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I. Registration Fees.

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

II. Financial & Bonding Requirements. IAs must be solvent with a minimum net worth of $5,000 and submit a verified balance sheet.

III. Sole Proprietorships. If an IA is a sole proprietorship, it must file a U4 and pay registration fees for both the IA and the 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.

  • Original Financial Statements.
  • Original Affidavit of prior activity.
  • Original Designation of supervisor.
  • Advisory Client Contracts.

For additional information, please contact the state securities administrator.

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