6. Client Accounts and Management

In this section

• 6.1 Types of Client Accounts
  • Understanding Individual Accounts in Securities Investment
    Explore the intricacies of individual accounts in securities investment, focusing on ownership, benefits, responsibilities, and appropriate use cases.
  • Joint Accounts: A Comprehensive Guide for Series 6 Exam Preparation
    Master the intricacies of joint accounts for the Series 6 Exam with our detailed guide. Understand shared ownership, account types, and regulatory considerations.
    • Joint Tenants with Rights of Survivorship (JTWROS)
      Explore the intricacies of Joint Tenants with Rights of Survivorship (JTWROS) accounts, a pivotal concept in securities and estate planning. Understand ownership dynamics, legal implications, and practical applications relevant to the Series 6 Exam.
    • Tenants in Common (TIC) Accounts: Understanding Ownership and Implications
      Explore the intricacies of Tenants in Common (TIC) accounts, a joint ownership structure where each owner holds a specified percentage of ownership. Learn about the benefits, legal implications, and suitability for different investors.
  • Custodial Accounts: Managing Assets for Minors
    Explore custodial accounts, their regulations, and the responsibilities of custodians under UGMA and UTMA. Gain insights into managing assets for minors, including fiduciary duties, tax implications, and compliance with state-specific laws.
    • Uniform Gifts to Minors Act (UGMA): Comprehensive Guide for Series 6 Exam
      Master the Uniform Gifts to Minors Act (UGMA) for the Series 6 Exam. Learn about custodial accounts, permissible assets, state laws, and tax implications.
    • Uniform Transfers to Minors Act (UTMA) - Comprehensive Guide for Series 6 Exam
      Master the Uniform Transfers to Minors Act (UTMA) for the Series 6 Exam with this detailed guide. Understand the custodial account rules, tax implications, and fiduciary responsibilities.
  • Corporate and Partnership Accounts in Securities: A Comprehensive Guide
    Explore the intricacies of corporate and partnership accounts in the securities industry. Understand documentation, legal authority, and compliance with FINRA rules for institutional accounts.
  • Trust Accounts: Comprehensive Guide for Series 6 Exam
    Master Trust Accounts for the Series 6 Exam with our detailed guide. Understand types of trusts, trustee responsibilities, and regulatory compliance.
• 6.2 Account Opening Procedures
  • New Account Form Requirements
    Master the essentials of New Account Form Requirements for the Series 6 Exam. Learn about the critical information needed to open a new client account, including KYC, AML, and suitability obligations, with practical examples and regulatory insights.
  • Customer Identification Program (CIP) - Essential Guide for Series 6 Exam
    Master the Customer Identification Program (CIP) requirements for the Series 6 Exam. Understand the USA PATRIOT Act, identity verification, recordkeeping, and confidentiality in securities account management.
  • Beneficial Ownership and Control Persons
    Understand the critical requirements for identifying beneficial owners and control persons in legal entity accounts, emphasizing their role in AML compliance and preventing illicit activities.
• 6.3 Suitability and Investment Recommendations
  • Gathering Client Information for Investment Suitability
    Explore the comprehensive process of gathering client information for investment suitability, focusing on financial status, tax implications, investment objectives, risk tolerance, and liquidity needs. Learn methods to collect accurate data and understand its importance in making suitable investment recommendations.
  • Assessing Financial Objectives and Risk Tolerance
    Master the art of assessing financial objectives and risk tolerance for the Series 6 Exam. Learn how to interpret client information, understand risk impacts, and align investment recommendations with client goals.
  • Making Suitable Recommendations
    A comprehensive guide to making suitable investment recommendations in line with client profiles and regulatory requirements, focusing on FINRA Rule 2111 and ethical practices.
• 6.4 Account Maintenance
  • Updating Client Information: Essential Practices for Series 6 Exam Success
    Master the Series 6 Exam by understanding the critical importance of updating client information. Learn about the procedures, regulatory requirements, and best practices for maintaining accurate client records in the securities industry.
  • Address Changes and Statements in Client Account Management
    Explore the comprehensive process of managing address changes and delivering account statements in client account management, ensuring compliance and security in the securities industry.
  • Power of Attorney and Third-Party Authorizations in Client Accounts
    Understand the intricacies of Power of Attorney and Third-Party Authorizations in client account management, essential for the Series 6 Exam. Learn about types of POA, their implications, and how to handle them in compliance with FINRA regulations.
• 6.5 Privacy and Confidentiality
  • Regulation S-P Compliance: Understanding Privacy and Confidentiality in Securities
    Master Regulation S-P Compliance for the Series 6 Exam with our comprehensive guide. Learn about privacy notices, information sharing limitations, and opt-out rights.
  • Safeguarding Customer Information
    Explore comprehensive strategies and regulatory requirements for safeguarding customer information in the securities industry. Learn about the policies, procedures, and employee responsibilities necessary to protect sensitive data from unauthorized access.