00:00 Opening
0:48 Personal balance sheet
Assets vs liabilities
Working capital
Current ratio
5:18 Know your customer
Balance sheet
Cash flow
7:56 investment objectives
9:38 Non-financial profile
Age, marital status, tax status employment, risk
10:58 Accredited investors Reg D
12:05 Cash account & margin account
14:00 Full vs limited POA
17:10 Primer brokerage account & DVP
19:27 Day trading accounts
4 trades in 5 days
25k min
20:30 Individual accounts
20:49 JTWROS vs Tennant in common
22:56 Practice exam question
24:00 Custodial accounts
UTMA UGMA
27:33 Test question
27:46 Transfer on death
28:50 test question
30:45 Business accounts
Sole prop
General partner
Limited partner
S, C Corps
33:00 Account opening requirements
Trusted account person
35:45 Account changes
36:22 Practice question
38:31 Qualified vs Non-qualified
Taxes and plans
43:12 All about IRA’s
45:07 Transfer vs rollover
46:00 Two types of Corporate plans
48:18 retirement account restrictions
49:19 Roth IRA’s
51:40 Practice question
52:25 Tax sheltered annuities
54:33 ERISA
58:52 Conclusion…(read more)
LEARN MORE ABOUT: IRA Accounts
CONVERTING IRA TO GOLD: Gold IRA Account
CONVERTING IRA TO SILVER: Silver IRA Account
REVEALED: Best Gold Backed IRA
Preparing for the Serries 7, SIE, Series 6, Series 65, and Series 66 exams can be a daunting task. These exams are a crucial step for those looking to enter the securities industry or advance their career within it. Understanding customer accounts is a vital aspect of these exams, as it forms the foundation of the industry.
Customer accounts refer to the relationship between financial advisors and their clients. These accounts are an essential part of the securities industry, as they involve the buying, selling, and holding of securities on behalf of clients. Acquiring knowledge about customer accounts is crucial for success in the exams and in everyday practice.
The Serries 7 exam assesses a candidate’s competence in various areas, including customer accounts. This exam is designed to test the knowledge and ability to perform critical functions of a general securities representative. Candidates must understand different types of accounts, such as individual, joint, corporate, and trust accounts, as well as the regulations surrounding them.
On the other hand, the Securities Industry Essentials (SIE) exam evaluates a candidate’s basic knowledge of the securities industry. It covers a broad range of topics, including customer accounts. The SIE exam covers key concepts such as types of accounts, account registrations, and account transfers.
The Series 6 exam focuses on investment company products such as mutual funds, variable annuities, and unit investment trusts. While it may not emphasize customer accounts as extensively as the Serries 7 or SIE exams, having a solid understanding of customer accounts is still essential when dealing with investment products.
For those aiming to become investment advisor representatives or registered investment advisors, the Series 65 and Series 66 exams are crucial. These exams test their knowledge of ethical practices, laws, and regulations involving investment advisory services. While customer accounts may not be the primary focus of these exams, understanding account types, regulations, and management is critical to providing comprehensive advisory services.
To efficiently prepare for these exams, various study materials and resources are available. Many reputable companies offer study guides, textbooks, online courses, and practice exams tailored to the specific requirements of each exam. These resources cover all the necessary information, including customer accounts, to help candidates succeed.
Additionally, candidates can benefit from participating in live or online training sessions, where experts provide guidance, explain complex concepts, and answer questions. These sessions offer an opportunity to gain deeper insights into customer accounts and other exam topics by interacting with professionals who are well-versed in the field.
Furthermore, practice exams and quizzes are essential for evaluating knowledge retention and identifying areas that require further study. Candidates should dedicate ample time to completing practice questions related to customer accounts to ensure they grasp the concepts thoroughly.
Ultimately, achieving success in the Serries 7, SIE, Series 6, Series 65, and Series 66 exams requires dedicating time and effort to fully understand customer accounts. By utilizing the aforementioned study materials, attending training sessions, and regularly practicing with practice exams, candidates can enhance their knowledge and maximize their chances of passing the exams with flying colors.
