According to the nasaa's policy statement on unethical business practices, the test of whether trading in a client's account is excessive depends on[a] whether the adviser has discretionary authority over the account and how often the client is notified about account activity.[b] whether the trading is in line with the client's investment objectives, financial resources, and the character of the client's account.[c] how frequent the trades are in relation to the accounts of the adviser's other clients.[d] how much compensation the adviser is earning on the trades