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Series 7 Exam | The Gold-Standard of Financial Advisor Licenses - YouTube
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hi i'm rainey with finance strategist in
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this lesson we're going to cover
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the series 7 license is a securities
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license
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which enables the holder to solicit
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purchase and or sell
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most securities products such as stocks
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mutual funds options municipal
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securities
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and variable contracts holding the
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series 7 license
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is a requirement for all u.s stock
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brokers and is considered to be the gold
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standard of financial advisor licenses
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the series 7 exam is administered by
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finra
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which is the government authorized
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non-profit organization
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responsible for administering all
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securities licensing procedures and
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requirements testing
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finra tests on behalf of the north
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american securities administrators
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association or
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nasa the group of state and provincial
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regulators
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tasked with protecting investors
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in order to sit for the series 7 exam
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candidates for a series 7 license
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are required to have a sponsor from a
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finra member
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firm or self-regulatory organization
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other exams you need a sponsor for
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include the following
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with a series 7 license covered
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activities and products
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include all securities except for
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commodities and futures
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in order to handle commodities and
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futures registered representatives will
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need a series 3 license as well
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the purpose of the series 7 license and
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all series specific exams
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is to ensure a level of competency for
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registered representatives
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in the securities industry the series 7
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exam
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is one of the more difficult exams to
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pass because of the scope of its content
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the following is a breakdown of the exam
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nine questions on acquiring new business
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for the broker dealer from customers and
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potential customers
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11 questions on opening accounts after
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obtaining and evaluating customers
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financial profile and investment
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objectives
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91 questions on providing customers with
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information about investments
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making suitable recommendations
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transferring assets
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and maintaining appropriate records and
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14
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questions on obtaining and verifying
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customers buying and selling
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instructions
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processing completing and confirming
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transactions
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candidates for the series 7 exam must
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also pass the co-requisite
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securities industry essentials or sie
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and series 63 exams to be fully eligible
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to buy and sell securities the sie exam
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covers concepts fundamental to working
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in the industry and the series 63
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is a state level exam which ensures
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brokers have covered
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state securities regulations and rules
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prohibiting dishonest or unethical
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practices
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kaplan the publisher of the most widely
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adopted textbook on the series 7 exam
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recommends taking exams in the following
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order
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first pass the sie prior to securing
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sponsorship
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for top off exams then the series 6 and
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or series 7
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and finally the series 63.
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let's hear from you is the series 7
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license
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necessary to become a well-rounded
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financial advisor
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leave a comment below
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[Music]
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for more information visit
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www.financestrategist.com
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finance strategists strategies for you
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