I. Registration Fees.
- Investment Adviser: $300.
- Investment Adviser Representative: $50.
II. Financial & Bonding Requirements. All IAs must maintain a minimum net worth of $5,000. The required minimum net worth increases to $10,000 if an IA has discretionary authority and $2,000,000, or post a surety bond if an IA has custody of client funds or securities and have annual audited financial statements completed.
III. Sole Proprietorships. If an IA is a sole proprietorship, the proprietor pays the required fees, but is exempt from the examination requirements.
IV. Branch Offices. If an IA has branch offices within the state, the IA must register each branch office and pay a registration fee of $300.
V. De Minimis. An out-of state IA is not required to register until it has more than 5 clients.
VI. Other Required Documents.
- Signed financial statements.
- Signed surety/fidelity bond (if IA has custody).
- Designation of supervisor.
- Client contract.
For additional information, please contact the state securities administrator.