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I. Registration Fees.

  • Investment Adviser: $200.
  • Investment Adviser Representative: $50.

II. Financial & Bonding Requirements. All advisers must be solvent, have a positive net worth, a surety bond of $10,000. IAs must submit audited balance sheet and income statements if they have custody.

III. Sole Proprietorships. If an IA is a sole proprietorship, registration fees must be paid for both the IA and the IAR. In addition, a form U4 must be filed for the IAR; a $10,000 surety bond must be maintained; fully audited balance sheet income statements for custody arrangements; and a copy of the contract should be filed to the state for pre-approval.

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

V. Other Required Documents.

  • Financial statements sent to the Division as required.
  • Original of firm’s signed surety bond sent to the Division.
  • Copy of client contract.
  • Designation of at least one salesperson via U4 in CRD/IARD.
  • ADV Part I and ADV Part II in IARD.

For additional information, please contact the state securities administrator

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