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I. Registration Fees.

  • Investment Adviser: $300.
  • Investment Adviser Representative: $50.

II. Financial & Bonding Requirements. All IAs must be solvent and maintain a positive net worth. If an IA has custody of client funds, the IA must have $35,000 in tangible net assets, a surety bond of $10,000, or a net capital of $20,000. Audited financials are required if the IA has custody, unless the IA is new. In addition, unaudited financial statements are required if the audited balance sheet is more than 45 days old.

III. De Minimis. An out-of-state IA is not required to register until it has more than 5 clients.

IV. Other Required Documents.

  • Financial Statements, if IA has custody.
  • Copy of firm’s surety/fidelity bond, if IA has custody and doesn’t meet the net cap requirement.
  • Affidavit of prior activity.
  • Designation of supervisor.
  • Client Contracts.

For additional information, please contact the state securities administrator.

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