Advice Standards

This one helps you figure out whether your fintech app, AI chatbot, newsletter, or digital platform crosses the regulatory line from education into investment advice that triggers Advisers Act registration. It walks through the SEC's three-prong test (advice, business, compensation), explains when the publisher's exclusion applies to model portfolios and newsletters, covers the broker-dealer solely incidental exclusion, and breaks down when a communication becomes a "recommendation" under Reg BI. Use it when you're designing features that talk about investments and need to know if disclaimers will cut it or if you actually need to register. The functional substance-over-form analysis is the key bit, since calling something "educational tools" doesn't save you if it's really personalized advice.

skills.sh installs: 701
GitHub stars: 224
last updated: Aug 21, 2026

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Install

$ npx -y skills add joellewis/finance_skills --skill advice-standards --agent claude-code

Installs into .claude/skills of the current project.

Files

Investment Advice Standards & Regulatory Boundaries

Regulatory status current as of June 2026 — verify effective dates, dollar thresholds, and pending rulemakings against current SEC/FINRA/FinCEN sources before advising.

Core Concepts

The Statutory Definition: Investment Advisers Act Section 202(a)(11)

Under Section 202(a)(11) of the Investment Advisers Act of 1940 (15 U.S.C. Section 80b-2(a)(11)), an "investment adviser" is any person who, for compensation, engages in the business of advising others, either directly or through publications or writings, as to the value of securities or as to the advisability of investing in, purchasing, or selling securities. The SEC applies a three-prong test, all of which must be satisfied:

Advice prong: The person provides advice, counsel, analyses, or reports concerning securities. This is interpreted broadly. It includes recommendations about specific securities, asset classes, portfolio construction, and the advisability of investing in securities generally.

SKILL.md on GitHub