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Free Class Today

We are offering  a free class for all you Series 7, 65 & 66 takers out there. Join us for Test-Taking Skills today at 11:00 AM Central Time. Go over problem similar to those you might find on your Series Exam with the author of our material Robert Walker. http://www.examzone.com/ezQuickCalendar

Free Class Tomorrow!

FREE CLASS TOMORROW

REMINDER to all you Series 7, 65 & 66 takers our there that we are offering our weekly FREE class on test-taking skills. This is a great way to go over practice questions and prepare yourself for your Exam. Class begins at 11:00 AM Central. Click the link to register: Examzone Class Schedule

Classes Continue TOMORROW

Examzone Classes Continue TOMORROW for the Series 63, 65, 66 with Business Practices: Broker-Dealers and Agents at 10:00 AM Central Time. Click on the Class Schedule to register!

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Do you know about Suitability of Investment Recommendations?

Know anything about Suitability of Investment Recommendations?

If you don’t know about Suitability of Investment Recommendations you should… and now you CAN! Check out our class tomorrow 9/26/13 at 12:00 PM Central and expand you knowledge of critical material found on the Series 6, 7, 63, 65 & 66. Just click to register!

Partnerships Question

Partnerships

The Series 65/66 exams definitely consider limited and general partnerships to be fair game, as they indicate on their exam outlines. How would you navigate a question like this one …

Which of the following is an accurate statement of the business structures known as “general partnerships” and/or “limited partnerships”?
A. only limited partnerships allow for direct flow-through of income and expenses
B. both ownership structures leave at least some owners with unlimited liability
C. general partnerships are no longer enforceable effective January 1, 2011
D. general partnerships relieve the owners of personal liability

EXPLANATION: a general partnership is really just a sole proprietorship with more than one owner. These folks want to go into business together, so they form a general partnership. It does provide for flow-through of income and expenses, but it also leaves all general partners personally liable for debts and lawsuits of and against the business. To form a limited partnership, you have to have at least one general partner (GP), and GP’s always have unlimited liability. Don’t read a choice like Choice C and automatically assume you forgot to study something. The Exam occasionally makes stuff up to see if you’ll fall for it when a much better answer was available. Don’t do that. Instead choose answer …

ANSWER: B

Click here for help with your series 65

LAST CHANCE to register for FREE CLASSES on Series 6 7 63 65 or 66 – Classes begin tomorrow

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September 9, 2013

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LAST CHANCE to Register for FREE CLASSES on the Series 6 7 63 65 or 66 – Classes begin Tomorrow

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Hello Friend, 

 

Examzone.com is excited to announce our 

Live Online Class Series starting September 10th, 2013.

 

Click here Register for Free for any of the free classes offered during the first week. 

 

Each regular class is only $29.95 for 1.5 hours of instruction and Q&A, and each session starts at 12:00 PM CDT weekdays and at 10:00 AM CDT on Saturdays.

 

Our classes, taught by the author Robert Walker, use the same famously simple PLAIN ENGLISH style as the rest of our test prep books and materials. Click here to sign up for a free sample of the materials and Check out what our customers are saying about the program.

 

While you are perusing our class schedule, please take a look at the rest of the exam prep material for the following Series:

 

Series-65Series-7Series-66Series-6Series-63

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Date Classes that apply to the Series 6, 7, 63, 65 & 66 Sign Up Now
Week 1 Class Schedule FREE CLASS – Economic Factors and Business Reporting

FREE CLASS – Equity and Debt Securities

FREE CLASS – Investment Risks and Approaches

FREE CLASS – Pass The 6 & 63

FREE CLASS – Uniform Securities Act: Administration of the Act

Learn More
Week 2 Classes Equity and Debt Securities

Taxation

Tax-Advantaged Plans

Uniform Securities Act: Registration of Persons

Learn More
Week 3 Classes Economic Factors and Business Reporting

Equity and Debt Securities

Investment Risks and Approaches

Uniform Securities Act: Administration of the Act

Learn More
Week 4 Classes Economic Factors and Business Reporting

Equity and Debt Securities

Investment Risks and Approaches

Uniform Securities Act: Administration of the Act

Learn More
Week 5 Classes Economic Factors and Business Reporting

Equity and Debt Securities

Investment Risks and Approaches

Uniform Securities Act: Administration of the Act

Learn More
Week 6 Classes Economic Factors and Business Reporting

Equity and Debt Securities

Investment Risks and Approaches

Uniform Securities Act: Administration of the Act

Learn More
Week 7 Classes Economic Factors and Business Reporting

Equity and Debt Securities

Investment Risks and Approaches

Uniform Securities Act: Administration of the Act

Learn More

 

