[Series 66] 45, Custody and Safeguarding Client Assets

This podcast is made by Ran Chen, who holds an EA license, Insurance and Securities licenses (Series 6, 63, 65), and the CFP® designation. He is passionate about opening access to high-quality exam preparation resources and helping learners prepare more effectively for professional certification exams. In this episode you will learn: - Legal definition of custody under federal rules and NASAA model rules. - Mandatory safeguards including qualified custodians, client notices, and quarterly account statements. - Exceptions to the annual surprise examination requirement for direct fee deduction. - The three-business-day rule for inadvertent receipt of client funds, securities, and third-party checks. - How physical possession of assets beyond three business days creates custody obligations. This independent study resource helps candidates prepare for the Series 66 exam. For interactive practice questions and tools, visit https://open-exam-prep.com/practice/series66 and subscribe at https://www.youtube.com/@Open-exam-prep . Sources checked: September 14, 2026 https://www.nasaa.org/wp-content/uploads/2023/02/Series-66-Outline-June-2023.pdf https://www.nasaa.org/exams/general-exam-information/series-66-exam-content-outline/