June 27, 1989
TO: INVESTMENT ADVISER MEMBERS NO. 36-89
INVESTMENT ADVISER ASSOCIATE MEMBERS NO. 35-89
RE: WASHINGTON STATE AMENDS ITS INVESTMENT ADVISER LAW
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Effective July 23, 1989, the state of Washington will have
a new definition of investment adviser, new exclusions to the
definition and a "holding out" provision. A copy of the
amendments to the existing law is attached.
The definition of investment adviser will be amended to
include financial planners and other persons who provide
investment advisory services as part of a business or who hold
themselves out as providing investment advisory services. The
definition will also include any person who holds himself or
herself out as a financial planner.
The exclusions to the definition of investment adviser will
be amended to include certified public accountants licensed in
Washington, provided their services are performed on a basis
which is solely incidental to the practice of their profession.
Finally, the Washington legislature made it unlawful for
any person to hold himself out as a financial planner or
investment counselor unless the person is registered as an
investment adviser or investment adviser salesperson or is
otherwise exempted or excluded from the legislation.
Robert L. Bunnen, Jr.
Assistant General Counsel
Attachment