Laws & RegulationsQuestion 82 of 110
Under the Uniform Securities Act, an 'investment adviser representative' (IAR) is best described as:
a.Any clerical employee of an advisory firm
b.An individual associated with an investment adviser who provides advice or solicits advisory clients
c.A broker-dealer that sells mutual funds
d.A bank that holds client assets in custody
Explanation
An investment adviser representative is an individual, associated with an investment adviser, who makes recommendations, manages accounts, or solicits advisory services for the firm. Purely clerical or administrative personnel are generally excluded. IARs typically must register in the states where they have clients or a place of business.
Law Reference: Uniform Securities ActPractice all 110 questions free — no signup required.
Related questions on this topic
- Under the Investment Advisers Act of 1940, which three elements define a person as an investment adviser (the 'three-prong test')?
- Generally, an investment adviser managing $110 million or more in assets registers with which regulator?
- Under the Uniform Securities Act, the state official who administers securities law is known as the:
- An investment adviser that has custody of client funds or securities is generally required to do which of the following?
- Under the Uniform Securities Act, which of the following is generally considered a prohibited practice for an investment adviser?
- An investment adviser's Form ADV Part 2 (the 'brochure') primarily serves which purpose?
Last reviewed: · editorial process
PrepPass Editorial Team · Verified against NASAA Series 65 Investment Adviser Law Exam · How we review