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I. Registration Fees.

  • Investment Adviser: $150.
  • Investment Adviser Representative: $0.

II. Financial & Bonding Requirements. A balance sheet and income statement is required for IAs.

III. Sole Proprietorships. If an IA is a sole proprietorship, a form U4 must be filed. There are no registration fees for the IAR.

IV. De Minimis. If a person does not hold himself out publicly as an IA, the person is not required to register as an IA until it has more than 15 clients.

V. Other Required Documents.

  • Financial Statements.
  • Consent of Service.
  • Business Breakdown.
  • Advisory Client Contracts.
  • Policies and Procedure Manual.
  • Written Compliance Procedures.
  • Written Supervisory Procedures.
  • Code of Ethics.

For additional information, please contact the state securities administrator.

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