An individual or firm engaged in providing advice regarding securities to clients, including recommendations on private assets, stocks, bonds, mutual funds, or exchange-traded funds. SPV Organizers provide investment advice by organizing and managing an SPV. Depending on the size of assets under management, investment advisers must register with either the U.S. Securities and Exchange Commission (SEC) or the state securities agency in their principal place of business. Investment advisers managing $100 million or more in client assets must register with the SEC, while those managing less than $100 million must register with the appropriate state agency. See ERA.