Investment Adviser Licensing
How do I become licensed as an Investment Adviser (IA) in Iowa?
- File form ADV (Part 1A and 1B through the IARD). Please see information at the Investment Adviser Registration Depository (IARD) . A firm must be a participant of the IARD to file this form. The IA must first complete the entitlement process electronically through forms found on the website. Once an account is opened and a password is issued by the IARD, the IA may complete the Form ADV online and submit it electronically.
- You must submit the annual Iowa state licensing fee of $100.00 through the IARD. (This is in addition to any IARD fees, licensing fees charged by other states or the fees charged for licensing investment adviser representatives (IA’s). – see below.)
- State registered firms are required to provide their ADV Part II online at IARD or directly to the Bureau before registration is approved.
- Form U-4 must be submitted to the FINRA on behalf of every IAR seeking to be employed by the IA through the IARD. Iowa’s registration fee is $30.00 for each, in addition to the IARD, FINRA and other state fees. The firm must have at least one IAR registered for the firm to be approved in the state.
- Every individual seeking to be licensed as an IAR must meet the minimum qualification requirement. The primary way to meet this qualification is passage of the new Series 65 exam (or the Series 7 and 66 exams). Other ways are to have been continuously registered in another jurisdiction effective January 19, 2000 or to hold one of several professional designations (CFP, CFA, ChFC, CIC, and PFS). Individuals do not need an industry “sponsor” to take the Series 65 exam.
- All annual renewals and fees are filed with the IARD directly. Firms need to submit amendments to ADV Part I and Part II online or direct to the Bureau.