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I. Registration Fees. 

  • Investment Adviser:  $400 for an initial application and $200 for annual renewals.
  • 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 must file a Form U4 for IAR registration and pay the IAR fee.

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.

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