Series 63 practice questioneasyLawyer Exclusion
A licensed attorney gives investment advice incidentally when drafting a will for a client. Under the USA, the attorney is:
- AAn investment adviser
- BExcluded from the definition of investment adviser✓ Correct answer
- CRequired to register as an IAR
- DConsidered a broker-dealer
Explanation
Why B — Excluded from the definition of investment adviser
Lawyers whose investment advice is incidental to their practice are excluded under Section 401(c). They are not IARs or broker-dealers in this context.
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