A registered investment adviser is a firm that provides investment advice and is registered with the SEC and/or with individual states. Investment advisers typically earn revenue through a management fee. An individual working for the advising firm (and providing advice to clients) is an investment adviser representative.
An investment adviser isn’t necessarily a broker, which executes trades on behalf of the client and earns revenue on a commission basis.
Sprout Capital Management, LLC is registered in Texas, and is a fee-only adviser. Sprout Capital is not a broker and does not earn commissions. Kyle Reese is Sprout Capital’s sole investment adviser representative.