investment adviser.A person who, for pay, advises others, either directly or through publications or writings, about the value of securities or the advisability of investing in, purchasing, or selling securities, or who is in the business of issuing reports on securities. • The term generally excludes an employee of an investment adviser; a depository institution, such as a bank; lawyers, accountants, engineers, and teachers whose investment advice is solely incidental to the practice of their profession; a broker-dealer whose advice is incidental to the conduct of business and who receives no special compensation for that advice; and publishers of bona fide newspapers, newsmagazines, or business or financial publications of general, regular, or paid circulation. [Cases: Securities Regulation 223–224. C.J.S. Securities Regulation §§ 360–365.]

[Blacks Law 8th]