Practice Quiz

FINRA Series 63 (NASAA)

Category - Series 63

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Big Bo is an investment adviser representative who has a lot of the members of a well-
known professional football team as clients. In advertising his services, Big Bo can
  1. list the names of the players he’s advising as long as he lists the names of all his other clients, too.
  2. list the names of the players he’s advising as long as he doesn’t provide any other specifics, such as the amount each one has invested with him.
  3. list the names of the players he’s advising as long as he has their written permission to do so.
  4. use testimonials from any of the players who willingly provide them without compensation.
Explanation
Answer: C - In advertising his services, Big Bo can list the names of the players he’s advising only if he has their written permission to do so. Under both NASAA Model Rules and the Investment Adviser Act of 1940, an investment adviser representative may not use client testimonials in their advertisements, regardless of whether the testimonials are willingly provided and uncompensated.
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