High net-worth people and financial institutional investors require registered investment advisers to manage and buy assets on the stock market. An RIA provides business services as an individual operation, part of a corporation or in a partnership in her state or in a different one where she operates. Whether working within a firm or as a single-person operation, an investment adviser must register with the United States Securities and Exchange Commission or with her state regulators.
Items you will need
Series 65 examination: Uniform Investment Adviser Ex
Series 66 examination: Uniform Combined State Law Exam
Form ADV Part 1 and 2
Schedule F Disclosure Document
Written Supervisory Procedure
Code of Ethics Document
Business Continuity Plan
Decide the best place where your firm should be registered. Anticipate the total amount of the assets you plan to manage when your firm becomes approved, the number of states where you will have clients and if you plan to manage a registered investment company's portfolio. Depending on all these factors, you will either have to apply for registration for a U.S. Securities and Exchange exemption, or a simple registration with the state where your firm plans to hold its main business operations.
Take the Series 65 examination or Series 66 examination. You must have passed either exam, or hold a recognized professional designation such as a certified financial planner, to register with state regulators.
File Form ADV Part 1 electronically through the Investment Adviser Registration Depository. You must complete this form for registration.