Which of the following is NOT an exclusion under the Advisors Act?

The answer indicating that "Investment advisors working for brokerage firms" are not considered an exclusion under the Advisors Act highlights a significant point regarding the regulation of investment advisors. Under the Investment Advisers Act of 1940, certain professionals are specifically excluded from being classified as investment advisors, which means they are not subject to the Act's registration requirements.

Investment advisors affiliated with brokerage firms typically do provide investment advice but operate within a different regulatory framework, primarily governed by the Securities Exchange Act and the Financial Industry Regulatory Authority (FINRA). They are often considered "broker-dealers" and are therefore exempt from the registration and regulatory requirements applicable to independent investment advisors.

On the other hand, banks and bank holding companies, lawyers providing legal advice, and government securities advisers are specifically excluded from the definition of an investment adviser under the Advisors Act. This means they are not under the obligations that the Act imposes on investment advisors, making it clear why they do not fall under the same category. Understanding these nuances helps clarify the regulatory landscape for different financial service providers and ensures that individuals know which professionals are governed by the Advisors Act and which ones are not.