Assessment Exams for Registration and Licensing for Trading Securities

Regulators in the finance industry administer several assessment exams to test competency and ensure adherence to ethics and best practices of investment managers, stock brokers, and hedge fund managers. While one does not need a license to trade securities, a license is required to trade other people’s money. The common qualifying assessment for practicing and licensing trading securities for the mentioned professionals includes the Securities Industry Essentials exam and Series 7, 63, 65, and 31.

Series 7, the General Securities Representative Examination, assesses the individual’s competency in undertaking the roles and responsibilities of a general securities representative. The representative refers to any individual licensed to sell securities and act as a trading agent in the United States. The entry-level test also measures the ability of the candidate to sell corporate, municipal, and investment securities, public participation programs, and variable annuities.

To trade in the United States and receive a license, the candidates should take and pass the Series 7 exam offered by the Financial Industry Regulatory Authority (FINRA). The exam structure also covers investment risk, retirement plans, taxation, client interactions, and debt instruments. After passing the exam, the broker can trade securities for clients in the financial market, except in the real estate and life insurance sectors.

Regulatory bodies require one to sit the Securities Industry Essentials (SIE) for complete general securities registration. The SIE exam is considered entry-level and a prerequisite to the Series 7 exam. It assesses basic knowledge and fundamentals of working in the securities niche, like products and risk agencies, different job functions, and best and prohibited practices in the trade.

Passing the exam qualifies one to pursue a career in the financial industry and later top-up with any field, depending on the desired career path. The SIE primarily contains a revised structure that replaces sections of the other nine Series exams and acts as a qualifying measure for the other more advanced exams. The changes also eliminated replicated test content. This shortens the duration and process required for getting licensed.

On the other hand, Series 63 enables the holder to solicit orders on any security in the field and assesses knowledge of ethical practices and fiduciary obligations. All states, except six, require one to take the Series 63 exam to check if they know what is considered dishonest and unethical practices in state securities practice. Thus, a minimum 72 percent score in the exam must be attained to qualify to solicit orders. However, unlike Series 7, one does not require a prerequisite to sit the exam; only fill out Form-10. The form is a filing required to fully disclose information an investor needs to make an investment decision.

The other ethical assessment exam required to become a financial adviser, Series 65, covers the laws, regulations, and ethics. It also allows the professional to undertake functions associated with an Investment Adviser Representative (IAR), a fundamental aspect of financial advising. Series 65 also allows one to offer investment advice to clients at a fee. However, only a combination of Series 65 with Series 7 allows one to sell securities and trade.

Lastly, Series 65 allows the financial advisor to charge the client fees instead of commissions. The exam is considered more stringent and complicated than the Series 63, as the rules are stricter on financial advisers charging fees than commissions. FINRA also sometimes exempts certified public accountants and certified financial professionals.

Three Types of Skiing Boots to Note

Keefe Gorman is a senior consultant and managing director at Merrill Lynch Wealth Management. At the company, Keefe Gorman applies more than 30 years of experience to help individuals and institutions acquire and stimulate wealth. Also, he is a part of the United States Ski racing association.

Your choice of ski boots will determine, to a large extent, how much fun you will have while skiing. Some major considerations for choosing a ski boot include comfort, stiffness, and durability.

The Alpine, or downhill, is a type of ski boot with a still plastic shell that will grip your ankle and foot while you ski. Most alpine boots work along with regular alpine ski bindings. Meanwhile, cross-country ski boots ensure that the heel and ankle are adequately supported. Regardless, they give your toes freedom of movement and are quite similar to hiking boots.

Telemark ski bost is another type of ski boot that will help you as a skier. Telemark ski boots are usually taller and have four buckles designed to be torsionally stiff. The Telemark ski boot appears no more like a downhill ski boot. The Telemark ski boot specifically are primarily used by skiers skiing lift-assessed areas.

Ithaca’s Cascadilla Falls Trail

An established financial advisor and broker with Merrill Lynch in Ithaca, New York, Keefe Gorman has earned recognition from industry leaders such as Barron’s and Forbes. When he isn’t working, Keefe Gorman enjoys outdoor activities, such as hiking.

