Series 63 practice questionmediumIncidental Advice
Which of the following would NOT be excluded from the definition of investment adviser under Section 401(c)?
- AA banker providing advice for a fee✓ Correct answer
- BA lawyer giving investment advice as part of legal representation
- CA bona fide newspaper columnist
- DA broker-dealer giving advice incidentally without special compensation
Explanation
Why A — A banker providing advice for a fee
Banks themselves are excluded, but a non-bank 'banker' giving advice for a fee could be an IA. Lawyers, bona fide publishers, and BDs advising incidentally are excluded (Section 401(c)).
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