A newsletter publisher in New York provides a weekly market overview but also, for an additional fee, allows subscribers to call an editor for specific holdings advice. What is the publisher’s status under the Uniform Securities Act?

1. AStill excluded, since the main publication is impersonal and regular.
2. BBecomes an investment adviser due to the offering of individualized advice, regardless of payment.✓ Correct answer
3. CExcluded only if the phone advice is general in nature.
4. DExcluded under the institutional exemption.

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