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Investment Advisers


Read the information on Investment Adviser Requirements (requires Adobe Acrobat).

Minnesota licensed investment advisers, or those applying for a license in Minnesota, must have their information filed with the IARD (Investment Adviser Registration Depository). Information can be obtained from the North American Securities Administrators Association (NASAA) website at or the Securities and Exchange Commission (SEC) website. Minnesota will review the information from the IARD website and if additional information is required the investment adviser will be contacted directly by the Department of Commerce. If you have questions, please contact Diane Walters at 651-296-4973.

Examinations:

One full-time supervisor who is responsible for compliance matters must:

  • Complete and pass the Series 65 or Series 66 exam

  • Individual must have acted in a similar supervisory capacity for three of the past five years. Submit a detailed narrative description of the supervisor's employment history (Form U-4 does not provide a sufficiently detailed description.)

Documentation:

  • Submit examples of client contract forms that will be used.

  • Submit examples of any literature that may be used.

Forms:

  • Complete Form ADV, available from the SEC, including a manually signed, dated and notarized Execution page.

Fees:

  • $100 annual fee, payable and sent to FINRA

Financial Information:

  • Audited financial statements dated within 135 days of application (current balance sheet required).

  • If audit is in excess of 135 days, also submit an unaudited financial statement.
    Note: An unaudited financial statement or balance sheet is acceptable from investment advisers who do not have custody of client funds or any discretionary authority, or who does not require pre-payment of more than $500 in fees per client and six or more months in advance.

  • A $25,000 surety bond is required unless: 

    • Applicant has no custody of, or discretionary authority over, any client assets.

    • Applicant has $100,000 net capital.

Download Investment Adviser Bond Form.

Non-Minnesota businesses:

Note: Minnesota has adopted the national deminimus rule for out-of-state investment advisers (see Minn. Stat. 80A.05)