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Is there a substantive difference between the terms “investment adviser” and “investment advisor”?


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No, the term “investment adviser” with the “er” ending has the same meaning as the term “investment advisor” with the “or” ending.  Under federal law, “investment adviser” with the “er” ending was utilized by Congress; however, “investment advisor” with the “or” appears to be a more popular form within the securities industry.

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