Holding out as a financial planner.
If you use a term deemed similar to "financial planner" or "investment counselor" under WAC
460-24A-040(2), you will not be considered to be holding yourself out as a financial planner for purposes of RCW
21.20.005 and
21.20.040 under the following circumstances:
(1) You are not in the business of providing advice relating to the purchase or sale of securities, and would not, but for your use of such a term, be an investment adviser required to register pursuant to RCW
21.20.040; and
(2) You do not directly or indirectly receive a fee for providing investment advice. Receipt of any portion of a "wrap fee," that is, a fee for some combination of brokerage and investment advisory services, constitutes receipt of a fee for providing investment advice for the purpose of this section; and
(3) You deliver to every customer, at least forty-eight hours before accepting any compensation, including commissions from the sale of any investment product, a written disclosure including the following information:
(a) You are not registered as an investment adviser or investment adviser representative in the state of Washington;
(b) You are not authorized to provide financial planning or investment advisory services and do not provide such services; and
(c) A brief description of your business which description must include a statement of the kind of products offered or services provided (e.g., you are in the business of selling securities and insurance products) and of the basis on which you are compensated for the products sold or services provided; and
(4) You have each customer to whom a disclosure described in subsection (3) of this section is given sign a written dated acknowledgment of receipt of the disclosure; and
(5) You retain the executed acknowledgments of receipt required by subsection (4) of this section and of the disclosure given for so long as you continue to receive compensation from such customers, but in no case for less than three years from date of execution of the acknowledgment; and
(6) If you received compensation from the customer on more than one occasion, you need give the customer the disclosure described in subsection (3) of this section only on the first occasion unless the information in the disclosure becomes inaccurate, in which case you must give the customer updated disclosure before receiving further compensation from the customer.
[Statutory Authority: RCW
21.20.005,
21.20.020,
21.20.030,
21.20.040,
21.20.050,
21.20.060,
21.20.070,
21.20.080,
21.20.090,
21.20.100,
21.20.330,
21.20.340,
21.20.450, and
21.20.702. WSR 19-03-133, § 460-24A-045, filed 1/18/19, effective 2/18/19; WSR 14-13-068, § 460-24A-045, filed 6/12/14, effective 7/13/14. Statutory Authority: RCW
21.20.450. WSR 12-10-051, § 460-24A-045, filed 4/30/12, effective 5/31/12; WSR 97-16-050, § 460-24A-045, filed 7/31/97, effective 8/31/97. Statutory Authority: RCW
21.20.040(2) and
21.20.450. WSR 93-01-113, § 460-24A-045, filed 12/21/92, effective 1/21/93.]
