A broker-dealer is a firm or individual in the business of buying and selling securities for clients and for their own account. This video breaks down how broker-dealers operate, when registration is required, and the regulatory framework that governs them.

You’ll learn:

• The legal definition of a broker-dealer

• How broker-dealers differ from investment advisers and agents

• When registration is required at the state and federal levels

• Common business activities broker-dealers engage in

• Regulatory responsibilities and exam-tested scenarios

📘 Related Exams: SIE, Series 7, Series 63, Series 65, Series 66
🧠 Skill Level: Beginner-to-intermediate
📈 Topics Covered: Broker-dealer regulation, registration requirements, securities business structure, Uniform Securities Act

Not every person or firm that handles securities transactions is considered a broker-dealer under the law. This video covers the major exclusions—those who are specifically not broker-dealers—so you can identify who must register and who is exempt.

You’ll learn:

• The legal definition of a broker-dealer

• Who is excluded from the definition (e.g., issuers, agents, banks)

• Common activities that do not trigger registration

• How these exclusions apply under both state and federal law

• The most frequently tested broker-dealer scenarios

📘 Related Exams: Series 63, Series 65, Series 66
🧠 Skill Level: Intermediate
📈 Topics Covered: Broker-dealer regulation, exclusions from registration, Uniform Securities Act, registration requirements

An investment adviser is a person or firm that provides securities-related advice for compensation. This video breaks down the legal definition, the services advisers typically offer, and the regulatory framework that governs their registration and conduct.

You’ll learn:

• The three-part test used to define an investment adviser

• Key exclusions and exemptions under the Investment Advisers Act

• Common advisory services and compensation structures

• Differences between federal and state registration

• How this definition is tested on licensing exams

📘 Related Exams: SIE, Series 6, Series 7, Series 63, Series 65, Series 66
🧠 Skill Level: Beginner
📈 Topics Covered: Investment adviser definition, regulatory framework, fiduciary duty, registration requirements

Federal covered advisers are investment advisers that register with the SEC rather than with individual states. This video explains who qualifies for federal registration, how it affects state law requirements, and why the distinction matters in regulatory exams.

You’ll learn:

• The asset threshold and other criteria for SEC registration

• When federal registration is required vs. optional

• Exemptions from state registration and state notice filing rules

• The difference between federal covered and state-registered advisers

• Common exam questions testing registration scenarios

📘 Related Exams: Series 63, Series 65, Series 66
🧠 Skill Level: Intermediate
📈 Topics Covered: SEC registration, federal covered adviser rules, state exemptions

Form ADV Part 1 is the foundational filing used by investment advisers to register with the SEC or state regulators. It provides regulators with key administrative and operational information about the advisory firm. This video walks through what’s included and how it’s used in the registration process.

You’ll learn:

• What Form ADV Part 1 covers and why it’s required

• The difference between SEC and state registration via the IARD system

• Key sections, including firm ownership, disciplinary history, and AUM

• How this form connects to Parts 2A and 2B

• What details exam questions often test

📘 Related Exams: Series 63, Series 65, Series 66
🧠 Skill Level: Beginner
📈 Topics Covered: Investment adviser registration, Form ADV structure, regulatory disclosure, firm-level reporting

Form ADV Part 2A—commonly called the adviser brochure—is a required disclosure document that outlines a firm's services, fees, conflicts of interest, and investment approach. This video breaks down what must be included and how it's used to promote transparency between advisers and clients.

You’ll learn:

• The purpose of Form ADV Part 2A and who must file it

• Key disclosure categories, including fees, services, and conflicts

• Delivery and updating requirements

• How it differs from Form ADV Part 2B (brochure supplement)

• What details are emphasized on licensing exams

📘 Related Exams: Series 63, Series 65, Series 66
🧠 Skill Level: Beginner to Intermediate
📈 Topics Covered: Investment adviser regulation, client disclosure, Form ADV, brochure content and requirements

This video walks through a real-world example of Form ADV Part 2A, the primary brochure investment advisers must deliver to clients. You’ll see how firms disclose important details about their services, fees, conflicts, and investment philosophy—all through the lens of an actual document.

You’ll learn:

• How to navigate a real Form ADV Part 2A brochure

• Where to find details on advisory services, fee structures, and disciplinary history

• How conflicts of interest and methods of analysis are disclosed

• The relationship between regulatory requirements and actual firm practices

• What key sections to focus on when answering exam questions

📘 Related Exams: Series 63, Series 65, Series 66
🧠 Skill Level: Intermediate
📈 Topics Covered: Form ADV Part 2A, adviser disclosure rules, real-world compliance, brochure content analysis

Form ADV Part 2B, also known as the brochure supplement, provides clients with detailed background information about the specific advisory personnel working with them. This video explains what must be disclosed, who is covered, and how this form supports transparency in the advisory relationship.

You’ll learn:

• What the brochure supplement is and who it applies to

• Required disclosures, including education, business background, and disciplinary history

• When and how the form must be delivered to clients

• Key differences between Form ADV Part 2A and 2B

• Exam question patterns and what details to focus on

📘 Related Exams: Series 63, Series 65, Series 66
🧠 Skill Level: Beginner-to-Intermediate
📈 Topics Covered: Investment adviser regulation, disclosure requirements, Form ADV, brochure supplement rules

In this video, we walk through a real-world example of Form ADV Part 2B, also known as the brochure supplement, to show how investment adviser representatives disclose key information to clients. Seeing the form in action will help connect regulatory rules to practical application.

