TESS of the FINRA

The 2018 FINRA Exam Restructuring is right around the corner, and it means changes for more than the exams themselves. Continue reading

The 2018 FINRA Exam Restructuring is right around the corner, and it means changes for more than the exams themselves. FINRA allows anyone 18 and older to take the new Securities Industry Essentials Exam (SIE). That means you can take the SIE exam without being employed by a FINRA member firm.

This makes it a lot easier for people to enter the securities industry, but it also means that FINRA needs a new way for individuals to register for the SIE.

Enter TESS.

TESS stands for Test Enrollment Services System.

Through TESS you can request an exam, make payments, schedule an appointment, and view your test results. Launching on October 1st, TESS is built specifically for individuals to register for their exams. Eligibility is simple: you must be over 18, have a social security number, and not already be registered in Web CRD.

Once you’re registered, it’s easy to enroll for exams. And if you’re already registered with Web CRD, your credentials will allow you to access TESS as well. Within 72 hours of completing an exam, TESS will display the exam result and the test date under the “My Exams” section.

Taking FINRA exams is easy with TESS!

Questions? Visit the TESS FAQ, email info@solomonexamprep.com, or call 503-601-0212!

Solomon Exam Prep and NASA launch SIE mission to Mars

In preparation for the October 1 launch of the Securities Industry Essentials (SIE) exam, Solomon Exam Prep teamed with NASA to send Solomon SIE exam study materials to the Red Planet. Continue reading

In preparation for the October 1 launch of the Securities Industry Essentials (SIE) exam, Solomon Exam Prep teamed with NASA to send Solomon SIE exam study materials to the Red Planet.

Unlike other FINRA securities licensing exams, the SIE exam will be open to anyone 18 years or older who is interested in the securities industry. FINRA has not publicly stated whether Martians will be permitted to take the SIE exam but since FINRA is dedicated to “investor protection” and to promoting “market integrity” Solomon takes the position that investors and markets on other planets can benefit from securities education, and the SIE in particular. Solomon has helped thousands of earthlings pass their Series 7, Series 6, Series 65, Series 63, Series 24, Series 50, Series 79 and other securities licensing exams.

Elon Musk has not responded to the news of the joint NASA/Solomon Exam Prep mission.

Live Tutoring Now Available in the New York City Area

Looking for a securities exam tutor? Continue reading

Are you located in the New York City area?

Then Solomon Exam Prep has some exciting news for you! We now offer live, in-person tutoring in the New York City area for a variety of Series exams, including the Series 7, Series 63, Series 79, Series 24, and Series 65.

Please give Jeremy Solomon a call at 503.575.8365 (or send an email to Jeremy@SolomonExamPrep.com) for more information.

Spring Savings

Spring has sprung and so has this amazing deal! Continue reading

Did you know that Solomon Exam Prep has a LinkedIn page?

Stay up to date on industry news and be the first to know when Solomon Exam Prep releases new materials! Simply visit the Solomon Exam Prep LinkedIn page here and click the “follow page” button.

As a way to say thank you, Solomon Exam Prep will give each follower a 10% off coupon code which can be applied to any package deal. But you have to act fast, this great deal ends May 1st, 2018!

Help us build our LinkedIn presence and get yourself a discount as well!

Must call in (503-601-0212) or email (info@solomonexamprep.com) to claim discount. Discount cannot be combined with any other offer.

New Series 24 Audiobook

Are you studying for the FINRA Series 24 Exam? Continue reading

Do you aspire to be a General Securities Principal?

If yes, do you have a long commute? Do you exercise? Do you listen to music, podcasts or audio books? Do you like to be efficient with your time?

If you are studying for the Series 24 exam, and you have a long commute or like to exercise or listen to podcasts or just like to be efficient with your time, then you might like to know that Solomon Exam Prep has updated its Series 24 Exam Audiobook.

The Solomon Series 24 exam Audiobook follows the recently updated Solomon Series 24 Exam Study Guide and Series 24 Video Lecture.

Updates cover Regulation D, research analyst rules, T+2 settlement changes, Rule 145, Regulation A and much more.

Did you purchase the Solomon Series 24 Audiobook within the last 6 months and want the update? Give us a call at 503-601-0212 or send an email to info@solomonexamprep.com and we will update it for free.

To hear an audio sample, please click here.

Happy listening!

Bring the SIE to Your Summer Internship Program

Summer internships offer firms a way to stay young and grow. Continue reading

The Securities Industry Essentials (SIE) exam comes bearing more gifts! Not only does the SIE help individuals break into the securities industry, it also provides some incredible opportunities for employers.

Summer internships offer firms a way to stay young and grow.

College students or recently graduated students are the future of your firm and the SIE makes it a lot easier to ensure your firm’s future is bright!

Since the SIE exam will not require BD employment or sponsorship or even a background check, what better way to help your interns succeed than have them study for the SIE exam! By giving your interns the chance to study for the SIE during your program, they will be ready to work for you full time upon graduation.

You can learn more about the SIE and Solomon here.

Solomon offers a complete SIE curriculum including online and print study materials.

Call 503-601-0212 to offer your summer interns the educational experience they will appreciate and value for the rest of their lives!

 

Series 6 Live Class

Are you currently studying for the Series 6? Solomon Exam Prep is excited to host a two-day Series 6 class at our office in Portland, Oregon for $299! Continue reading

Are you currently studying for the Series 6?

Solomon Exam Prep is excited to host a two-day Series 6 class at our office in Portland, Oregon for $299!

