GlossaryGuide

Any of your firm’s supervised persons (except those that provide only impersonal investment advice) is an investment adviser representative, if —

• the supervised person regularly solicits, meets with, or otherwise communicates with your firm’s clients
• the supervised person has more than five clients who are natural persons and not high net worth individuals, and
• more than ten percent of the supervised person’s clients are natural persons and not high net worth individuals.

NOTE: If your firm is registered with the state securities authorities and not the SEC, your firm may be subject to a different state definition of “investment adviser representative.” Investment adviser representatives of SEC-registered advisers may be required to register in each state in which they have a place of business. [Used in: General Instructions; Part 1A, Item 5; Part 2B, Item 1]