Thank you!! This was amazing and so helpful real life situations, loving your videos ❤❤❤
Hi! Can you please make a video on customer communication and requirements applied to those communications? Thank you for all that you do!!
This is very good and helpful. Thank you ❤
the eye problem joke was a good 1
@series7guru What is the difference between a roth and a roth 401K? Can you have a roth 403(b)? Roths are IRAs, pension plans are IRAs, correct? I think I'm getting confused about what are accounts vs what are rules applied to an account (Roths?)…
Hey Dean, have they changed the RMD age to 73? And if so should I expect that change to be expressed on an exam?
Hey dean, I’m confused about JTWROS. I know when one of the account holders dies 100% goes to the survivor. But if 100% goes to the survivor how does the proceeds also go to the estate?
45:10 my Exam FX practice test actually tested me on the 20% withholding the employer does when you cash a 401k. I’m like really? Is that really going to be on the test. Now I know though
Dean! I am trying to find a video on Equity Stock Options pls help!!!
Thanks Dean! This has helped! Plan on doing a lesson on VA's?
For JTIC accounts, who is responsible if a Margin account gets called? Are both equally responsible for payback?
My S6 exam tomorrow, I worked with Chase bank and I really need to passss
thank you Dean for all Video, any last min advice or Vedic to go over bc did not find much Vedic for S6 🙁 🙁
Dean can you creat on video on cost basis of all transactions and maybe more in-depth on mutual funds and annuities?
Update to I failed the 7 by a few questions. The question that kept coming up is Do Mutual Funds offer safety of principal? Plus cost basis. And I got screw with a lot of options. 1 margin- 2 and not much on municipals
Dean as last minute for the 7 which topic is most tested?
Past my Series 7!
Thanks for all your help Dean.
You’re a legend!
Amazing content
I live in tampa florida if you ever need anything!
This is your funniest lecture so far (and I've enjoyed them all so far!).
Hi Dean just a question about TOD @ 28:03, "cost basis is stepped up", just to clarify, it means the potential tax on the gains would be passed over? It would be as if the recipient purchased the portfolio at current market price, so if they sell = no capital gains tax?
Thanks for another great video!
EDIT: Just realised you touch on this at 29.13 actually.
Deien, I always get a test question that I can never remember the answer to. It says something about a joint account between a husband and a wife and a husband wants to liquidate shares in the joint account and transfer it to his own account. One of the answers is “he needs written permission from the wife” and another was to go ahead with the liquidation. I would assume he could do that if the wife gave permission?
Great summary, continue to go down the your list of S7 videos. Find every single one helpful. Thank you so much!
My wife and I joke about having to share our brokerage account with some guy named J.T. Tenwros.
Great video Dean
Thank you so much . My SIE is coming up soon and I love all your lectures .
Love your content and stories. Thanks for mentioning TIAA-CREF, proud former Ops employee for 23 years
Extremely helpful!
Thanks Dean!
awesome video and channel! Recommending this to my SIE class
if the customer made a transaction every month, will it be a monthly account statement send to the customer ?
Hi Dean, May I ask what’s the difference between Donor and custodian? Is they have to be same person in term of UGMA?
Dean would you consider doing a lecture on Taxation? Obviously it's a topic sprinkled throughout everything (and you have really helped me focus my understanding). The thought occurred to me though that it'd be kind of useful to have it all in one place. Thanks again for everything; you have been more helpful than I could ever articulate!
Thx
can you do a practice series 6 or suitably for series 6 ? Thank you for all you do. Dean is a Life saver
Only started the channel January 1 so not sure what my expectation should be on view counts. Channel is over 4,000. And most popular lecture posted is approaching 600 views. Good? Bad? Who knows. I don't.
Killing it, Dean. Been watching your videos and test on April 3rd. Out of curiosity, how did you become involved with the Las Vegas Raiders? Are you still involved with them now? If so, in what capacity?