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Who is an Investment Adviser?

This includes individuals who receive compensation, and as part of a regular business, issue or promulgate analyses or reports concerning securities. The term also includes a financial planner or other person that, as an integral component of other financially related services:

  • provides investment advice to others for compensation as part of a business; or
  • that holds itself out as providing investment advice to others for compensation. 

For more details about what constitutes an “investment adviser,” see Minnesota Statute Chapter 80A.41 (16) and (17) and Regulation 2876.5024, relating to financial planners. If you believe you may be acting as an investment adviser, you should consult with an attorney to ensure full compliance with the law. Certain persons are listed in the statute as exempt from the registration requirements.

Investment advisers perform an important function as trusted fiduciaries that help clients increase and maintain their net worth through sound and suitable investments. Before providing investment advisory services, investment adviser firms must be registered.

This section of our website is designed to provide investment advisers with information concerning: