Who qualifies as an investment advisor under the Advisors Act?

The correct choice identifies that an investment advisor under the Advisors Act is anyone who provides advice for compensation regarding securities. This definition is broad and includes a wide range of individuals and firms that offer advice about investment strategies or specific securities, as long as they are being compensated for that advice.

This is significant because the regulatory framework governing investment advisors is designed to protect investors by ensuring that those offering investment advice meet certain standards and adhere to fiduciary responsibilities. Therefore, individuals who meet this criterion must register as investment advisors and abide by the legal and fiduciary requirements set forth in the Advisors Act.

Other options do not encompass the full definition of an investment advisor as outlined in the Advisors Act. Selling securities alone does not equate to providing advice, nor does working for a non-profit organization, as the focus is on the provision of advice for compensation specifically concerning securities. Similarly, managing retirement plans can involve several roles that do not necessarily pertain to advising on securities directly. Thus, the comprehensive nature of option B accurately reflects the criteria set forth in the law.