An individual at William Blair provides both financial planning and securities brokerage to clients. Fees are bundled into one annual payment covering both services. Which statement is MOST accurate under the USA?

1. AThey are not an investment adviser unless the planning is purely incidental to brokerage.
2. BThey would be considered an investment adviser if the financial planning includes investment advice for a fee.✓ Correct answer
3. CBundled fees always preclude investment adviser status.
4. DThey must register as both an agent and an investment adviser representative.

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