Series 63 practice questionmediumDefinition of Investment Adviser — Professionals Excluded
Under the USA, which of the following professionals is typically excluded from the definition of investment adviser when providing advice that is incidental to their profession?
- AA lawyer who occasionally gives investment advice while preparing estate plans✓ Correct answer
- BAn accountant who charges for preparing a financial plan with specific securities recommendations
- CA financial planner who receives compensation solely for investment advice
- DA broker-dealer who charges a separate fee for financial advice
Explanation
Why A — A lawyer who occasionally gives investment advice while preparing estate plans
Lawyers, accountants, engineers, and teachers are excluded when providing advice that is incidental to their profession and not for separate compensation (USA Section 401(c)(2)).
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