{
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 "@type": "DefinedTerm",
 "@id": "https://wulfkaal.github.io/entities/broker-dealer-exclusion",
 "identifier": "kaal:entity:broker-dealer-exclusion",
 "name": "Broker dealer exclusion",
 "termCode": "broker-dealer-exclusion",
 "inDefinedTermSet": {
  "@id": "https://wulfkaal.github.io/entities/index.json"
 },
 "author": {
  "@type": "Person",
  "name": "Wulf A. Kaal",
  "identifier": "https://orcid.org/0000-0003-0757-275X"
 },
 "dateModified": "2026-07-29",
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 "additionalProperty": [
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   "@type": "PropertyValue",
   "name": "status",
   "value": "derived"
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   "value": 2
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   "@type": "PropertyValue",
   "name": "year_span",
   "value": [
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 ],
 "subjectOf": [
  {
   "@type": "Claim",
   "@id": "https://wulfkaal.github.io/claims/2337268-007",
   "identifier": "kaal:claim:2337268-007",
   "text": "A broker dealer who holds himself or herself out as a financial planner does not thereby trigger registration obligations under the IAA.",
   "abstract": "A broker dealer holding him or herself out as a financial planner alone does not trigger IAA registration obligations.14",
   "citation": "Wulf A. Kaal, Investment Adviser Regulation (2013). SSRN: https://ssrn.com/abstract=2337268",
   "datePublished": "2013",
   "claim_type": "condition",
   "confidence": "asserted",
   "is_failure_mode": false,
   "scope_conditions": [
    "broker dealers holding out as financial planners"
   ],
   "source_pdf_sha256": "7075ce35282a8ee75b81ae3dec0e19f68631beae7f3c3a00ab2827538dc9e302",
   "status": "current"
  },
  {
   "@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.",
   "abstract": "A broker-dealer cannot be classified as an investment adviser without proof of special compensation.",
   "citation": "Wulf A. Kaal, Investment Adviser Regulation (2013). SSRN: https://ssrn.com/abstract=2337268",
   "datePublished": "2013",
   "claim_type": "condition",
   "confidence": "argued",
   "is_failure_mode": false,
   "scope_conditions": [
    "broker dealers whose advisory services are solely incidental to brokerage"
   ],
   "source_pdf_sha256": "7075ce35282a8ee75b81ae3dec0e19f68631beae7f3c3a00ab2827538dc9e302",
   "status": "current"
  }
 ],
 "description": "2 claims in the published works of Wulf A. Kaal carry the concept tag 'broker-dealer-exclusion'. Derived node: a roster, not an adjudicated definition."
}