Series 63: Practical Application

Taken from our Series 63 Online Guide

Practical Application

One of Amy Adams’s early mentors was Dianne, an industry veteran. Dianne had worked in the securities industry since the mid-1970s when the securities industry was deregulated.

With the increase in self-service brokerages offering discounted commissions and no-load mutual funds, Dianne advised Amy to create as many different sources of revenue as possible. She especially encouraged Amy to try to begin opening more fee-based advisory accounts and move away from acting only as a commission-based agent.

As Amy began to design a new marketing campaign incorporating Dianne’s advice, her firm’s compliance department reminded Amy that it would be unethical to charge both commissions and an investment advisory fee without providing a written disclosure to the client that she’s doing so. They also reminded her that any fees she charged must be fair and reasonable c

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