Series 63 practice questionmediumAdviser Representative Exclusion – Employees
An employee of a federal covered adviser sells office supplies and has no involvement in investment advice. Under the USA, this employee is:
- ANot required to register as an investment adviser representative.✓ Correct answer
- BRequired to register as an adviser representative.
- CRequired to register as an investment adviser.
- DExempt only if working under supervision.
Explanation
Why A — Not required to register as an investment adviser representative.
Only individuals providing investment advice or directly involved in the advisory business must register as investment adviser representatives. Administrative staff are excluded (Section 401(b)).
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