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I. Registration Fees.

  • Investment Adviser: $200.
  • Investment Adviser Representative: $30.

II. Financial & Bonding Requirements. If an IA has custody of client funds or securities, it must have a net worth of at least $25,001 or maintain a surety bond in the amount of $25,000.

III. Sole Proprietorships. A sole proprietorship must register and pay fees both as an IA and an IAR.

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

V. Other Required Documents.

  • Client contracts.
  • Supervisory and procedures manual.
  • Copy of surety bond (if applicable).
  • Disaster Recovery Plan.
  • Financial statements (GAAP).

For additional information, please contact the state securities administrator.

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