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I. Registration Fees.

  • Investment Adviser: $200.
  • Investment Adviser Representative: $40.

II. Financial & Bonding Requirements. If an IA has custody of client funds or securities or requires or solicits prepayments of $500 or more in fees, six months or more in advance, it must provide an audited balance sheet pursuant to ADV Part 2A, Item 18 of Form ADV and, 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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