Who is excluded from Ohios definition of “investment advisor?
The Ohio definition tracks the Federal definition of “investment advisor” and excludes several classes of persons. Whether an exclusion is available depends on all of the relevant facts and circumstances. The first exclusion is for attorneys, accountants, engineers, and teachers whose performance of advisory services is solely incidental to the practice of their profession. In general, three (3) factors are relevant to whether the “solely incidental” exclusion is available: (1) whether the person holds himself or herself out to the public as an investment advisor, financial planner, or other provider of advisory services; (2) whether the advisory services are rendered in connection with, and reasonably related to, the professional services; and, (3) whether the fee charged for advisory services is based on the same factors as those used to determine the fee for professional services. The second exclusion is for publishers of bona fide newspapers, news magazines, and business and financ
Related Questions
- Ohio requires that investment advisor representatives meet certain minimum requirements. How do I establish that I meet competency requirements?
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- Who is excluded from Ohios definition of "investment advisor?
