Show:
Supervised Person
Form ADV/Form CRS
Investment Management
Trading
Other
100

IARs may do some or all of the following except...

  • Make recommendations regarding securities;
  • Manage Advisory Client accounts or portfolios;
  • Determine what advice should be given;
  • Place discretionary trades for all account types
  • Solicit the sale of or sells investment advisory services; or
  • Supervise employees who perform any of the foregoing.

What is place discretionary trades for all account types

100

State-registered RIAs offering both wrap and non-wrap fee services require which documents to be submitted to IAPD?

What is Wrap Fee Brochure, ADV Part 2A, ADV Part 2Bs

100

True or False: DOL-PTE rules apply to IRA to IRA transfers

True

100

A "______" Person are all employees, directors, officers, partners, members, who can see nonpublic information regarding clients purchases or sales of securities, involved in making recommendations to clients, have ability to see portfolio holdings of clients, communicate regularly with clients. 

What is Access Person

100

How many days can a firm hold onto a physical check of a client for before they are deemed to have custody? 

What is 3 days

200

Which of the following Professional Designation does qualify as proper IAR licensure?

  • Certified Financial Planner (CFP)
  • Chartered Financial Analyst (CFA);
  • Certified Public Accountant (CPA);
  • Chartered Investment Consultant (CIC); or
  • Chartered Financial Consultant (ChFC).

What is CPA

200

What documents are required to be published to an SEC-registered firm's website?

Form CRS

200

If not recommending rollovers to clients, what are RIAs limited to providing? 

General Education

200

True or False: Access Persons are required to submit their holding reports to the firm

True

200

Is a transfer between a husband's account to a joint account under the husband & wife considered a third party or first party transfer?

Third Party

300

A Supervised Person is NOT one of the following:

  • Partner
  • Officer
  • Director
  • Employee
  • IAR
  • All of the Above

What is all of the above

300

True or False: Form CRS must be provided to Retirement Plan Consulting clients? 

False

300

Which of the following are not part of the 6 requirements for the new DOL PTE rule? 

  • Acknowledge their fiduciary status in writing.
  • Disclose, in writing, the scope of the relationship and all material conflicts of interest.
  • Maintain written documentation on why the rollover is in the best interest of the client
  • Provide written disclosures to retirement investors of the reasons that the rollover recommendation is in their best interest.
  • Comply with the Impartial Conduct Standards
  • Conduct an annual compliance review and document the results in a written report
  • Signature from the client acknowledging the rollover

What is... Signature from the client acknowledging the rollover

300

How many days within becoming an Access Person should the Access Person submit their holding report to the company? 

10 days

300

What two variables constitutes a third party transfer? 

If the accounts are not under the same name or registration

400

"__________" standard guidelines is when no Supervised Person may enter an order to purchase or sell any security prior to a transaction of the same security being implemented for an Advisory Client on the same day. 

What is Front Running

400

Form CRS stands for what? 

Client Relationship Summary

400
Custodian Best Execution Due Diligence consists of what two types of reviews? 
Quantitative and Qualitative execution reviews
400

True or False: Access Persons can trade into the same security that they recommend to a client

True... must trade after though

400

What is a large trader filing called and at what amount in a calendar month/day triggers it? 

13H Filing 

20 million shares or $200 million worth of securities in a month

2 million shares or $20 million worth of securities in a day

500

What is the max gift limit for non-BD affiliated RIAs? 

What is generally $1,200 but who knows

500

What year did the Form CRS become required? 

2020
500

What type of asset should always be in the lowest share class and avoid 12b-1 fees? 

What is mutual funds

500

A "_______" fee is payable only if the net profits in the client's account exceeds the previous year mark

What is Performance Fee

500

Who and how often is required to sign/receive the WSP manual? 

CCO and all employees. Everyone should sign annually.