Michigan 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 Michigan 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 Michigan is required to send the miscellaneous documents identified below directly to the Michigan Office of Financial and Insurance Regulation. Here is a brief summary of certain requirements of an investment advisor firm registering in Michigan.
Registration Fees:
- Initial State Registration of Investment Advisor Firm: $200
- Renewal State Registration of Investment Advisor Firm: $200
- Investment Adviser Representative Registration: $65
Initial Forms and Information Required to Register:
- Investment Advisor Firm
- Form ADV;
- A Michigan Supplemental Application Form (listing anyone providing investment advice to Michigan clients);
- An accrual basis, unaudited balance sheet (if investment advisor firm does not have custody) that is not older than 45 days, in accordance with generally acceptable accounting practices and has been signed by a an officer, partner or member of the investment advisor firm to certify the accuracy of the document;
- Copy of articles of incorporation and by-laws, partnership agreement or other evidence of formation of the investment advisor firm; and
- A copy of the investment advisory agreement that will be used for Michigan clients.
- Investment Adviser Representative
- Form U4; and
- A Michigan Consent & Guaranty Form C&S 8703 (if also registered in Michigan as a securities agent with a broker-dealer).
Net Capital or Bonding Requirements
An investment advisor firm registered with the Michigan Office of Financial and Insurance Regulation must be solvent (assets > liabilities) and meet obligations as they occur.
Custody Requirements
If the investment advisor firm has custody, then the Michigan Office requires audited financials. Michigan also follows the U.S. Securities and Exchange Commission’s custody requirements for an investment advisor.
Additional Information
Michigan Office of Financial and Insurance Regulation
The Michigan 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 Michigan investment advisor registration requirements listed above. This information may not be current, and there may be additional Illinois 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 Michigan registered investment advisor should review in detail the published investment advisor rules of the Michigan Office of Financial and Insurance Regulation. 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 Michigan Office of Financial and Insurance Regulation 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 Michigan. This website page is not intended as a substitute for and should not be considered the equivalent of consulting with investment advisor compliance professional.
