Which of the following persons is expressly EXCLUDED from the definition of 'investment adviser' under the Uniform Securities Act?

Which of the following persons is expressly

Multiple choice — select the best answer

AA financial planner who charges a fee for comprehensive investment recommendations
BAn individual who manages discretionary portfolios for a flat annual retainer
CA broker-dealer whose investment advice is solely incidental to its brokerage business and for which it receives no special compensation
DA consultant who advises corporate pension funds on asset allocation for a fee

✓ Correct answer: C. A broker-dealer whose investment advice is solely incidental to its brokerage business and for which it receives no special compensation The USA's broker-dealer exclusion from the investment adviser definition applies when the advice is solely incidental to brokerage services and the broker-dealer receives no special compensation beyond normal commissions for that advice.

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Topic: Uniform Securities Agent State Law

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Which of the following persons is expressly EXCLUDED from the definition of 'investment adviser' under the Uniform Securities Act?

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