhead. Master Series 66 concepts with free practice questions and AI tools at https://open-exam-prep.com/practice/series66 and subscribe to our video channel 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.finra.org/registration-exams-ce/qualification-exams/series66 https://www.investor.gov/introduction-investing/investing-basics/glossary/market-order

  • October 22 · 4 min

    [Series 66] 29, Estate Planning and Wealth Transfers

    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 federal cost basis rules differ between lifetime gifts and testamentary bequests. - The mechanics and tax implications of the stepped-up basis at death versus carryover basis for gifts. - How revocable and irrevocable trusts impact estate inclusion and basis transfers. - Key differences between federal gift/estate tax rules and state inheritance tax laws. - Regulatory boundaries for investment advisers and representatives advising on wealth transfers. This independent study resource is created for Series 66 candidates to master estate planning and wealth transfer topics. Explore more practice questions and tools at https://open-exam-prep.com/practice/series66 and watch video lessons on 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.irs.gov/businesses/small-businesses-self-employed/estate-and-gift-taxes https://www.irs.gov/publications/p551

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