Account Opening, Customer Profile and Authority
This topic covers new account records, customer identity, authority, entity documentation, investment profile, objectives, financial status, risk tolerance, time horizon, and account approvals.
How to study for Series 82
Treat each Series 82 item as a private offering workflow: identify the communication, investor eligibility, account fact, recommendation basis, or transaction document required.
Core concepts
Concept 1
Account Opening, Customer Profile and Authority questions test whether a private securities offerings representative can match offering facts, customer facts, and regulatory limits to the correct action.
Exam cue: Identify the function: seeks business, opens accounts, recommends or maintains records, or processes the private offering transaction.
Concept 2
The best Series 82 answer usually protects investors through fair communication, investor qualification, due diligence, suitability, recordkeeping, and proper transaction processing.
Exam cue: Match the action to the offering: public communication review, exemption, accredited investor status, QIB status, due diligence, suitability, or agreement verification.
Concept 3
Eliminate answers that market private placements like public offerings, skip investor eligibility, ignore resale limits, or treat indications of interest as completed purchases.
Exam cue: Prefer fair and balanced disclosure, verified customer profile, documented recommendation basis, and completed transaction records.
Risk pitfalls and guardrails
Promising liquidity or performance in a private placement when resale limits and business risks remain.
Guardrail: Avoid answers that promise liquidity, skip investor eligibility, ignore risk disclosure, treat interest as commitment, or process incomplete subscriptions.
Treating investor sophistication as a substitute for required account information and suitability analysis.
Guardrail: Avoid answers that promise liquidity, skip investor eligibility, ignore risk disclosure, treat interest as commitment, or process incomplete subscriptions.
Processing purchase instructions before verifying agreements, funding, eligibility, and required documentation.
Guardrail: Avoid answers that promise liquidity, skip investor eligibility, ignore risk disclosure, treat interest as commitment, or process incomplete subscriptions.
Memory anchors
New Account Record
A new account record captures required ownership, profile, tax, authority, and supervisory information.
Customer Identity
Customer identity information supports account opening, CIP, and regulatory recordkeeping.
Trading Authority
Trading authority identifies who can direct transactions for the account.
Entity Documentation
Entity documentation proves legal existence and authorized signers for business accounts.
Investment Objective
Investment objective describes the customer's goal such as income, growth, preservation, or speculation.
Financial Status
Financial status includes income, net worth, liquidity, obligations, and investment experience.
Risk Tolerance
Risk tolerance measures willingness and ability to accept investment loss or volatility.
Time Horizon
Time horizon affects whether illiquid private securities can fit the customer's needs.
Account Approval
Account approval confirms required information and supervisory review before activity.
Customer Update
Customer updates keep the account profile current when material facts change.
Checkpoint rule
Do the check-up only after you can summarize each concept in one sentence and identify one dangerous pitfall from memory.
Knowledge Check (after reading)
Short check-up to confirm understanding of this module.
Check-up Questions
Two unrelated customers want an account in which each owns a stated 60% and 40% share that passes through the owner's estate at death. Which registration is most appropriate?
A married couple wants the surviving spouse automatically to own the entire joint account at the first spouse's death. Which feature is needed?
Answer all questions to submit.
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