# [Series 65] 58, Investment Advisers Act of 1940

Page: https://stenobird.com/podcast/open-exam-prep-7140559/series-65-58-investment-advisers-act-of-1940
Text version: https://stenobird.com/podcast/open-exam-prep-7140559/series-65-58-investment-advisers-act-of-1940.md
Podcast: [Open Exam Prep](https://stenobird.com/podcast/open-exam-prep-7140559)
Published: 2026-05-21T01:01:53+00:00
Episode link: https://open-exam-prep.captivate.fm/episode/series-65-58-investment-advisers-act-of-1940
Audio file: https://episodes.captivate.fm/episode/d1b1710d-0de8-4eba-aab2-688c0219f730.mp3
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Duration seconds: 199

## Resource

This podcast is made by Ran Chen, who holds an EA license, Insurance and Securities licenses (Series 6, 63, 65), and the CFP® designation. He is passionate about opening access to high-quality exam preparation resources and helping learners prepare more effectively for professional certification exams. In this episode you will learn: - The three-prong test (ABC: Advice, Business, Compensation) for defining an investment adviser. - How the L.A.T.E. exclusion for lawyers, accountants, teachers, and engineers is tested on the exam. - The critical distinction between advice that is "solely incidental" versus a primary business activity. - The specific Assets Under Management (AUM) thresholds that determine federal versus state registration. - Common exam traps, such as special conditions that override AUM for SEC registration requirements. For more free exam prep tools, practice questions, and AI-powered explanations, visit https://open-exam-prep.com/ or YouTube Channel: https://www.youtube.com/@Open-exam-prep

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## Transcript

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