Investment adviser surety bond cost
The Minnesota Department of Commerce mandates that investment advisers post a surety bond in the amount of $25,000. The cost of this bond is heavily dependent upon underwriting criteria. Surety Bonds can typically issue a Minnesota investment adviser surety bond for as little as $250 as long as the applicant has strong financial credentials.
Since the price of this particular bond varies so much, it’s best for you to call in to get a free, personalized bond quote – no strings attached! Simply give us a call at 888.610.4474 or submit a bond request.
Why this bond
The Department of Commerce requires investment advisers to provide a $25,000 surety bond unless the applicant has no custody of or discretionary authority over client assets and has $100,000 in net capital. This bond is mandated by the State for the protection of consumers and serves as a guarantee that advisers will not take part in any kind of fraudulent activity, dishonesty or misrepresentation as outlined by the Minnesota Securities Act.
Investment adviser bond datails
Minnesota investment adviser surety bonds are continuous until canceled, and the surety must give the state written notice at least 30 days prior to cancellation.
The principal’s (adviser’s) signature must be witnessed by a licensed notary.
Become an investment adviser
To become a licensed investment adviser in Minnesota, you must do the following:
- submit an audited financial statement
- purchase and maintain a surety bond of $25,000
- maintain the minimum net worth
- pay the $100 registration fee
- pass the Series 65 or 66 exam
- pay the $100 annual fee to the Financial Industry Regulatory Authority
- register with the Secretary of State
Apply for your surety bond
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