Exclusions from the Investment Adviser Definition

What this video covers

• The difference between an exclusion (not an investment adviser at all) and an exemption (an investment adviser excused from registration but still subject to antifraud provisions)
• The L.A.T.E. professions (lawyers, accountants, teachers, engineers) and why advice must be solely incidental to their primary practice with no special compensation
• Why holding yourself out as a financial planner or charging a separate fee for advice destroys the professional exclusion instantly
• The broker-dealer two-part test: solely incidental advice plus no special compensation, and why a separate financial planning fee is fatal
• The publisher exclusion and the impersonal versus personalized dividing line, including why a "newsletter" label does not save tailored advice
• Why banks, savings institutions, and trust companies are excluded but bank holding companies are not
• Federal covered advisers registered with the Securities and Exchange Commission (SEC) and what state authority still applies (notice filing, investment adviser representative registration, antifraud enforcement)