Which category is NOT excluded from the definition of investment advisor under the Advisors Act?

The definition of an investment advisor under the Investment Advisers Act of 1940 generally aims to exclude certain categories of professionals who provide services or advice that are not primarily investment-related. Home mortgage brokers fall under this exclusion because their primary focus is on facilitating home loans rather than providing investment advice.

This distinction is important as it helps to clarify the roles individuals and organizations play in the financial services industry, ensuring that the regulatory framework applies to those whose primary business is managing investment portfolios or giving investment advice. Each of the other choices includes roles typically seen as outside the primary function of an investment advisor, as they pertain more to other specialized services rather than investment advice. Thus, the identification of home mortgage brokers as not being classified as investment advisors aligns coherently with the framework established by the Act.