To be considered an advisor according to the Investment Advisor Act, which of the following criteria must be satisfied?

Question $20$ options:

a$)$

The person gives advice or analysis in regard to securities$.$

b$)$

The person is in the business of presenting investment advice.

c$)$

The person must be compensated for the services rendered.

d$)$

All of the above.

e$)$

None of the above.