Adviser Representative

# Investment Adviser Representatives (IARs): Definition, Registration & Requirements Why this matters on the exam: IAR regulation is one of the highest-yield topics in Section IV (Laws, Regulations & Guidelines), which accounts for 30% of the Series 65 exam (approximately 39 of 130 scored questions) [NASAA Series 65 Exam Content Outline, effective 2023-06-12]. Expect several direct questions testing who qualifies as an IAR, where they must register, and what exemptions or waivers apply. --- ## What Is an Investment Adviser Representative? An Investment Adviser Representative (IAR) is an individual who works for an investment advisory firm and performs advisory functions on behalf of that firm. While the firm itself registers as an Investment Adviser (IA), the individuals doing the actual client-facing work register separately as IARs. Think of it this way: the firm gets the license, but so do the people who actually give advice. ### What Functions Make Someone an IAR? Not every employee of an advisory firm is an IAR. The key is whether the person is performing advisory functions, which generally includes: - Making recommendations about securities - Managing client accounts (exercising discretion) - Soliciting or referring advisory clients - Supervising people who do the above An administrative assistant who files paperwork is not an IAR. A portfolio manager who recommends stock purchases to clients is an IAR and must register. --- ## Where Does an IAR Register? This is where many candidates get tripped up. The answer depends entirely on what type of firm the IAR works for: | Firm Type…