# kaal:claim:2337268-006

**Claim.** The frequency of advice helps determine adviser status: advice rendered occasionally, rarely, and in a non-periodic fashion makes classification as an investment adviser less likely.

**Type.** condition  **Support.** argued

**Holds when.**

- determining whether a person is in the business of rendering investment advice

**Source quote.**

> Finally, the frequency of rendering investment advice helps define whether a person is an investment adviser. Providing investment advice occasionally or rarely and in a non-periodic fashion makes it less likely for a person to be considered an investment adviser.

**From.** Wulf A. Kaal, *Investment Adviser Regulation* (2013), 1. Definitions, page 6

**Cite as.** Wulf A. Kaal, Investment Adviser Regulation (2013). SSRN: https://ssrn.com/abstract=2337268

**Verify.** sha256 of source PDF `7075ce35282a8ee75b81ae3dec0e19f68631beae7f3c3a00ab2827538dc9e302` at https://raw.githubusercontent.com/wulfkaal/Academic-Papers/main/papers/pdf/Kaal%20-%202013%20-%20Investment%20Adviser%20Regulation.pdf

**Topics.** private-funds

**Keywords.** investment-adviser-definition, frequency-of-advice, business-test, iaa-scope

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