# Investment advisers

URL: /systems/legal-and-corporate/floor/investment-advisers · Id: `floorRow:investment-advisers`

> Investment advisers sells personal securities advice only through a registered adviser; a Startup itself publishes general information only.

Investment advisers sells personal securities advice only through a registered adviser; a [Startup](/business/nouns/startup) itself publishes general information only.

| Property | Value |
| --- | --- |
| Wakes | An Offer recommends securities or allocations to a Customer for pay. |
| Process | [Licensed review](/workflows/processes/licensed-review) |
| Signs | [Legal Lead](/agents/legal/legal-lead), [Legal Team](/agents/legal) |
| Sources | Investment Advisers Act of 1940, §§ 202(a)(11) and 203; state securities acts: investment adviser representative registration |