What Is a State Registered Investment Advisor?
In general, small and mid-sized advisers are registered with and primarily regulated by one or more state securities authorities, though certain federal securities provisions still apply to state-registered advisers (such as those prohibiting fraud).
Where do I go to register as an investment adviser?
FINRA manages the Investment Adviser Registration Depository (IARD): The IARD is the central account where you will funnel subsequent SEC registration materials. Whether you’re applying at the SEC level or merely registering with states, documents and application paperwork are mostly submitted through the IARD platform.
