Series 7 Exam Prep 9, Account Registrations and Ownership Types

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Series 7 Exam Prep 9, Account Registrations and Ownership Types

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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: - In a Joint Tenants with Rights of Survivorship (JTWROS) account, assets pass directly to the surviving owner, avoiding probate, whereas in a Tenants in Common (TIC) account, the deceased's share goes to their estate. - A Transfer on Death (TOD) designation on an individual or joint account allows assets to bypass probate and go directly to a named beneficiary. - For corporate and partnership accounts, the firm must obtain a corporate resolution or partnership agreement to identify which individuals are authorized to trade. - Custodians of UGMA/UTMA accounts have a fiduciary duty, meaning they cannot use account assets for parental support obligations or engage in speculative trading. - Fiduciaries, such as trustees and estate executors, are governed by the Prudent Investor Rule and must provide legal documentation to prove their authority. For more free exam prep tools, practice questions, and AI-powered explanations, visit https://open-exam-prep.com/ or YouTube Channel: https://www.youtube.com/@Open-exam-prep

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