Getting Started as a Registered Investment Adviser

The Texas State Securities Board requires investment adviser applicants to submit registration forms and fees electronically through the Investment Adviser Registration Depository (IARD) system. Other documents are submitted directly to the TSSB.

The first step in the application process is to log onto the IARD system and begin the entitlement process. Once your account has been established you will also need to set up an electronic funds transfer between your bank and FINRA (Financial Industry Regulatory Authority). FINRA is the entity that maintains the IARD system on behalf of the State of Texas. On completion of the entitlement process, your flex funding account should contain at least $110 in funds to cover the Texas application fees, consisting of $75 for the Firm and $35 for each investment adviser representative. Please note, FINRA may charge additional fees for the use of the Web CRD/IARD system.

Once you have completed the IARD system entitlement process and are ready to become a Registered Investment Adviser (RIA), you must file electronically through the CRD/IARD system. The filing is made by completing the Uniform Application for Investment Adviser Registration (Form ADV Part 1 and Part 2) on behalf of the RIA, and the Uniform Application for Securities Industry Registration or Transfer (Form U4) for each Investment Adviser Representative (IAR). Upon filing the Form U4 for the IAR, the system will automatically schedule the IAR to take the Series 65 exam.

The Form ADV Part 2 is a document that you create using any word processing program. It is then uploaded onto the IARD system by following the Part 2 Filing Instructions on the website.

Simultaneously with the e-filing, please submit the following to :

  • A copy of the firm's articles of incorporation or other documents which indicate the form of organization, certified by the appropriate jurisdiction;
  • A copy of the firm's By-Laws or Operating Agreement;
  • Balance sheet and the Certification of Balance Sheet by Principal Financial Officer Form 133.18;
  • A copy of the investment adviser's standard advisory contract; and
  • A fee schedule.