Series 63 - Exam Layout Information

Lisa Detanna is a Beverly Hills, California resident who has served as a senior investment manager with Raymond James since 2011. In this capacity, she focuses on financial planning and investment advice as well as the protection of assets through insurance. Lisa Detanna also holds Series 7, 63, and 65 securities licenses.

The Series 63 Exam or Uniform Securities Agent State Law Exam is a mandatory exam for professionals who intend to work as broker-dealer agents for security investors. Series 63 license is awarded to candidates who pass the exam as they have demonstrated a thorough understanding of fiduciary responsibilities and ethical principles. In addition to the Series 63 test, the FINRA SIE, as well as either the Series 6 or Series 7 exam are required co-requisites that must be passed before a candidate may seek to register as a broker-dealer agent with a state.

The Uniform Securities Act of 1956, as well as the NASAA Statement of Policy and Model Rules, are required reading for test candidates. The fundamentals of state securities regulations and rules banning dishonest or unethical acts are covered in the Series 63 test. 45 percent of the questions are about rules, 10 percent about administrative procedures, 20 percent about customer communication, and 25 percent about ethical practices and corporate duties.

The test consists of 60 multiple-choice questions. The passing mark is 72 percent, or 43 questions out of 60. Candidates must finish the exam within 75-minutes.

401(k) Balance When an Employee Resigns?

The recipient of an MBA in finance from Pepperdine University, Lisa Detanna maintains executive responsibilities as senior vice president of investments with Raymond James. In this role, Lisa Detanna works with high-net-worth individuals, providing them with a comprehensive range of financial planning services including risk management, tax preparation, as well as retirement planning.

A 401(k) is a type of retirement plan offered by an employer. It enables an employee to set aside a portion of their pre-tax pay towards retirement. These funds are spread over a variety of assets, including bonds, mutual funds, and equities. Because 401(k) contributions are not considered income, they can help employees maintain lower tax brackets.

If an employee with a 401(k) account resigns, their employer can cut them a check for the amount in their account if this is less than $1,000. Ideally the employee should immediately transfer the funds to an individual retirement account (IRA) within 60 days, otherwise they will be subject to taxes.

If an employee's balance is between $1,000 and $5,000, their employer can transfer the funds to an IRA of their choosing. For an employee with a balance over $5,000, the employer may not withdraw money from their 401(k) unless the employee gives permission for this.

Multi-Generational Wealth Planning

Lisa Detanna has been named one of the country’s top financial advisers, making it to the top 100 list for Forbes and Barron’s for several years. With her work in Raymond Jones, Lisa Detanna focuses on multi-generational wealth planning and helping affluent and high-net-worth families prepare the next generation to manage their assets.

One of the most frightening statistics that family-owned businesses face is that only 30 percent of them survive to the second generation, and even less to the third and onwards. Multi-generational wealth planning for a family office became one of the essential methods of discovering concrete methods to preserve the family’s net worth and assets and even potentially increase them in the next generation. A lack of trust between the wealth builder (i.e. the original generation) and the descendants is the most frequent reason for lost wealth and assets. The leader of a family office needs to plan on educating the heirs for proper wealth management and exposing them to the business at the right time.

Long-term investing plans can look beyond quarterly changes and make up for short-term losses. An airtight succession plan also eases the transition of wealth from one generation to the next and provides guidelines for each descendant’s role in the family office.

Training Young Business Students

With over 30 years of experience as financial consultant, Lisa Detanna has been named one of the top financial advisors in the US by Forbes and Barron’s for several years. As part of her ongoing efforts to educate the next generation about wealth management, Lisa Detanna has partnered with the “Barron’s in Education” program. Her online session, “Common Myths of Investing” discussed the real-life examples of financial markets with business students.

The “Barron’s in Education” program is a leading example of real-world businesses transferring their experience to students to help them better connect with university textbook theories. Barron’s goal is to foster a new generation of independent business professionals by guiding them with knowledge provided by top companies in the industry.

Apart from allowing students to contact some of the most prominent industry names, Barron’s also gives all participating students and faculty a free membership on their real-time content and magazine. The program also includes the interactive Marketwatch Virtual Stock exchange online game to put the universities’ teachings to the test.