The document is a statement of the staff interpretive position from the SEC regarding the applicability of the Investment Advisers Act of 1940 to financial planners and other persons providing investment advice as part of other financial services. It clarifies the definition of 'investment adviser' and discusses the fiduciary responsibilities of advisers, the 'business' element of the definition, and the compensation element. It also outlines exclusions from the definition and the need for registration and compliance with antifraud provisions.
documents/EFTA01116426.pdf
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