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Variable Annuities Question

Variable Annuities

Happy Friday everyone, let’s end the week with a practice question. The exam will likely ask you 3 or more questions on variable annuities. How would you answer something like this:

Which of the following statements is/are true of non-qualified variable annuities?
I. the annuitant’s return of principal is guaranteed
II. the annuitant’s net deposits into the account equal her cost basis
III. the annuitant is subject to penalties on withdrawals prior to age 59 1/2
IV. the annuitant is subject to penalties if withdrawals do not commence by age 70 1/2

A. I
B. II, III
C. I, IV
D. II, III, IV

EXPLANATION: choice “I” is true only during the accumulation phase due to the death benefit, but the statement falls apart during the annuity phase and, therefore, has to be eliminated. The variable annuity does not promise a return of principal, which is one of the risks disclosed in the prospectus and sales literature. If the annuitant dies during the accumulation period, the beneficiaries receive at least what he put in, but when the contract is annuitized, there is no guarantee on what will be received. So, eliminate choices A and C. Now, you get II and III for free because they are both in the remaining two choices. The only difference between B and D is that one contains choice “IV” and one doesn’t. So, do withdrawals have to begin at age 70 1/2? Even though the 10% early withdrawal penalty is there, the annuitant does not have to start taking money out at age 70 1/2… not on a non-qualified variable annuity. Choice D is eliminated, leaving you with …

ANSWER: B

Also remember that a qualified variable annuity would be subject to lifetime maximum contributions and would force the annuitant to begin withdrawals at age 70 1/2. So, as always, read each test question very carefully.

Click here for help with the 65

Balance Sheet Question

Advances to Partners, Officers

As I’ve written, I’m not sure why investors would allow their investment adviser to also maintain custody of the account assets. I mean, if the investments are doing poorly, what’s to stop the adviser from making up his own numbers, or—worse—making withdrawals out of dividend and interest income that the client never finds out about?

But, some advisers do have custody. If so, the firm has to maintain a minimum net worth. NASAA says in one of their model rules that the minimum net worth for such an adviser is $35,000. They then define “net worth” in frightful legalese. Let’s imagine what a test question might look like on the Series 65/66 exam:

Hickory Stick Advisory Partners are deemed to have custody of client assets. When filing their balance sheet, the firm should include in its assets which of the following items?
A. prepaid expenses
B. loans to a senior partner
C. loans to a silent partner
D. marketable securities

EXPLANATION: the NASAA model rule on minimum financial requirements for advisers specifically tells advisers not to include prepaid expenses or loans to partners—if the firm is a partnership—or to officers or stockholders—if the firm is a corporation. Seems like a good idea to me. If the advisory business is doing poorly, what are the chances that the partners are doing well enough to repay the loan they took out? Talk about some shaky assets. Marketable securities have a value—they are an asset.
ANSWER: D

Click here for help with the 65

Practice Question on the 2nd Prong

Practice question on the 2nd prong

Let’s try to apply what we’ve been discussing about the “three-pronged approach” to the following practice question:

Which of the following least likely meets the definition of an “investment adviser”?
A. an individual who merely rents a billboard in State A announcing the availability of “total financial planning services”
B. a financial planner limiting her services to budgeting, bill paying, and credit score improvement
C. a newsletter writer who covers mid-cap technology stocks and sends the newsletter to paid subscribers based on market index movements
D. a geological engineer who charges a flat fee to help investors determine promising royalty trusts and limited partnership interests involved with oil & gas exploration

EXPLANATION: the phrase “holding itself out to the public” often messes with people. But, the individual who rents a billboard is doing exactly that—holding herself out to residents of the state as being in the business of providing investment advice. Close enough—she’s an adviser. The newsletter writer loses his exclusion by blasting out his so-called “newsletter” based on “market developments.” He’s only a newsletter writer if he’s publishing a newsletter that goes out to a general audience on a regular circulation—if the thing goes out based on market developments, he’s an adviser. The engineer would not be an adviser if he’s merely telling partnerships whether there is or is not oil/gas underground worth trying to extract, but this guy is telling investors what to invest in, for compensation. He is also an adviser. While “financial planners” usually do meet the definition of “investment adviser,” that is only if part of their service involves securities. If, on the other hand, they keep it to non-securities matters, they escape the definition.

ANSWER: B

Click here for help with the series 65