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How does a state registered investment advisor firm determine in which states it should be registered?


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Similar to an SEC registered investment advisor firm, a state registered investment advisor firm is required to register as an investment advisor with each state securities regulator where it maintains a place of business or where the firm has more than 5 investment advisory clients. (It should be noted that certain state securities regulators, such as the Texas State Securities Board, do not recognize this de minimus exemption and require investment advisor registration upon the first client.) State registered investment advisor firms must go through the entire investment advisor registration process similar to the process required by their home state’s securities regulator.

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