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I. Registration Fees.

  • Investment Adviser: $200.
  • Investment Adviser Representative: $65.

II. Financial & Bonding Requirements. An IA must be solvent and provide a GAAP balance sheet. If an IA has custody, audited financials are required. No bonding requirements.

III. Sole Proprietorships. If an IA is a sole proprietorship, the owner must file a U4 and pay registration fees for both the IA and the IAR.

IV. De Minimis. Michigan does not have an in-state de minimis. The national de minimis standard applies (i.e. no place of business located within the state and during the preceding 12-month period, has had fewer than 6 clients who are residents of this state).

V. Other Required Documents.

  • Advisory Client Contracts.

For additional information, please contact the state securities administrator

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