Which of the following is NOT excluded from the definition of "Investment Adviser"?

The definition of "Investment Adviser" under regulations often includes a list of entities and services that are exempt from this classification. The emphasis here is on understanding the scope of what does not constitute an investment adviser.

Products offered strictly by mutual funds are generally not classified as investment advisers because the mutual funds themselves are registered and regulated entities that offer investment products directly to consumers. The advisers associated with these products are usually related to the mutual funds' operations, such as providing fund management services, but do not fall under the broader category of investment advisers unless they fulfill the necessary criteria of providing financial advice for compensation. This implies that the act of offering mutual funds alone does not engage these entities in the investment adviser classification, thus being excluded.

On the other hand, family offices, domestic banks and bank holding companies, and advisers providing incidental services do have specific exemptions or different regulatory frameworks that can align them within the broader definition of investment advisers in specific contexts. Family offices are generally recognized as not being investment advisers under certain regulatory scenarios, while banks and certain advisory services that are incidental to a primary business can also fit under regulatory exemptions.

Therefore, "products offered strictly by mutual funds" stands out as the accurate answer because this option does not fit the definition of an investment