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Investment Advisers

Fall Conference October 2018

Thanks to all who attended the October 4, 2018 Investment Adviser Conference.

The presentation is provided for your reference here.


Frequently Asked Questions

Is it mandatory for each firm to register through the IARD?

  • Yes, as of June 15, 2002, it is mandatory.

What test(s) must I take to become an investment advisor representative?

  • You must fulfill the exam requirements by passing the S7 and the S66 or by passing the S65 or by holding in good standing one or more of the following approved professional designations: Certified Financial Planner (CFP), Chartered Financial Analyst (CFA), Chartered Financial Consultant (ChFC), Chartered Investment Counselor (CIC), or Personal Financial Specialist (PFS). (Also see criminal background checks below)

Where can I find out about the Series 65 & 66 exams?

  • Go the the Web site http://www.finra.org/ and under Industry & Regulatory Resources, click on Exams. This will provide you with information about these exams.

How long does the Securities Division reserve the right to take in reviewing a pending adviser?

  • The Securities Division reserves the right to review the prospective adviser for 30 days. The review may last longer based on discrepancies including but not limited to exam requirements or reportable disclosures.

Does the State have a de minimus clause?

  • Yes and it applies if the investment adviser (company) does not have a place of business in Indiana and during the preceding twelve (12) months, has had less than six (6) clients who are residents of Indiana.

Do I file everything online?

  • Yes, you file Part I and Part II of Form ADV online. Once you have completed that, you need to send us:
    • Copies of any client agreements or contracts you intend to use
    • Current balance sheet for the investment adviser

What is the registration fee for a firm?

  • The initial registration fee is $100 for a firm. Renewal fees are $50.

Do the SEC registered investment advisers have to register their investment adviser representatives in Indiana?

  • Yes, IF an individual works for an SEC-registered firm which is Notice Filed in Indiana, AND (1) they have a place of business in Indiana, AND (2) individual meets the federal/SEC definition of investment adviser representative, OR individual is not a supervised person, then registration is required.

Does Indiana require criminal background checks for investment adviser representatives?

  • Beginning July 1, 2010, all new applicants for registration as an investment adviser representative that are not also registered or registering as an agent of a broker-dealer, will be required to undergo a criminal background check.  Please click HERE for instructions on how to obtain a criminal history report.

What entities can credit an organization offering a senior specific designation allowing that designation to be used by financial professionals under 710 IAC 4-10-2?