Account Types and Registration: Rapid Fire
Chapters in this video
- 0:00 What Rita the Rep can legally sell for commissions
- 1:39 Account titling and beating probate: JTWROS, TIC, TBE
- 4:16 Cora's retirement plan limits: IRA, 401(k), SEP, SIMPLE
- 5:47 Rollovers, RMDs, and the traps that break them
- 8:31 SAM's compliance clocks: furnish, update, and retention rules
- 9:54 Rapid-fire exam recap
What this video covers
- Why a Series 6 rep selling packaged products for commissions cannot charge advisory fees without Investment Adviser Representative (IAR) registration
- How Joint Tenants with Right of Survivorship (JTWROS), Tenants in Common (TIC), and Tenants by the Entirety (TBE) differ on probate avoidance and who can own each
- Why inherited taxable securities get a stepped-up basis at death, but inherited retirement accounts do not and remain ordinary income to heirs
- What the $7,500 IRA limit, $24,500 401(k) deferral, $72,000 SEP ceiling, and 60-day rollover window mean in exam scenarios
- How direct trustee-to-trustee transfers are unlimited, but indirect IRA-to-IRA rollovers are capped at once per year with mandatory 20% qualified-plan withholding
- Why Required Minimum Distributions (RMDs) starting at age 73 cannot be rolled over by any method, and why the first RMD deadline is April 1 of the following year
- When account records must be furnished (30 days), updated (every 36 months), and retained (6 years after the account closes)
Read the full lesson, free
This video's complete written lesson is free to read in the CertFuel app, no signup wall. The complete Series 6 course also includes adaptive practice questions and spaced-repetition flashcards.