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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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  • Today · 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

  • Yesterday · 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

  • Tuesday · 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

  • Monday · 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

  • Sunday · 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

  • Saturday · 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

  • Friday · 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

  • October 21 · 4 min

    [Series 66] 28, Account Ownership and Beneficiary Choices

    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: * Differences between individual, JTWROS, and Tenants in Common account registrations. * How Transfer on Death (TOD) designations bypass probate and override instructions in a will. * The critical distinction between lifetime Power of Attorney authority and TOD beneficiary rights. * Account documentation rules for corporate, partnership, and fiduciary trust accounts. * A decision rule for identifying survivorship versus estate transfer rules on the Series 66 exam. For independent Series 66 exam study resources, practice questions, and video modules, 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.finra.org/registration-exams-ce/qualification-exams/series66

  • October 20 · 4 min

    [Series 66] 27, Education Accounts and Health Savings

    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: - Key tax differences and contribution limits for Section 529 plans and Coverdell ESAs - Income phase-outs and beneficiary age restrictions for Coverdell accounts - Eligibility criteria and triple-tax benefits of Health Savings Accounts - Tax and penalty rules governing non-qualified Health Savings Account distributions - Practical decision frameworks for selecting education and healthcare savings vehicles This independent study guide supports candidate preparation for the Series 66 examination. Explore interactive practice questions at https://open-exam-prep.com/practice/series66 and video lessons 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.irs.gov/publications/p970

  • October 19 · 4 min

    [Series 66] 26, ERISA Fiduciaries and Retirement Advice

    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 ERISA defines fiduciary status functionally based on discretionary authority or compensated investment advice. • The four statutory ERISA fiduciary duties and the requirements for Section 404(c) liability relief. • Why fiduciary self-dealing and prohibited transactions cannot be cured by disclosure alone under federal law. • How to distinguish federal ERISA plan rules from state regulations under the Uniform Securities Act. • A simple decision rule to determine when ERISA fiduciary obligations apply on the Series 66 exam. Independent practice materials and additional guidance are available at 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.dol.gov/agencies/ebsa/about-ebsa/our-activities/resource-center/fiduciary-education

  • October 18 · 4 min

    [Series 66] 25, Employer Retirement Plans and Rollovers

    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: * Distinguishing qualified employer plans from non-qualified executive deferred compensation plans. * Key regulatory features and distribution constraints of SEP IRAs and SIMPLE IRAs. * How the mandatory 20% federal tax withholding applies to direct distributions paid to participants. * The mechanics of completing a 60-day indirect rollover versus direct trustee-to-trustee transfers. * State securities regulatory duties for investment advisers and representatives when recommending plan rollovers. This study tool is an independent preparation module for Series 66 candidates. Access complete practice questions and tools at 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.irs.gov/retirement-plans/plan-participant-employee/rollovers-of-retirement-plan-distributions

  • October 17 · 3 min

    [Series 66] 24, Traditional and Roth IRA Decisions

    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: * Core tax differences between Traditional and Roth IRAs under federal tax law. * Contribution eligibility, income phase-out rules, and aggregate annual contribution limits. * Distribution requirements, including RMD rules at age 73 for Traditional IRAs and Roth exemptions. * How an IAR evaluates current versus projected retirement tax brackets to recommend the appropriate IRA strategy. * Common exam traps involving workplace plan participation and excess contribution penalties. This episode is an independent preparation resource for the Series 66 exam. Access comprehensive 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.irs.gov/retirement-plans/plan-participant-employee/retirement-topics-ira-contribution-limits https://www.irs.gov/retirement-plans/plan-participant-employee/retirement-topics-required-minimum-distributions-rmds

