Series 65/66 Membership class 9/25/2025

Series 65/66 Weekly Zoom Class - September 25
VIEW RECORDING: https://fathom.video/share/Rxtsy7bqLj...
Meeting Purpose

Weekly Zoom class for Series 65/66 exam preparation, covering various exam topics and student questions.

Key Takeaways

Covered key concepts: investment advisor regulations, insurance products, options, trusts, and tax implications
Reviewed several specific exam questions, providing explanations and clarifications
Emphasized importance of understanding core concepts vs. memorizing obscure details
Encouraged students to form study groups and utilize practice questions from actual exams

Topics

Investment Advisor Regulations

Federal covered advisors only register where they have a place of business
State advisors register if they have more than 5 clients or an office in the state
Discussed nuances of advertising rules and testimonial restrictions

Insurance and Securities Products

Non-qualified stock options (NSOs) are always taxed as ordinary income on exercise
Incentive stock options (ISOs) have potential for long-term capital gains treatment if held for required periods
Reviewed differences between various insurance products and their treatment on the exam

Trusts and Special Purpose Acquisition Companies (SPACs)

SPAC funds are held in a trust or escrow account during the search for a target company
Sponsors manage SPACs, not trustees
Discussed durable vs. springing power of attorney for incapacitated individuals

Tax Implications and Calculations

Reviewed step-up in basis rules for inherited assets
Demonstrated after-tax return calculation: (Earnings * (1 - Tax Rate)) / Original Investment
Long-term capital gains rates: 0%, 15%, or 20% depending on income level

Exam Strategy and Preparation

Emphasized focusing on core concepts rather than obscure details
Encouraged using multiple study resources and practice questions from actual exams
Advised on time management and approach to difficult questions

Next Steps

Students to form study groups and share contact information
Instructor to send recording of the session to participants
Students to continue practicing with exam-style questions, focusing on areas of weakness
Next class scheduled; instructor noted Sunday's class is canceled




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