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I. Registration Fees.

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

II. Financial & Bonding Requirements. If an IA has discretion over client funds, the IA must maintain a surety bond of $10,000. If an IA has no discretion or custody, the IA must be solvent.

III. Sole Proprietorships. If an IA is a sole proprietorship, it must file a U4 and pay registration fees for both the IA and the IAR. Sole proprietors must qualify via exam, designation or waiver.

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

V. Other Required Documents.

For additional information, please contact the state securities administrator.

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