Series 63 practice questionmediumLATE Exclusion – Scope of Advice
A lawyer offers portfolio design services to non-clients for a fee, in addition to her legal practice. Under the USA, her activities are:
- ANot excluded—registration as an investment adviser is required.✓ Correct answer
- BExcluded if her advice is incidental.
- CExcluded due to her legal credentials.
- DExempt if all clients are institutions.
Explanation
Why A — Not excluded—registration as an investment adviser is required.
Professional exclusions only apply to advice incidental to the professional’s practice; offering portfolio services for a fee to non-clients requires IA registration (Section 401(c)).
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