Business Glossary

newsletter aiming to offer financial advice to subscribers. The letter may offer a broad economic and market outlook, or it may focus on a particular sector of the stock, bond, or commodity markets. Some advisory letters specialize in recommending only mutual funds. Some letters also advise their subscribers of new recommendations through a toll-free hotline, which can be updated much more quickly than a printed letter. If the advisory letter recommends specific securities, the author usually is registered with the Securities and Exchange Commission as a registered investment advisor .