Series 65: Registration Of Investment Advisers

Registration of Investment Advisers

If a person or company meets the definition of an investment adviser for their state, then registration with that state is required. Note that typically investment advisers are usually firms, rather than individuals, so it will typically be a firm that is registering as an investment adviser. The purpose of registering is to allow a state to track and examine investment advisers operating in their state, as well as to give consumers a way of accessing basic information about advisers and the nature of their practices. Failure to register is a big deal and can result in substantial fines.

Of course, as with everything, there are exceptions to the rules about who must register, even though someone might otherwise meet their state’s definition of an investment adviser.

The two exceptions to the registration requirement for people and firms actually mee