[Series 66] 26, ERISA Fiduciaries and Retirement Advice

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: • How ERISA defines fiduciary status functionally based on discretionary authority or compensated investment advice. • The four statutory ERISA fiduciary duties and the requirements for Section 404(c) liability relief. • Why fiduciary self-dealing and prohibited transactions cannot be cured by disclosure alone under federal law. • How to distinguish federal ERISA plan rules from state regulations under the Uniform Securities Act. • A simple decision rule to determine when ERISA fiduciary obligations apply on the Series 66 exam. Independent practice materials and additional guidance are available at https://open-exam-prep.com/practice/series66 and 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.dol.gov/agencies/ebsa/about-ebsa/our-activities/resource-center/fiduciary-education