William Gustafson William "Bill" Gustafson started his professional career as a stockbroker. While he has built a successful practice, Bill would like to expand his practice by offering investment management advice for a fee, rather than a commission. He believes that he can immediately begin managing $125 million in client assets on a fee basis. Help Bill understand the regulatory environment as it relates to providing investment advice for a fee by answering the following questions: a. What agency's rules and regulations must Bill follow when working as a stockbroker? b. If Bill were to become a Registered Investment Adviser, what federal agency must he register with