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Finra Series-63 Exam - Topic 6 Question 22 Discussion

Actual exam question for Finra's Series-63 exam
Question #: 22
Topic #: 6
[All Series-63 Questions]

Erin is a registered agent who works for SecureMoney Brokers-dealers. One of her clients, Mrs. McTurk, is a recently-widowed woman who relies on Erin for advice about her investment portfolio. Mrs. McTurk reminds Erin of her own grandmother, and she is happy to provide guidance within the sphere of her own knowledge.

Based on these facts, which of the following statements is true?

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Suggested Answer: D

Neither SecureMoney Broker-dealers nor Erin must register as an investment adviser based on the facts provided since neither the broker-dealer nor Erin is receiving any compensation for the advice Erin is giving Mrs. McTurk. In this instance, the advice provided is considered incidental to the broker-dealer business.


by Carman at May 01, 2026, 03:12 PM

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Lelia
17 days ago
I’m a bit uncertain about the difference between the firm and Erin’s responsibilities. Does the firm automatically need to register if an employee does?
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Rossana
22 days ago
I remember a practice question where a broker-dealer had to register because of advice being given. Could that apply here too?
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Rebeca
27 days ago
I think Erin might need to register as an investment adviser representative since she’s giving advice, but I’m not sure about the firm’s registration requirements.
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