The investment advisory service consists of the provision of personalised recommendations, whether upon a client´s request or the company´s own initiative, related to one or more transactions involving financial instruments. Such investment service may be provided by securities companies and agencies, portfolio management companies, management companies of collective investment institutions and credit institutions, as long as they hold the authorisation to do so in accordance with their corresponding program of activities. Legal entities registered in the Financial Advisory Firms (EAF for its abbreviation in Spanish), as well as natural and legal persons registered in EAFN (National Financial Advisory Firms), also provide investment advisory services as the only investment service they are authorized to provide.