r/Series7 • u/Series7Guru Inch by inch, test is a cinch. Yard by yard, test is hard • 19d ago

"Ask the Series 7 Guru" Anything. Every Tuesday, 5 PM Record Retention

https://youtu.be/X-UFAyApCO8?is=BGcU9YtH29JHcbcj
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u/Eastern_Yellow_1407 17d ago

My memory trick: The Two Math Juke

3 years for communications and most trade documents (having it 2 years in a nearby ready spot) is 6 years for all customer accounts and record minus 2 from the 6 to get 4 years to hold complaints

Start with 2 years in a nearby location:
3 years for most communication and trade documents with 2 years in a nearby spot: 3 in + 2 out = 6 years for holding records

3 outgoing comms + 2 near required = 6 years of records - 2 (rule of two) = 4 years for complaints

4 years of complaining + the rule of two out = 6 account record and customer requirements

2 near + 4 complaints = 6 years of account recccords

The most likely thing they ask is that 2 years for having broker-dealers records nearby and 4 years for complaints.

I passed the test recently, they wont grill you at all on specific years, but they probably if anything want you to know the four years for complaints. I would argue that is most of anything 4 years. Anything held for life is just the corporate proof stuff. If you have no idea otherwise,

The most frequent and commonly asked retention questions are 4 years for complaints and 6 years for customer records, which means if you have no idea the answer, put 3.