Episode
[Series 65] 65, Broker-Dealer vs Investment Adviser Distinction
- Podcast
- Open Exam Prep
- Published
- May 28, 2026
- Duration seconds
- 179
- Processing state
not_requested
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Summary
This podcast is made by Ran Chen, who holds an EA license, Insurance and Securities licenses (Series 6, 63, 65), and the CFP® designation. He is passionate about opening access to high-quality exam preparation resources and helping learners prepare more effectively for professional certification exams. In this episode you will learn: - Broker-Dealers earn transaction-based commissions and are held to a suitability standard. - Investment Advisers earn fees for providing ongoing advice and are held to a higher, fiduciary standard. - The method of compensation—commissions for transactions versus fees for advice—determines whether one is acting as a BD agent or an IAR. - Wrap fee accounts, which bundle services for a single fee, always require registration as an Investment Adviser Representative because advice is a core component. - For dually-registered individuals, the exam requires you to identify which "hat" they are wearing based on the activity and compensation for that specific interaction. For more free exam prep tools, practice questions, and AI-powered explanations, visit https://open-exam-prep.com/ or YouTube Channel: https://www.youtube.com/@Open-exam-prep