You’ll learn:

• How to read and interpret an actual brochure supplement

• What disclosures are required for advisory personnel

• How firms present education, business history, and disciplinary records

• Where to find compensation details and conflicts of interest

• What to focus on in exam questions that reference real disclosures

📘 Related Exams: Series 63, Series 65, Series 66
🧠 Skill Level: Intermediate
📈 Topics Covered: Form ADV Part 2B, disclosure examples, investment adviser rules, document analysis

When executing trades, firms can act in an agency or principal capacity—each with different roles, responsibilities, and compensation structures. This video explains how to distinguish the two, both in practice and on exam questions.

You’ll learn:

• What it means to act as an agent vs. a principal

• How firms earn compensation: commissions vs. markups/markdowns

• The disclosure requirements for each capacity

• How these roles impact client relationships and trade execution

• How to quickly identify agency and principal roles in exam scenarios

📘 Related Exams: SIE, Series 7, Series 9, Series 63, Series 65, Series 66
🧠 Skill Level: Beginner-to-intermediate
📈 Topics Covered: Trade execution, firm roles, commission vs. markup, customer disclosures, regulatory rules

Taking a licensing exam at a Prometric test center can feel stressful if you don’t know what to expect. This video offers practical advice to help you stay calm, focused, and fully prepared—from check-in procedures to test-taking strategies under pressure.

You’ll learn:

• What the Prometric check-in process looks like (ID, lockers, security)

• What to bring—and what not to bring—on exam day

• How the test interface works and how to use scratch paper effectively

• Time management strategies and mental resets during the exam

• How to stay calm and stay sharp throughout the testing experience

📘 Related Exams: SIE, Series 6, Series 7, Series 9, Series 63, Series 65, Series 66
🧠 Skill Level: Beginner
📈 Topics Covered: Test day logistics, Prometric procedures, exam mindset, performance strategies

This episode of The Basic Wisdom Podcast provides step-by-step guidance on creating a successful and sustainable study plan for professional exam prep. It breaks down study habits and scheduling strategies proven to boost retention and reduce stress.

You’ll learn:

• How to structure a study plan that aligns with your exam timeline

• Effective study habits like spaced repetition and active recall

• How to identify and focus on weak areas

• Techniques to track progress and adjust your strategy

• Methods to stay motivated and avoid burnout

📘 Related Exams: SIE, Series 6, Series 7, Series 9, Series 63, Series 65, Series 66
🧠 Skill Level: Beginner
📈 Topics Covered: Study planning, time management, exam strategy, retention techniques

This video delivers five essential options fundamentals in just five minutes, providing a rapid yet clear overview of key concepts that form the backbone of options trading. It’s perfect for getting a fast grasp of terminology and strategic thinking.

You’ll learn:

• The difference between calls and puts and the rights they confer

• How long and short positions function and generate profit/loss

• What in-the-money, at-the-money, and out-of-the-money mean

• The importance of expiration date and strike price in value

• How volatility impacts option pricing and trader decisions

📘 Related Exams: SIE, Series 6, Series 7, Series 9, Series 63, Series 65, Series 66
🧠 Skill Level: Beginner
📈 Topics Covered: Options basics, calls & puts, option moneyness, expiration vs. strike, volatility impact

This video explores the fundamental differences between long and short positions in options, helping viewers understand the contrasting roles and responsibilities in options trading. It clarifies the distinct profit/loss mechanics and highlights strategic considerations for each.

You’ll learn:

• How long options (buying calls and puts) work and what drives profit

• How short options (writing calls and puts) expose traders to risk and generate income

• The different risk/reward profiles and margin requirements for long vs. short positions

• Real-world examples illustrating payoffs and obligations for each side

• Common pitfalls and misconceptions about directional bias and assignment risk

📘 Related Exams: SIE, Series 6, Series 7, Series 9, Series 63, Series 65, Series 66
🧠 Skill Level: Beginner to Intermediate
📈 Topics Covered: Options mechanics, directional strategies, payoff diagrams, risk management, margin concepts

The intrinsic value of a call option measures how far the market price of a stock exceeds the option’s strike price. This video explains how to identify in-the-money call options, calculate their intrinsic value, and apply the concept under exam conditions.

You’ll learn:

• How to calculate intrinsic value for call options

• What makes a call in-the-money, at-the-money, or out-of-the-money

• The role of strike price vs. market price

• The difference between intrinsic value and time value

• How exam questions typically test this concept

📘 Related Exams: SIE, Series 6, Series 7, Series 9, Series 63, Series 65, Series 66
🧠 Skill Level: Beginner
📈 Topics Covered: Options pricing, intrinsic value, call strategy, strike price vs. market value

The intrinsic value of a put option represents the amount it’s in-the-money—how far the strike price is above the current market price of the underlying stock. This video simplifies the concept and shows you how to apply it accurately on exam questions.

You’ll learn:

• How to calculate intrinsic value for put options

• The relationship between strike price and market value

• What makes a put in-the-money, at-the-money, or out-of-the-money

• How intrinsic value differs from time value

• Common exam setups that test this concept

📘 Related Exams: SIE, Series 7, Series 9, Series 63, Series 65, Series 66
🧠 Skill Level: Beginner
📈 Topics Covered: Options pricing, intrinsic value, in-the-money definitions, put option strategy