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
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