Series 26: Registration With The State

Registration with the State

A state-registered investment adviser must be registered in every state in which it maintains an office or where the firm has more than five clients. Only Wyoming does not require the registration of investment advisers. Registration with the states has many similarities to registration with the SEC. The firm must gain access to FINRA’s IARD and file Form ADV. State regulators generally have 30–45 days to accept or deny the registration.

In addition to filing Part 1A and Parts B1 and B2, advisers registering with the state must also fill out Part 1B. Part 1B requires firms to indicate every