Guru Nation Members Weekly Q&A Jam Session

Q&A Session and Tutoring Services
Dean Tinney, the host of the weekly Q&A session, welcomed participants and explained the format of the session. He encouraged attendees to ask questions via chat, which would be addressed in the order they were received. Dean DeLisle shared that Mike Cavanaugh, the founder of his firm, had passed the 24 exam due to Dean's classes and expressed interest in buying Dean a drink. Dean Tinney also discussed his tutoring services, including a shared screen final session, which can be booked for a fee. He mentioned that he charges $250 per hour for tutoring and that some sessions are shared with others for a fee. Dean DeLisle asked about the possibility of doing a shared screen final for the series 7 exam, to which Dean Tinney confirmed.

State Administrator Jurisdiction and Transactions
Dean and Dean discussed the jurisdiction of state administrators over investment advisors registered in other states. Dean clarified that state administrators have the right to inspect the books of a state-registered investment advisor if they have reciprocity. He also explained that state administrators have jurisdiction over transactions involving their state's residents, and that exempt transactions include those done by officers of the court, sheriffs, trustees, and bankruptcies. Dean also shared personal anecdotes about the differences in laws and customs between states, emphasizing the importance of understanding jurisdiction in various contexts.

Exam Question Context and Focus
Dean Tinney emphasizes the importance of identifying the context of exam questions, such as whether they are asking about state-registered or SEC-registered investment advisors. He recommends reading the full question and answer choices, sometimes starting with the last sentence first. Tinney clarifies that the "Laws and Regulations" topic primarily covers registration requirements and ethical practices. He advises Dane to focus on areas like suitability and analytical methods, which are unique to the Series 66 exam compared to the Series 7. Tinney cautions against underestimating the Series 66 exam despite its overlap with the Series 7.

Understanding Investment Vehicles and Exams
Dean Tinney explains the importance of understanding investment vehicles and their suitability for different client objectives like growth, income, and safety. He provides examples of suitable investments for each objective. Tinney also discusses the differences between the Series 63 and 66 exams, with the 63 qualifying one as an agent of a broker-dealer only, while the 66 covers both broker-dealer and investment advisory roles. He suggests taking the 63 and 65 as a fallback option if failing the 66 multiple times, as they cover overlapping material from the Uniform Securities Act but require separate exams. The key distinction is that the 63 excludes content specific to investment advisors.

Strategic Test Prep and Remediation
Dean Tinney advised Landon to consider using a new test prep vendor, such as Stc, and to focus on laying a strong knowledge base before moving on to practice tests. Dean emphasized the importance of remediation and not rushing through the study process. He also suggested that Landon should aim for a score of 75% on each chapter quiz before moving on to the next one. Dean also advised Landon to take a strategic pause and not overwork himself, as this could lead to a plateau in his scores. Lastly, Dean clarified the difference between diagnostics and practice tests, stating that diagnostics are used to identify areas of weakness, while practice tests are for intellectual inventory.
Challenges in Passing the 66 Exam
Dean Tinney discussed the challenges faced by individuals in passing the 66 exam, emphasizing that it's not a reflection on the firm, Notman Marks, but rather on the individual's preparation and test-taking anxiety. He shared a story about a visually impaired individual who was allowed to retake the exam after not receiving the necessary accommodations. Dean also mentioned a person with test anxiety who was struggling to pass the 2014 exam. The team also discussed the potential of forming a selling syndicate, with Dean jokingly suggesting that Tyler, Landon, and Dane should form one to take the test together.