# [Series 65] 72, Advisory Contracts and Client Agreements

Page: https://stenobird.com/podcast/open-exam-prep-7140559/series-65-72-advisory-contracts-and-client-agreements
Text version: https://stenobird.com/podcast/open-exam-prep-7140559/series-65-72-advisory-contracts-and-client-agreements.md
Podcast: [Open Exam Prep](https://stenobird.com/podcast/open-exam-prep-7140559)
Published: 2026-06-04T01:01:53+00:00
Episode link: https://open-exam-prep.captivate.fm/episode/series-65-72-advisory-contracts-and-client-agreements
Audio file: https://episodes.captivate.fm/episode/a06bfc02-e898-4cc6-ab3d-a9afa365dc84.mp3
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JSON: https://stenobird.com/v1/public/podcasts/open-exam-prep-7140559/episodes/series-65-72-advisory-contracts-and-client-agreements
Duration seconds: 124

## Resource

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: - Advisory contracts must be in writing and detail the services, term, fee formula, and any discretionary authority. - A change in the majority ownership of an advisory firm is considered an "assignment" and requires client consent. - Performance-based fees are prohibited unless the client is a "qualified client" with at least $1.1 million AUM or a $2.2 million net worth. - Contracts cannot contain "hedge clauses" that require a client to waive their legal rights. - Upon termination, clients are entitled to a pro-rata refund of any prepaid, unearned advisory fees. 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

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## Transcript

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