Review adviser communications, contracts, disclosure obligations, advertising, and unlawful representations tested on Series 65.
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This section covers how advisers communicate with prospects and clients before and during the advisory relationship. Series 65 expects candidates to understand disclosures, advertising, correspondence, client contracts, and improper statements such as unlawful representations about registration or guarantees of performance.
The key idea is that communication quality is part of fiduciary and regulatory compliance. If the communication is misleading, incomplete, or overpromising, the advisory relationship is already on weak footing.
Key Takeaways
Adviser communications are a legal, ethical, and client-protection issue.
Registration status cannot be used as a marketing guarantee.
Performance guarantees and weak disclosure are classic Series 65 traps.
Sample Exam Question
Why does Series 65 care about whether an adviser implies that registration means approval?
A. Because registration is a marketing endorsement from the regulator B. Because suggesting that registration means approval is an unlawful representation problem C. Because disclosure matters only after the client signs a contract D. Because contracts replace all advertising rules
Answer: B. Series 65 expects candidates to know that registration is not a seal of quality or approval and should not be represented that way.