Hiking authorities that range from All Trials to the Outbound Collective have ranked Cascadilla Falls as one of the top foot trails within Ithaca city limits. Stretching from Cornell University to downtown Ithaca, this trail cuts a path through the scenic Cascadilla Creek Gorge.

Also known as Nine Falls, the Cascadilla Falls Trail follows the Cascadilla Creek as it drops 400 feet and plummets through nine waterfalls. The site of an ancient seabed, the area’s unique combination of shale, limestone, and sandstone allowed flowing water to create the beautiful waterfalls and sculpt striking rock formations. Although the Cascadilla Falls Trail stretches just over a mile in its entirety, All Trails rates this out-and-back trail as moderately difficult.

New York State Masters Ski Racing Fosters Friendship and Competition

A graduate in economics and Spanish from St. Lawrence University, Keefe Gorman is a certified financial planner, special needs advisor, and wealth management advisor with Merrill Lynch. Alongside his work at Merrill Lynch, Keefe Gorman is a passionate skier who participates in the New York State Masters Ski Racing series.

The NYS Masters is a ski racing association in the eastern region that aims to provide a platform for members to meet, network, and compete in a healthy environment with people from diverse backgrounds. The NYS Masters is the premier adult ski racing series for the upstate New York area, taking place at around 11 locations from Holimont to Greek Peak. Each location hosts two daily races, allowing for competition while still leaving time for free skiing, socializing, and award parties after the races.

The group is open to skiers of all experience levels, from beginners to former Olympians. Participants can compete in division races, Eastern regionals, and the Phillips 66 US Alpine Masters race series, which consists of 20 super giant slalom and downhill speed events across six divisions. The finale takes place at the National Championships.

Rotary International Women Improving Health in Uganda

Serving as a wealth management advisor for Merrill Lynch, Keefe Gorman is also the vice president of investments. In addition, Keefe Gorman is a member of Rotary International.

Rotary International was founded in 1905 and designed to have a global reach. One example is Yumbe, a city with a population of 50,000 in the central African nation of Uganda. A group of business owners in Yumbe who started a community savings and loan organized a Rotary Club. Composed entirely of women, the club set out to improve water sanitation problems in the area.

In the nearby village of Achibe, home to some 600 Ugandans, many people had to walk over an hour to reach the only well in the area. The well’s unclean water led to diarrhea and other ailments.

The Rotary Club added a second, centrally located well and gave villagers 5-gallon buckets that filtered the water. In addition, the club provided Tippy Taps – basic washing stations controlled by a foot pedal. In one year, the number of children under 5 reporting diarrhea dropped from around 50 percent to just 5 percent.

The group received help from other Rotarians. The Topeka, Kansas, Rotary Club paid the chartering fee, and the Rotary Club of Arua in northeast Uganda sponsored the Yumbe chapter.

Skiing in Powder Conditions

Keefe Gorman is an established Merrill Lynch executive who has attained Barron’s Top 100 advisors ranking. When away from his work with Merrill Lynch, Keefe Gorman is active with the U.S. Ski & Snowboard association, and enjoys challenging slopes of varying terrain every winter.

One of the most sought after conditions on skis is fresh, untracked powder snow. For those new to such snow conditions, the tendency may be to try the same techniques that work on packed runs, and if so, the experience can be frustrating.

One essential to maximizing your day on the powder is acquiring fat skis that feature an 80mm to 110mm width. These allow the ski to float, rather than sinking in the soft snow to a point where work is required to get them back up and ready for a turn again.

Another critical aspect of skiing powder is maintaining balance by flexing the ankles such that the toes point toward the head, pulling the skis up and out of the snow. Resist the temptation to lean back, as this often results in a too-rapid speed gain and subsequent loss of control. If the skis are wide enough, you do not need to worry about them diving forward in the powder, and it will not be necessary to pull the toes up to get the tips up and over the snow. In addition, a majority of fat skis are equipped with a rocker, or rise in the center of the ski in relation to the tips, that helps keep the skis afloat.