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
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