# kaal:claim:2337268-008

**Claim.** 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.

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

**Holds when.**

- broker dealers whose advisory services are solely incidental to brokerage

**Source quote.**

> A broker-dealer cannot be classified as an investment adviser without proof of special compensation.

**From.** Wulf A. Kaal, *Investment Adviser Regulation* (2013), 1. Definitions, page 7

**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.** institutional-design

**Keywords.** broker-dealer-exclusion, special-compensation, burden-of-proof, incidental-advice

**Canonical form.** This markdown file is the canonical hashed representation of the claim. Its sha256 is the content hash used for attestation.