Practical Application

Amy Adams is new to the securities industry and has just passed the required licensing exams. She’s been hired by Wealth Management, Inc., a firm with over 10,000 clients and $250 million under management. Since Amy will be providing advice as part of the business of a larger firm, she does not typically have to register as an investment adviser herself. Rather, she has to register with their state as an investment adviser representative (more on this in the next chapter). In other words, they’re actually a representative of someone else who is registered as an investment adviser.

However, Amy Adams’s firm does have to regis