  • October 16 · 4 min

    [Series 66] 23, Capital Gains Cost Basis and After-Tax 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 to calculate capital gains cost basis including purchase price and acquisition costs. • The tax distinction between short-term capital gains and long-term capital gains based on holding period. • Differences between inherited step-up cost basis and gifted carryover cost basis. • Step-by-step methods for computing net after-tax return on taxable investment portfolios. • Common exam pitfalls when distinguishing ordinary tax brackets from preferential long-term capital gains rates. For independent Series 66 study materials and practice support, 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.irs.gov/taxtopics/tc409

  • October 15 · 4 min

    [Series 66] 22, Active Passive Growth and Value Strategies

    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: - Distinctions between active management aiming for index outperform and passive management tracking benchmark indices - Key financial tradeoffs regarding portfolio turnover, transaction costs, management fees, and tax efficiency - Characteristics of growth equity strategies, including high price-to-earnings ratios and earnings retention - Characteristics of value equity strategies, including low price-to-earnings ratios and higher dividend yields - Exam application strategies and fiduciary duties under state and federal securities laws This independent study resource helps candidates master portfolio management strategies for the Series 66 exam. For interactive practice and updates, 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 14 · 4 min

    [Series 66] 21, Diversification Correlation and Rebalancing

    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 diversification reduces unsystematic risk without eliminating market risk. - How correlation coefficients range from -1.0 to +1.0 and affect risk reduction. - Why any correlation coefficient below +1.0 provides diversification benefits. - How calendar and corridor rebalancing strategies restore target asset allocation. - How investment adviser representatives evaluate overall portfolio risk under fiduciary standards. OpenExamPrep provides independent study tools for the Series 66 exam. Practice questions and study guides 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/wp-content/uploads/2023/02/Series-66-Outline-June-2023.pdf https://www.finra.org/registration-exams-ce/qualification-exams/series66

  • October 13 · 4 min

    [Series 66] 20, Strategic vs Tactical Asset Allocation

    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 framework of strategic asset allocation as a long-term passive baseline strategy. • How tactical asset allocation operates as an active short-term portfolio overlay. • Why strategic rebalancing differs from tactical market timing and sector rotation. • How an investment adviser representative applies discretionary authority during asset shifts. • A simple decision rule to easily classify portfolio management strategies on the exam. This independent study resource is designed for candidates preparing for the Series 66 examination. Access additional preparation materials at https://open-exam-prep.com/practice/series66 and watch video 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/

  • October 12 · 3 min

    [Series 66] 19, Time Horizons Liquidity and Life Events

    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 time horizons differ between a client's overall life stage and specific goal-based capital allocations. • The definition of liquidity and why illiquid investments are unsuitable for short-term liabilities. • Key life events that require an investment adviser representative to update a client investment profile. • Why recommending equity investments for short-term capital needs is a frequent exam trap. • A simple decision rule for matching liquidity needs to timeframe constraints under fiduciary standards. This podcast is an independent study resource for Series 66 exam preparation. For additional practice tools and video content, 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 11 · 4 min

    [Series 66] 18, Risk Tolerance vs Risk Capacity

    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 fundamental psychological definition of risk tolerance and how it reflects client comfort with market volatility. * The quantitative definition of risk capacity and how it is measured through concrete financial metrics. * Why financial risk capacity acts as the absolute upper ceiling for investment recommendations. * How to avoid exam traps involving client written waivers or explicit requests for speculative risks. * A simple decision rule to distinguish psychological feelings from financial limits on exam day. Prepare for your exam independently with our comprehensive 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/

  • October 10 · 4 min

    [Series 66] 17, Building a Client Investment Profile

    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 collect both financial and non-financial data when building a client profile for the Series 66 exam. * The regulatory distinctions between federal law, Uniform Securities Act rules, and firm policy regarding client recommendations. * Why immediate high-interest liabilities and client ethical restrictions must take priority over generic asset allocation strategies. * How the definitions and fiduciary duties of investment advisers and investment adviser representatives differ from broker-dealers and agents. * A simple decision rule, FACTS, to evaluate client profile intake before rendering investment advice. This episode provides independent preparation for the Series 66 exam. For practice questions and study 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/

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