I. Registration Fees.
- Investment Adviser: $400
- Investment Adviser Representative: $50 (resident) $100 (non-resident)
II. Financial & Bonding Requirements. An IA must have a minimum net worth of $10,000 if it has discretionary authority. If the IA has custody of client funds or securities, the IA must maintain a minimum net worth of $35,000. If the IA falls below the minimum required net worth, it must obtain a surety bond to cover the amount of the deficiency in net worth. Audited financial statements are required for IAs that have custody of client funds or securities.
III. Sole Proprietorships. If an IA is a sole proprietorship, the proprietor is not required to register as an IAR, but the individual must have passed the series 65 or 66 examination or possess one of the recognized professional designations.
IV. De Minimis. An out-of-state IA is not required to register until it has more than 5 clients.
V. Other Required Documents.
- Consent to service.
- Client contract.
For additional information, please contact the state securities administrator.
