Wisconsin Investment Advisory Activity of Applicant is a term used to describe the process of an applicant engaging in activities that involve providing advice, consulting, and/or management of investments for clients in the state of Wisconsin. This includes activities such as providing advice on the selection of investments, the monitoring of investments, asset allocation, and portfolio management. Types of Wisconsin Investment Advisory Activity of Applicant include discretionary portfolio management, non-discretionary portfolio management, and fee-only investment advisory services. Wisconsin Investment Advisory Activity of Applicant requires the applicant to be registered with the Wisconsin Department of Financial Institutions and to abide by the investment and fiduciary rules and regulations set forth for the state. Additionally, applicants must also adhere to the ethical and professional standards set forth by the Financial Industry Regulatory Authority (FINRA) and the Investment Advisers Association (IAA).