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FINRA SIE practice tests

FINRA Securities Industry Essentials Practice Test Reviews

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Customer reviews for the FINRA Securities Industry Essentials practice test

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“ The questions in the practice tests were very similar to what was on the actual FINRA Series 65 exam. I liked that you could take a timed test or take a test at my own pace with the ability to review the answers as I go. That really helped me to focus on where I needed to spend more time studying. T ...
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FINRA Securities Industry Essentials sample question

See how an exam-style question and its explanation appear in the Exam Edge practice environment.

A registered representative recommends Fund X (expense ratio 1.20%) over ETF Y (expense ratio 0.10%) to a retail customer who asks which is "cheaper." The representative bases the recommendation only on expense ratios and does not consider the customer\'s investment profile. According to the applicable standard of conduct for broker-dealers, the representative\'s action is:
Correct Answer:
Noncompliant because the care obligation requires a reasonable-basis and customer-specific analysis; recommending solely on cost without considering the customer\'s investment profile fails that obligation.

why rrect: the care obligation requires a broker-dealer and its associated persons to exercise reasonable diligence, care, and skill when making a recommendation to a retail customer, including a reasonable basis to believe the recommendation is in the best interest of that particular retail customer based on the customer\'s investment profile. recommending solely on expense ratio (cost) without examining the customer\'s investment objectives, risk tolerance, time horizon, and other elements of the investment profile does not satisfy the care obligation. the sec explicitly states that a broker\'s duty is not met by simply recommending the least expensive or least remunerative security without further analysis.

why the other answers are incorrect:

  • a. incorrect. recommending the lowest-cost product alone does not meet the care obligation; the firm must evaluate the suitability and best interest for the specific customer.
  • b. incorrect. providing a relationship summary (form crs) is a disclosure requirement but does not, by itself, satisfy the care obligation at the time of a recommendation.
  • c. incorrect. disclosing expense ratios addresses disclosure aspects but does not substitute for the required customer-specific reasonable-basis analysis under the care obligation.
  • d. correct. the care obligation requires reasonable diligence and a customer-specific analysis; choosing based solely on cost without considering the customer\'s profile is noncompliant.
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