Florida Investment Advisor Firm & Investment Adviser Representative State Registration Requirements

Similar to other states, a firm seeking to register as a state registered investment advisor in Florida is required to file the Form ADV Part 1 and Part 2 along with any applicable schedule or appendix through the Investment Adviser Registration Depository (“IARD”) system and correspondingly pay in advance the registration fees via the IARD system. Additionally, a firm applying for state registration as an investment advisor in Florida is required to send the miscellaneous documents identified below directly to the Florida Office of Regulation Division of Securities. Here is a brief summary of certain requirements of an investment advisor firm registering in Florida.

Registration Fees:

  • Initial State Registration of Investment Advisor Firm: $200
  • Renewal State Registration of Investment Advisor Firm: $200
  • Investment Adviser Representative Registration: $50
  • Branch Office Registration: $100

Initial Forms and Information Required to Register:

  • Investment Advisor Firm
    • Form ADV;
    • Certificate of Formation/Articles of Incorporation;
    • Balance Sheet dated no more than 90 days prior to the date of application (audited financial if investment advisor firm is deemed to have custody, or unaudited financials with notarized statement prepared in accordance with GAAP if investment advisor firm does not have custody);
    • Designation of qualifying principal;
    • Firm’s tax identification number;
    • Notarized Oath of Affirmation attesting to compliance with state securities regulations; and
    • Investment advisory client and solicitor agreement(s).
  • Investment Adviser Representative
    • Form U4; and
    • Fingerprint Card.

Branch Office Registration

An investment advisor firm registered with Florida is required to register its branch offices in Florida using the Form BR.

Net Capital or Bonding Requirements

If the investment advisor firm has custody, then Florida Division of Securities requires the investment advisor firm to maintain net capital of $25,000. (If fee deduction is only form of custody, then there is no net capital requirement.) If the investment advisor firm does not have custody, then the Florida Securities Division requires the investment advisor to maintain net capital of $2,500 or $5,000 as prescribed by SEC Rule 15c-3.

Custody Requirements

If an investment advisor firm registered in Florida has custody, then the investment advisor firm is to file audited financials including a balance sheet, income statement, auditor’s report, and a statement of shareholder’s equity with the Florida Division of Securities.

Additional Information

Florida Office of Financial Regulation Division of Securities

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The Florida investment advisor registration requirements and other information listed above are being provided for your convenience and are not intended as advice by RIA Compliance Consultants, Inc. Your use of or reliance upon this information does not create a consulting engagement with RIA Compliance Consultants.

Please understand that RIA Compliance Consultants does not guarantee the accuracy of the Florida investment advisor registration requirements listed above. This information may not be current, and there may be additional Florida investment advisor registration requirements, forms and procedures which are not identified above. The information on this website is not sufficient for determining whether to register as an investment advisor firm or investment advisor representative. A prospective or existing Florida registered investment advisor should review in detail the published investment advisor rules of the Florida Division of Securities. The information on this website page does not address renewal requirements of an investment advisor or the requirements of a private fund advisor. In the event that the investment advisor or investment adviser representative applicant has a disclosure event, the Florida Division of Securities is likely to request additional information and documentation.

The information on this website page is not intended to be an all-inclusive analysis of the state investment advisor registration requirements of Florida. This website page is not intended as a substitute for and should not be considered the equivalent of consulting with investment advisor compliance professional.