The class will be held on Monday, March 19th and Tuesday, March 20th. Taught by one of our instructors, this live, in-person class will cover the major topics of the Series 6. This class will include a study schedule and PowerPoint slides from the instructor.

Interested? Give us a call (503-601-0212) or send us an email (info@solomonexamprep.com) and we will save you a spot.

Full payment must be received by March 14th, so don’t wait!

Financial Exploitation of Vulnerable Adults: New Tools for Firms, Courtesy of FINRA

On February 5th, FINRA officially adopted a pair of new provisions designed to empower firms to identify and assist elderly and disabled customers who may be victims of financial exploitation. Continue reading

On February 5th, FINRA officially adopted a pair of new provisions designed to empower firms to identify and assist elderly and disabled customers who may be victims of financial exploitation. One amends the rules around collecting customer information, and the other lets a firm take action in response to unusual account activity.

These changes could soon show up on multiple exams, including the Series 6, 7, 24, 26, 27, 28, 65, 66, and of course the upcoming SIE exam.

The “Trusted Contact Person”

In your future career in securities, you may have an elderly or disabled customer who begins making decisions that don’t appear to be in his best interest. Maybe you can’t get ahold of him to ask about unusual transactions on his account. But if the transactions appear to be legally authorized by the customer, is there anything you can do about your suspicions?

Yes. These new rule changes help you help this customer in two ways. First, you’re more likely to have someone close to the customer who you can reach out to. From now on, when a firm collects or updates a customer’s personal information it must try to get the name and contact information of a trusted contact person. The firm has a limited ability to share information with the trusted contact person to address certain situations that may indicate that the customer is vulnerable.

For example, if the firm can’t contact the customer, it could ask the trusted contact person about her whereabouts. Depending on the situation, this could be as simple as confirming that the contact information you have for the customer is still accurate. If the firm reasonably suspects a more serious problem, it can also ask questions to help determine whether poor health may be interfering with the customer’s ability to protect her own interests. In this type of situation, the firm can also ask for information about any legal guardian or power of attorney the customer might have.

Temporary Protective Holds

The other new provision lets a member firm put a temporary hold on an account if there is a reasonable belief that an elderly or disabled customer is being exploited. This type of hold can be placed if the following conditions are met:

  • One of the individuals authorized to transact business on the account is:
    • At least 65 years of age
    • At least 18 years of age and has a mental or physical condition that keeps him from protecting his own interests
  • The member firm has a reasonable belief that the customer may be the victim of financial exploitation.
  • If the reasonable belief only applies to certain transactions (as opposed to all activity on the account), only those transactions should be blocked. Other account activity should continue to be allowed.

The member firm does not need definite knowledge of a specific, diagnosed disability, or any other kind of detailed medical information about the customer. The condition doesn’t even have to be permanent. A customer temporarily hospitalized for surgery could fit the definition, as long as there is reason to believe this is keeping her from being able to protect her own interests.

Financial exploitation is defined broadly for these purposes. Such exploitation can consist of “taking, withholding, appropriation, or use” of assets in the customer’s account, whether cash or securities. The reasonable belief can be in regard to past, present, or future exploitation. It can involve unusual actions that the customer supposedly took, or it can involve actions taken by someone else “through the use of a power of attorney, guardianship, or any other authority.” It can involve suspicion of intimidation, trickery, a combination of the two, or any other form of “undue influence” over the vulnerable person.

Required Follow-Up

When this kind of temporary hold is placed on an account, the firm must follow up in several ways. The firm has two business days to notify all parties authorized to transact business on the affected account, as well as the customer’s trusted contact person. If the firm has a reasonable belief that an individual is involved in the exploitation, that individual is excluded from the notification requirement, even if it is the trusted contact person. The notification must disclose the temporary hold and the reason for it.

Another way that the firm must follow up is with an internal review of what the reasonable belief of exploitation was based on. This review must be opened as soon as the hold is placed. It is important that the review be completed promptly, because it may affect the length of the hold.

Initially, the temporary hold may be placed for up to 15 business days. The firm is allowed to grant an extension of up to 10 more business days, but only if the internal review is completed and finds that the belief was in fact reasonable. (On the other hand, if the internal review finds that the belief was not reasonable, the hold would likely be ended immediately.)

The member firm can extend the hold further if a court or state agency (such as Adult Protective Services) orders or requests it. A request from a state agency need not be formal. It could be as simple as the agency asking for an extended hold to give them more time to investigate. Such a request should be carefully documented so that the firm can show that the extension is allowed.

Each member firm must have written procedures specifying who within the firm is authorized to place, remove, or extend this kind of hold. Only an associated person whose job function is supervisory, legal, or compliance-related can be authorized to place this kind of hold. All records related to such a hold must be retained for the default period of six years.

Continue to rely on Solomon Exam Prep for up-to-date information of interest to takers of the Series 6, 7, 24, 26, 27, 28, 65, 66, SIE, and other securities exams.

 

Series 63 Live Class

Are you currently studying for the Series 63? Solomon Exam Prep is excited to host a one-day Series 63 class in Portland, Oregon for $99! Continue reading

Are you currently studying for the Series 63?

Solomon Exam Prep is excited to host a one-day Series 63 class in Portland, Oregon for $99!

The class will be held on Tuesday, February 27th. Taught by one of our instructors, this live, in-person class will cover the major topics of the Series 63. This class will include a study schedule and PowerPoint slides from the instructor.

Interested? Give us a call (503-601-0212) or send us an email and we will save you a spot.

Full payment must be received by February 20th, so don’t wait!