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Finra Series-63 Exam - Topic 6 Question 22 Discussion

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?
D) Neither SecureMoney Broker-dealers nor Erin must register as an investment adviser based on the facts provided.
A) SecureMoney Broker-dealers must register as an investment adviser since one of its employees is providing investment advice.
B) Erin must register as an investment adviser since she is providing investment advice.
C) SecureMoney Broker-dealers must register as an investment adviser since one of its employees is providing investment advice, and Erin must register as an investment adviser representative as the firm's employee.

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?

Show Suggested Answer Hide Answer
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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Evette
5 hours ago
Wait, can’t she just be a broker without registering?
upvoted 0 times
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Julio
5 days ago
I agree, she’s giving investment advice!
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Vallie
11 days ago
Erin definitely needs to register as an investment adviser.
upvoted 0 times
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Clare
16 days ago
I feel like the answer might be D, but I can't recall if providing advice changes the registration rules for either Erin or the firm.
upvoted 0 times
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Lelia
2 months 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?
upvoted 0 times
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Rossana
2 months ago
I remember a practice question where a broker-dealer had to register because of advice being given. Could that apply here too?
upvoted 0 times
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Rebeca
2 months 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.
upvoted 0 times
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