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What happens to the Form U4 if an Investment Adviser Representative leaves a registered investment advisor firm and starts at another investment advisor firm?


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As a general rule, when an investment adviser representative leaves an investment advisor firm, the former investment advisor firm will file a Form U5 disclosing the termination of the investment adviser representative’s affiliation as an investment adviser representative with the former investment advisor firm. The new investment advisor firm that the investment adviser representative joins will file a Form U4 registering the individual as an investment adviser representative of the new investment advisor firm. As long as the individual registering as an investment adviser representative has not gone more than 2 years between registrations as an investment adviser representative and there are no “yes” answers, the transfer is usually smooth. There may be application fees associated with registering with the new investment advisor firm.

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