Series 65: People And Entities Excluded From Investment Adviser Definition

Taken from our Series 65 Online Guide

People and Entities Excluded from Investment Adviser Definition

Here’s the full list of people/entities excluded from the definition of investment adviser under the Uniform Securities Act along with a brief explanation following each one. This means these people do not have to register as an investment adviser and are not subject to the regulations that were written for investment advisers.

(1) an investment adviser representative;

Explanation: An investment adviser representative is someone who works for an investment adviser, which requires a unique type of registration. Thus, they’re not actually considered an investment adviser.

(2) a bank, savings institution, or trust company;

Explanation: Since banks, savings institutions, and trust companies fall under separate regulations and oversight, they’re not typically required to register as investment advisers on a state level.

(3) a lawyer, accountant, engineer, or teacher whose performance of [investment advice] is solely incidental to the practice of [the person’s] profession;

Explanation: Anyone who gives investment advice as a smaller, non-integral part of another profession is not considered an investment adviser. If at any point, however, providing investment advice becomes the primary purpose of the relationship they have with someone, they immediately beco

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