Financial Planning for Beginners : How to Be Your Own CFO

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Is it lawful to give fee based investment advice without being licensed as an investment adviser? Article 203a of the Financial Advisers Act of 1940 states "The provisions of subsection (a) shall not apply to any investment adviser who during the course of the preceding twelve months has had fewer than fifteen clients and who neither holds himself out generally to the public as an investment adviser nor acts as an investment adviser to any investment company registered under title I of this Act.