I. Registration Fees.
- Investment Adviser: $250.
- Investment Adviser Representative: $130.
II. Financial & Bonding Requirements. An IA with discretionary authority is required to maintain a minimum net worth of $10,000. An IA with custody of client funds or securities is required to maintain of minimum net worth of $35,000 and have audited financial statements.
III. Sole Proprietorships. If an IA is a sole proprietorship and is not formed as an LLC, LP, or similar business form, the proprietor is not required to pay an IAR registration fee or file a Form U4.
IV. Branch Offices. If an IA has branch offices within the state, the IA must register each branch office but is not required to pay a registration fee.
V. De Minimis. An out-of-state IA is not required to register until it has more than 5 clients.
VI. Other Required Documents.
- Financial statements.
- List of branch offices in the state.
- Certificate of formation/articles of incorporation.
- Specimen copy of all investment advisory contracts.
For additional information, please contact the state securities administrator.
