- 1). Research the specific requirements and procedures for becoming an investment adviser in your state. According to registered-investment-adviser.com, filing requirements, certification requirements, and fee structures vary slightly by state. Follow the link at the end of this article to find a complete directory of state authorities at nasaa.org. As a member of the financial industry, registered investment advisers will be required to make various annual filings with the state and FINRA as well.
As an example of common state filing requirements, the Texas State Securities Board requires applicants to submit application forms along with a copy of the articles of incorporation or equivalent documentation, a standard advisory contract, a GAAP compliant projected balance sheet, and a disclosure document. - 2). Complete all certification exams required by the securities authority in your state. Many states require investment adviser applicants to have completed the Series 7, 65, or 66 certification exams. Any combination of these may be required, or perhaps none at all. All certification exams can be prepared for by utilizing free or premium online study materials, but the exams must still be taken in person. Follow the link at the end of this article to find a complete listing of state certification requirements.
As an example of state requirements, applicants for registered investment advisor status in Texas are required to pass the Series 65 or 66 exam if they do not currently hold one of several designations, including Certified Financial Planner (CFP) and Personal Financial Specialist (PFS). - 3). Register your business online at the Investor Adviser Registration Depository (IARD). You must first request access to the online registration system through the process of Entitlement. After depositing appropriate funds in your IARD account, complete and file the registration form designed for your individual situation, and await approval by FINRA. Follow the link at the end of this article to find complete instructions for the IARD registration process, as well as all registration documents.
- 4). Market your services online. Advertise your investment firm through a clearinghouse like Google AdWords, and seek cooperative advertising opportunities with other local or regional businesses. Create an informative website with clear contact information, and create a presence on social networks such as Facebook and LinkedIn to network with potential clients.
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