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Open Exam Prep

Open Exam Prep

By: Ran Chen EA CFP®
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Open Exam Prep: Mastering Financial Exams The path to becoming a certified financial professional is known for its difficulty, and finding high-quality, accessible study material shouldn't be the hardest part. Created by Ran Chen—an AI application enthusiast, Financial Advisor, and holder of the EA (Tax), Life Insurance, Series 6/63/65, and CFP® designations—this podcast was born from personal experience. Having navigated these challenging exams himself, Ran realized the need for better resources and created Open Exam Prep as a free solution for aspiring professionals. Each episode breaks down complex major exam topics into clear, digestible lessons, covering everything from tax planning and estate strategies to retirement solutions and investment principles. Whether you’re studying during your commute, workout, or downtime, we are here to guide you—one question, one topic, one victory at a time. Visit for more content: https://open-exam-prep.com/Copyright 2026 Ran Chen, EA, CFP® Education
Episodes
  • Series 7 Exam Prep 10, Discretionary Accounts and Trading Authority

    Series 7 Exam Prep 10, Discretionary Accounts and Trading Authority
    Jun 17 2026
    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 elements that define a discretionary trade: Asset, Action, and Amount (the three 'A's'). - The critical difference between full discretion, which requires written authorization, and time and price discretion, which can be granted verbally for one day. - The two essential requirements for establishing a discretionary account: the client's prior written power of attorney and a principal's written acceptance. - The supervisory responsibilities of a principal, including the frequent review of discretionary account activity to prevent churning. - Common Series 7 exam traps, such as confusing a client's verbal instructions with the legally required written authorization for discretionary trading. 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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    3 mins
  • Series 7 Exam Prep 9, Account Registrations and Ownership Types

    Series 7 Exam Prep 9, Account Registrations and Ownership Types
    Jun 16 2026
    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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    3 mins
  • Series 7 Exam Prep 8, Know Your Customer and Customer Investment Profile

    Series 7 Exam Prep 8, Know Your Customer and Customer Investment Profile
    Jun 15 2026
    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 FINRA's Know Your Customer (KYC) rule provides the foundation for all investment recommendations. - The key elements of a customer's investment profile, including financial and non-financial considerations. - How Regulation Best Interest (Reg BI) elevates the suitability standard, requiring you to act in the client's best interest. - The critical difference between a customer's financial ability to take risks and their personal willingness to do so. - Common exam traps, such as focusing on a single client attribute instead of the entire investment profile. 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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    3 mins
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