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How much does an investment adviser bond cost in Maine?
The Maine Department of Professional and Financial Regulation requires investment advisers to post surety bonds in the event they do not meet minimum net worth requirements. The bond amount must be equal to the net worth deficiency rounded up to the nearest $5,000.
The cost of investment adviser bonds is determined based on a review of the applicant’s credit and will be calculated as a percentage of the total bond amount. Highly qualified applicants may be approved for as little as 1% of the bond amount.
Ready to be bonded quickly and easily? Fill out an online bond request form, or call 1 (800) 308-4358 to get started!
Why are investment advisers bonded?
Investment adviser bonds in Maine exist to protect customers from any and all fraudulent activity that may occur at the hand of a principal (investment adviser). By posting this bond, principals agree to abide by all of the provisions of the Maine Revised Statutes. Prohibited acts under this bond include:
- recommending services that won’t be beneficial for the customer
- purchasing security for a client without permission to do so
- loaning money to a client without the license and classification to do so
- misrepresentation in any way
What’s the fine print?
Our experts have been instructed by the state to issue the Maine investment adviser surety bond on the generic license and permit surety bond form. We have this form on file to expedite the bonding process.
All Maine investment adviser bonds must be notarized.
How to become an investment adviser in Maine
Posting an investment adviser bond in Maine is just the first step toward becoming legally licensed to work in the state. After obtaining a $10,000 surety bond, applicants must be fingerprinted, complete a background and submit all necessary forms to the department.
Complete licensing information can be accessed via the Additional Resources section of this page. Begin the licensing process by purchasing the surety bond you need! Let our experts do all of the hard work for you.