Execution-only means which of the following?

• A. Adviser executes orders at client's instruction without advice
• B. Adviser provides investment advice
• C. Adviser provides ongoing monitoring
• D. Adviser negotiates terms

Answer: (A)

Execution-only means the adviser simply carries out the client’s instructions to buy or sell, with no financial advice or recommendations given. The adviser acts as a conduit to execute trades, while the client makes all decisions and bears the investment risk. This is why the description that the adviser executes orders at the client’s instruction without providing advice matches best. The other activities—giving investment advice, providing ongoing monitoring, or negotiating terms—go beyond execution-only and involve advisory or management services, which is why they don’t fit this concept.