I. Registration Fees. *
- Investment Adviser: $100.
- Investment Adviser Representative: $50.
* Fees have been temporarily reduced by 50%.
II. Financial Statements and Surety Bond. All advisers must maintain a minimum net worth of $5,000. An adviser with discretionary authority must maintain $10,000 in minimum net worth, and an adviser with custody of client funds or securities must maintain $35,000. In addition, if the applicant has either custody or discretionary authority, a bond must be obtained in the amount of $50,000. If the applicant has been engaged in business one year or more and has custody or discretionary authority over client funds, it must file audited financial statements for its last fiscal year. If the applicant does not have custody or discretionary authority, the financial statements may be verified by a duly authorized officer, or the equivalent, of the applicant and notarized, and the balance sheet must be dated within thirty calendar days of the filing.
III. Sole Proprietorships. An IA structured as a sole proprietor must file the Form ADV and all other required documents for investment adviser registration and pay a registration fee of $100.
IV. Branch Offices. Must register using Form BR.
V. De Minimis. An out-of-state IA is not required to register until it has more than 5 clients.
VI. Other Required Documents.
- Original signed consent to service of process.
- Original Affidavit of prior investment advisory/securities business.
- List of branch offices in the state.
- Submit all investment advisory agreements, contracts, and/or brochures that will be presented to the client.
- Original Copy of firm’s surety/fidelity bond for advisers with custody or discretion.
For additional information, please contact the state securities administrator.