Quick Answer
A Series 6 rep sells packaged products for commissions and needs an Investment Adviser Representative registration to charge advisory fees. Account titling decides death consequences: Joint Tenants with Right of Survivorship and Tenants by the Entirety skip probate; Tenants in Common does not. Know the retirement plan limits, the age-73-or-75 Required Minimum Distribution, and the 60-day rollover rule.
The whole unit on one sheet: who can sell what, how accounts are titled, the retirement plans, and the movement rules the exam loves.
What Account Types and Products Can a Series 6 Rep Handle?
- Four account types on the outline: cash (pay in full), advisory fee-based, wrap fee program, and prime brokerage.
- A Series 6 rep sells mutual funds, variable annuities, variable life, Unit Investment Trusts (UITs), closed-end fund shares at the initial public offering (IPO), and municipal fund securities (529 plans) for commissions.
- A rep may charge an advisory fee only if the firm is dual-registered as a broker-dealer and investment adviser AND the rep personally holds the Investment Adviser Representative (IAR) registration (Series 65 or 66).
- No individual stocks, bonds, options, direct participation programs, or REITs (those are Series 7 products).
Which Registration Determines Who Gets the Assets at Death?
| Registration | At Death of One Owner |
|---|---|
| Individual | Passes through the estate (probate), per will or intestacy |
| JTWROS (Joint Tenants with Right of Survivorship) | Survivor takes the whole account outside probate; each owner owns 100% |
| TIC (Tenants in Common) | Decedent's fractional share goes to their estate (probate) |
| TBE (Tenants by the Entirety) | Married-only JTWROS variant; surviving spouse takes all |
| Community property | Decedent's 50% passes by will or intestacy; no automatic survivorship |
- Transfer-on-Death (TOD) or Payable-on-Death (POD) passes assets to a named beneficiary outside probate, with no ownership or control during the owner's lifetime.
- Any entity account needs two documents: proof the entity exists (charter, bylaws, partnership agreement) AND a resolution naming who can trade.
Which One-Liners Win Exam Points?
- Trusted Contact Person (TCP) is an emergency contact age 18 or older; no trading authority, no power of attorney.
- SEP is employer-funded only (no employee deferrals); SIMPLE allows both employer and employee contributions.
- Governmental 457(b) is not covered by the Employee Retirement Income Security Act (ERISA) and has no 10% early-withdrawal penalty on separation from service.
- Employee elective deferrals are always 100% vested immediately; only employer contributions follow a vesting schedule.
- Direct trustee-to-trustee transfers are unlimited; the once-per-year limit applies only to 60-day IRA-to-IRA rollovers.
- Inherited taxable securities get a stepped-up basis; inherited retirement accounts do not.
Which Numbers Must I Memorize?
| Item | Value |
|---|---|
| IRA contribution limit (under 50), 2026 | $7,500 |
| IRA catch-up (age 50+), 2026 | +$1,100 ($8,600 total) |
| 401(k) elective deferral (under 50), 2026 | $24,500 |
| 401(k) catch-up (50-59 or 64+) | +$8,000 ($32,500) |
| 401(k) enhanced catch-up (60-63) | +$11,250 ($35,750) |
| SEP IRA limit, 2026 | lesser of 25% of compensation or $72,000 |
| SIMPLE IRA employee deferral / catch-up, 2026 | $17,000 / +$4,000 ($5,250 at 60-63) |
| Overall defined-contribution limit, 2026 | $72,000 |
| Early-withdrawal penalty age | before 59-1/2 (10% penalty) |
| Required Minimum Distribution (RMD) start age | 73, or 75 if age 74 falls after 2032 (first RMD by April 1 next year) |
| ERISA eligibility | age 21 and 1 year of service |
| Vesting | 3-year cliff or 2-to-6-year graded |
| Indirect rollover window / qualified-plan withholding | 60 days / mandatory 20% |
| Inherited IRA emptying rule (most non-spouse) | 10 years |
| Account records furnished / updated | within 30 days, then every 36 months |
| Customer record retention | 6 years after the account closes |
| Negotiable-instrument authorization retention | 3 years after it expires |
| Alternate valuation date | 6 months after death |
How Can I Remember Account Titling?
- JTWROS = "Right Of Survivorship" (survivor gets all, avoids probate)
- TIC = "In Common" (your share goes to your estate, requires probate)
- TBE = "By the Entirety" (married only, both must agree to trade)
Which Gotchas Show Up Most?
- Roth IRA contributions come out tax-free and penalty-free at any age; the 10% penalty and 5-year rule hit only earnings.
- The account-record update cycle is 30 days at opening, then every 36 months, not annually.
- The 6-year retention clock starts when the account closes, not when it opens.
- Mandatory 20% withholding hits qualified-plan distributions paid to the participant; the participant must make up the 20% out of pocket to roll over the full amount.
- RMDs cannot be rolled over by any method.
- Traditional-plan distributions are ordinary income, not capital gains, regardless of how long assets were held inside the account.
- The step-up in basis does not apply to inherited Traditional IRAs or qualified plans; those distributions stay ordinary income.
- Collectibles, life insurance, and S-corporation stock are prohibited inside IRAs.
- The negotiable-instrument authorization is kept 3 years after it expires, not 3 years after the first draft.
One-Breath Recap
Series 6 sells packaged products for commissions and needs the Investment Adviser Representative registration to charge advisory fees. Title accounts by their death consequence: Joint Tenants with Right of Survivorship and Tenants by the Entirety skip probate, Tenants in Common does not. Lock the retirement limits, the age-73-or-75 Required Minimum Distribution, the 60-day rollover with mandatory 20% withholding, and the step-up that inherited retirement accounts never get.
Need more than the recap? Read the full Account Types and Registration unit.