First attempt at the series 63 and got a 68%

Hi everyone! First attempt at the series 63 and got a 68%. Does It have any advices for my second attempts next time?

I would like to ask some questions that I don’t fully understand.

  1. If ABC Broker-Dealer has office in N.Y the agent named Mary worked with ABC Broker-dealer, she still needs to be registered in order to provide the service to the clients from ABC company?
  2. Can both Agent and IAR are not permitted to lend money from friends or family? But Broker-Dealer can use the margin account to lend and Investment Adviser are also allowed to lend money?
  3. If the professionals provided an advice service and received a fee from a customer, they need to registered as IA, right?
  4. Is Equity Index ANNUITY classified as security?

I greatly appreciate your help,
I passed SIE and series 6, Thanks for this useful materials, it made my studying life more enjoyable and less stressful,

Cheers,
Elsa

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Hi Elsa, I’m sorry to hear that, but thanks for reaching out with these questions. I’ve reached out to our lead FINRA/NASAA instructor @brandonrith and he’ll be able to give you accurate responses to your content questions.

I took a look at your account and have a few suggestions:

  • After reading a page in the online textbook, click the “Take quiz” button in the bottom middle of the page to take a short quiz on that information. This is a very helpful way to ensure that you’ve learned the core information and highlights any spots that you might need to re-read.
  • Take more practice exams! I see you took a couple but didn’t pass them either. Taking more practice exams and carefully reviewing any mistakes is the most impactful thing you can do to be prepared.

You’re very close to passing with a 68%, and if you study a bit more I’m sure you’ll pass on your next take!

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Hi @Lovewhatyoudo! I’m sorry the exam didn’t go your way. In terms of general advice for a 63 retake, I recommend you “start over” by re-reading all the material. Be sure to take notes along the way and periodically review those notes. Also, keep up with your assigned reviews. Once you reach the end, take and review as many practice exams as possible. Be sure to spend quality time reviewing each practice final - take notes, create flashcards, etc.

For your other questions:

  1. I’m not sure if I fully understand your question, but I’ll try my best to answer. It seems like the big question is if Mary needs to be registered. First, I assume Mary is executing transactions (you mentioned “provide the service”). If she is only performing clerical services (e.g., setting appointments, answering phone calls), then she does NOT need to be registered. Otherwise, she must be registered somewhere. Second, where is Mary located? While the broker-dealer has an office in NY, this doesn’t necessarily mean Mary must register in NY (especially if the BD has offices in multiple states). Mary must register in the state she’s located in (where her office is), plus any state she’s doing business in (unless an exemption can be claimed). If Mary is located in NY and doing “agent stuff” (e.g., executing transactions), then she must register in NY.
  2. Agents and IARs are both generally prohibited from borrowing or lending money to clients. However, there are a few exceptions (covered in this part of the Achievable material) - they can borrow money from clients in the business of lending money (banks), lend money to clients that are affiliates (e.g., other registered agents/IARs of the same firm), and set clients up with loans through affiliated broker-dealer margin accounts. Broker-dealer firms regularly lend money to clients through margin accounts, and investment adviser firms can only lend to clients through affiliated broker-dealer margin accounts.
  3. Yes - but, let’s be clear. Firms that provide advice for fees register as investment advisers, but the employees of these firms register as IARs.
  4. Equity indexed annuities are NOT securities. An annuity is a type of insurance product, and only those with the term ‘variable’ are considered securities (e.g., variable annuity, variable life insurance).

I hope this helps! I know some of the answers above are a bit complex, so please let me know if you have any additional questions.

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Hi All,

Hi Brandon: Thanks for clarifying my doubts and detailed explanation efficiently. I will have good sleep tonight. :rofl:

Hi Justin: Thanks for remind me -My big mistakes - Take more practice exams. I totally underestimated this exam, seems the book is very thin :sweat_smile:I just prepared for 1 week, so I didn’t spend enough time to study.

I’m going to studying now. I definitely need to pass for the second attempt after 30 days.

Stay with me please and I may have some questions need your guys help. Appreciated.

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