{
 "@context": "https://schema.org",
 "@type": "Claim",
 "@id": "https://wulfkaal.github.io/claims/2337268-008",
 "identifier": "kaal:claim:2337268-008",
 "text": "Proof of special compensation is a necessary condition for classifying a broker dealer as an investment adviser, and the burden of proving both special compensation and that the advice exceeded the incidental is on the plaintiff.",
 "author": {
  "@type": "Person",
  "name": "Wulf A. Kaal",
  "identifier": "https://orcid.org/0009-0008-7840-1847"
 },
 "citation": "Wulf A. Kaal, Investment Adviser Regulation (2013). SSRN: https://ssrn.com/abstract=2337268",
 "isBasedOn": {
  "@type": "ScholarlyArticle",
  "name": "Investment Adviser Regulation",
  "datePublished": "2013",
  "url": "https://ssrn.com/abstract=2337268",
  "sha256": "7075ce35282a8ee75b81ae3dec0e19f68631beae7f3c3a00ab2827538dc9e302",
  "encoding": "https://raw.githubusercontent.com/wulfkaal/Academic-Papers/main/papers/pdf/Kaal%20-%202013%20-%20Investment%20Adviser%20Regulation.pdf"
 },
 "keywords": [
  "institutional-design"
 ],
 "about": [
  "broker-dealer-exclusion",
  "special-compensation",
  "burden-of-proof",
  "incidental-advice"
 ],
 "abstract": "A broker-dealer cannot be classified as an investment adviser without proof of special compensation.",
 "additionalProperty": [
  {
   "@type": "PropertyValue",
   "name": "claim_type",
   "value": "condition"
  },
  {
   "@type": "PropertyValue",
   "name": "confidence",
   "value": "argued"
  },
  {
   "@type": "PropertyValue",
   "name": "scope_conditions",
   "value": [
    "broker dealers whose advisory services are solely incidental to brokerage"
   ]
  },
  {
   "@type": "PropertyValue",
   "name": "is_failure_mode",
   "value": false
  },
  {
   "@type": "PropertyValue",
   "name": "attestations",
   "value": "https://wulfkaal.github.io/colloquium/attestations/9f8a96a836166937130d5d725220287ec6e322cd7890cc7c4087e46789c6ee51.json"
  },
  {
   "@type": "PropertyValue",
   "name": "edges",
   "value": []
  }
 ],
 "isPartOf": {
  "@id": "https://wulfkaal.github.io/claims/index.json"
 },
 "dateModified": "2026-07-27",
 "version": "1.0",
 "sha256": "9f8a96a836166937130d5d725220287ec6e322cd7890cc7c4087e46789c6ee51",
 "canonicalForm": "https://wulfkaal.github.io/claims/2337268-008.md"
}