I. Registration Fees.
- Investment Adviser: $400.
- Investment Adviser Representative: $80.
II. Financial & Bonding Requirements. An IA with custody of client funds or securities is required to maintain a minimum net worth of $35,000. Additionally, if an IA collects $1,200 or more, 6 months or more in advance, it must have a positive net worth.
III. Sole Proprietorships. If an IA is a sole proprietorship, the proprietor is not required to file a Form U4 for IAR registration or pay the IAR fee, but must meet the exam requirements or qualify for a waiver of the exam requirements.
IV. De Minimis. An out-of-state IA with no place of business in Wisconsin is not required to register until it has more than 5 clients.
V. Branch Offices. If an IA has branch offices within the state, the IA must file a notice and pay a fee of $80 per branch.
VI. Other Required Documents.
- Signed affidavit of prior advisory activity.
- Signed designation of supervisor.
- Financial certification.
- Investment Advisory Contracts/Agreements.
- Employer Federal Tax ID# or in the case of a sole prop SS# .
For additional information, please contact the state securities administrator.