Series 7: Turnover Rate

Taken from our Series 7 - General Securities Representative Exam

Definition of the term Turnover Rate...

the amount of purchases in an account divided by an average of the total investments in the account. A high turnover rate may indicate that the account is switching between investments more than makes sense. One of FINRA's guidelines for evaluating whether a representative has met his quantitative suitability obligation is whether the turnover rate is appropriate to the customer's goals, risk tolerance, and sophistication.

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The vocabulary on the test was slightly different, (they used the word tendered a lot) and so navigating the different financial vocabulary was a minor challenge. That being said, I felt comfortable in my knowledge and was able to break down and understand a large majority of the exam because of Solomon Exam Prep. I passed and felt confident!
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