Wealth Managers - State Registration

Wealth Managers - State Registration

Newly formed investment advisers will either register with the Securities and Exchange Commission (SEC) or with the state(s) in which they intend to do business. If you do not expect to qualify for SEC registration (see Wealth Managers - SEC Registration), most states will require that your firm be registered:

  • in the jurisdiction(s) in which you have a place of business; and
  • in states in which you have more than five clients.

There are some exceptions to these requirements, so we encourage you to contact us to discuss state-specific registration requirements.

REGISTRATION PROCESS

During the registration process, Regulatory Compliance will:

  1. Assist you with setting up your firm's IARD account in FINRA's Gateway System, through which all filings, including the investment adviser application, are made.
  2. Assist you with setting up your firm's Super Account Administrator (SAA), who will be authorized to provide Regulatory Compliance with access to the IARD account in order for us to prepare your filings for you.
  3. Provide you with questionnaires to gather basic information to get your firm's registration application started.
  4. Review state-specific registration requirements and inform you of any additional documentation or obligations required of your firm in order to register in the specific jurisdiction(s).
  5. Prepare your firm's Form ADV Part 1A, Form ADV Part 2A, all Form ADV Part 2Bs, and Appendix I (if applicable) based on the responses you provide.
  6. Review your firm's investment advisory agreements for compliance with Advisers Act requirements.
  7. Consult with you on all filing drafts and work with you to ensure all disclosures prior to requesting your approval to file the application.
  8. Submit the application for registration on your firm's behalf.
  9. Respond to, or prepare responses to, inquiries or requests for additional information from the regulator.
  10. Review your application for registration and notify you when the registration has been approved.
  11. Prepare for your review, and submit upon your approval, all applicable Form U4 filings to register your investment adviser representatives with the proper jurisdictions on behalf of your firm.

To learn more about any of our investment adviser registration and compliance services, contact us or call 1-888-Reg-Comp (1-888-734-2667).