Series 6 Customer Accounts and Management

Customer-account questions sit near the center of Series 6 because they connect product recommendations to real people, legal ownership, documentation, and privacy. The exam is not satisfied by product knowledge alone. It expects the candidate to know who owns the account, what authority exists, what information must be gathered, and how ongoing maintenance affects suitability and supervision.

What This Chapter Covers

Read this chapter as the customer-control framework for the guide. The stronger exam answer usually returns to authority, documentation, and customer fit before it returns to product appeal.

Key Takeaways

• Account questions are usually ownership-and-control questions first.
• Suitability depends on current and properly documented customer information.
• Weak account handling often creates both sales-practice and compliance problems.

In this section

• Series 6 Customer Account Types
  Individual, joint, custodial, corporate, partnership, and trust account types tested on the Series 6 exam.
  • Series 6 Individual Accounts
    Ownership, authority, and practical features of individual customer accounts for Series 6.
  • Series 6 Joint Accounts
    Shared ownership structures, rights, and exam-tested distinctions among joint account types.
    • Series 6 JTWROS Accounts
      How joint tenants with right of survivorship accounts work and why they matter on Series 6.
    • Series 6 Tenants in Common Accounts
      Ownership shares, transfer rules, and exam distinctions for tenants in common accounts.
  • Series 6 Custodial Accounts
    Custodial accounts for minors, including ownership, control, and transfer rules tested on Series 6.
    • Series 6 UGMA Accounts
      UGMA account structure, permitted assets, and control rules relevant to the Series 6 exam.
    • Series 6 UTMA Accounts
      UTMA account structure, broader asset coverage, and transfer rules tested on Series 6.
  • Series 6 Corporate and Partnership Accounts
    Authorization, documentation, and control issues for corporate and partnership accounts on Series 6.
  • Series 6 Trust Accounts
    Trust account authority, trustee powers, and documentation issues tested on the Series 6 exam.
• Series 6 Account Opening
  Core account opening procedures, required records, and identity checks tested on the Series 6 exam.
  • Series 6 New Account Forms
    Required customer information and documentation collected through new account forms on Series 6.
  • Series 6 Customer Identification Program
    CIP requirements, identity verification, and related account opening controls tested on Series 6.
  • Series 6 Beneficial Ownership
    Beneficial ownership and control person disclosure rules relevant to opening covered accounts.
• Series 6 Suitability and Recommendations
  How representatives gather client facts, assess risk, and make suitable recommendations on Series 6.
  • Series 6 Client Information
    The customer profile information representatives collect to support suitability decisions on Series 6.
  • Series 6 Objectives and Risk Tolerance
    Financial objectives, risk tolerance, and related suitability factors tested on the Series 6 exam.
  • Series 6 Suitable Recommendations
    How to match investment recommendations to customer needs, objectives, and risk profile.
• Series 6 Account Maintenance
  Ongoing maintenance duties, updates, authorizations, and record changes for customer accounts.
  • Series 6 Updating Client Information
    When and how representatives update customer records and account facts after opening.
  • Series 6 Address Changes and Statements
    Rules and procedures for address changes, confirmations, and customer statements on Series 6.
  • Series 6 Powers of Attorney and Authorizations
    Account authority granted through powers of attorney and other third-party authorizations.
• Series 6 Privacy and Confidentiality
  Customer privacy, information safeguards, and confidentiality standards tested on the Series 6 exam.
  • Series 6 Regulation S-P
    Regulation S-P privacy notice, safeguarding, and information-sharing rules tested on Series 6.
  • Series 6 Safeguarding Customer Information
    Operational controls and responsibilities for protecting customer records and nonpublic information.