Series 63 practice questioneasyExclusions for Publishers
Under USA Section 401(c), which of the following would NOT be considered an investment adviser?
- AA bank giving advice to clients for a fee
- BA lawyer who gives incidental advice as part of estate planning✓ Correct answer
- CA person who, for a fee, manages client portfolios
- DA broker-dealer charging a fee for investment advice
Explanation
Why B — A lawyer who gives incidental advice as part of estate planning
Lawyers are specifically excluded from the definition of investment adviser when advice is incidental to their professional practice (Section 401(c)). A and D could be advisers unless excluded; C clearly fits the definition.
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