Edward Marsi, a senior financial consultant in New Hampshire, helps clients understand their retirement picture and investment strategies and create new financial plans when needed. To assist him with this, Edward “Ed” Marsi relies on more than five years of financial experience and a FINRA Series 63 license.
Also known as the Uniform Securities Agent State Law Examination, the Series 63 exam consists of 65 multiple-choice questions, 60 of which are used to calculate a final score. To pass, test takers need to get at least 43 questions correct in the 75 minutes they are given for the exam.
One-quarter of the exam contains questions about ethical practices and obligations. This amounts to about 15 questions that revolve around such topics as compensation, conflicts of interest, and customer funds and securities. To ensure they are prepared for these questions, professionals should have a strong understanding of such topics as commissions, excessive trading, and trading authorization.
After that, the largest section of the test relates to communication with prospects and customers. This includes such topics as customer agreements and disclosures. Regulation of agents of broker-dealers and regulation of broker-dealers are the next largest sections, accounting for 15 percent of the exam each. Within these sections, professionals can expect questions about the definition of a broker-dealer and of an agent of a broker-dealer, as well as about registration.
The remaining parts of the exam focus on remedies and administrative provisions, regulation of investment advisors and representatives, and regulation of issuers. These sections also include questions relating to the definition of investment advisers and representatives, along with others about topics like exemptions and state anti-fraud authorities.
Since 2014, Edward “Ed” Marsi has served as a senior financial consultant with TD Ameritrade in Manchester, New Hampshire. In addition to actively pursuing his chartered retirement planning counselor (CRPC) certification, Edward Marsi holds Series 7 and Series 63 licenses.
Administered by the Financial Industry Regulatory Authority (FINRA), the Series 63 license is required for individuals who wish to sell securities in most states. The licensing test covers important topics, such as state and federal securities regulations and industry-standard principles of ethics.
The exam consists of 60 questions, which the test taker has 75 minutes to complete. To pass the exam, examinees must correctly answer 43 of the 60 questions. Though test takers are not allowed to bring in reference material or outside assistance of any form, test proctors do provide a calculator, whiteboard, and dry-erase markers for individuals to use while taking the test. As of 2018, the fee for the Series 63 exam was $135.
Examinees who pass the test receive the Series 63 license. However, most states require registered securities dealers to also hold a Series 7 license. To learn more about the exam and its requirements, please visit www.finra.org/industry/series63.
Real Estate Tax
As a senior financial consultant with TD Ameritrade in Manchester, New Hampshire, Edward “Ed” Marsi advises clients about retirement planning options. Outside of his interests in financial and retirement planning, Edward Marsi follows the real estate industry in New Hampshire and elsewhere.
Faced with an aging demographic and declining population growth rates, the New Hampshire state government has sought ways to draw younger professionals and families to the state. One possibility that has been discussed is to cut the real estate transfer tax for first-time homebuyers. Currently, the tax stands at 75 cents for every $100 of property value, a rate that some critics argue discourages people from settling in New Hampshire.
To remedy this, lawmakers drew up Senate Bill 301, which proposes to cut the real estate transfer tax by a third for homebuyers purchasing their first homes for a price of less than $300,000. Proponents argue that the new rate of 50 cents per $100 would draw more young families.
Though the bill passed the State Senate easily, in April of 2018 the House Ways and Means Committee determined the proposed law needed additional consideration. Some members raised concerns that the bill wasn’t clear enough in its definition of “first-time homebuyer,” while others argued that many first-time homeowners are unaware that the real estate transfer tax exists at all. As a result, analysts suggest that the odds of the bill passing in its current form are not high.