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SEP IRAs are employer-funded plans for small businesses. SIMPLE IRAs allow both employer and employee contributions. Roth IRAs are individual accounts, and 401(k)s are broader employer-sponsored plans. Candidates must know employer-only versus combined contribution structures.

Equity income funds invest in established companies with consistent dividend payouts, offering income and moderate growth. Growth and aggressive growth funds focus on appreciation. Money market funds provide safety and liquidity but not growth. Suitability is central to Series 6 testing.

Money market funds invest in short-term, high-quality instruments such as Treasury bills and commercial paper. They offer safety and liquidity but minimal return. Balanced funds mix stocks and bonds, growth funds focus on appreciation, and international funds carry currency and geopolitical risks. On the Series 6, money markets are matched with conservative, short-term investor goals.

401(k) plans are employer-sponsored qualified retirement plans governed by ERISA. IRAs are individual retirement accounts, not employer plans, and Coverdell ESAs are education savings accounts. Series 6 candidates must distinguish ERISA-qualified plans from non-qualified accounts.

Trust accounts are established under a trust agreement, which designates a trustee with fiduciary responsibility. UGMA/UTMA accounts are custodial, TOD accounts bypass probate, and JTWROS accounts are joint ownership. Series 6 candidates must distinguish trust accounts from custodial and joint accounts.