Massachusetts Investment Adviser or Broker-Dealer Bond
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How much does a $10,000 broker-dealer bond cost in Massachusetts?
Massachusetts investment adviser bonds are required by the Secretary of the Commonwealth, Securities Division. At SuretyBonds.com, some applicants qualify for a premium rate as low as $100.
These bonds are subject to underwriting, which means the amount clients will pay for this bond is based directly on a review of their personal credit history.
Our bond experts work directly with our clients to ensure they get bonded quickly and at the lowest available rates. Apply for a free bond quote today!
Call us at 1 (800) 308-4358 or fill out our online bond request to begin the bonding process. We’ll connect you with a surety expert who can provide you with a free bond quote.
Why do I need a broker-dealer bond?
Investment adviser bonds in Massachusetts protect the general public from any illegal activities performed by investment advisers and broker-dealers. These prohibited actions include:
- acting as an unregistered or unlicensed professional
- recommending a faulty or unreliable source for the adviser’s own gain
- scamming a customer for compensation
If an investment adviser or broker-dealer violates his or her bond agreement and consumers experience financial loss, the surety underwriting company that provides the bond will cover all damages up to the full bond amount. The principal (investment adviser or broker-dealer) must then reimburse the surety for all damages paid out.
Submit a bond request to start getting bonded today. We can typically provide you with a free surety bond quote within one business day of submitting your application.
Considerations for Massachusetts broker-dealer/investment adviser bonds
There is not a specific bond form for Massachusetts broker-dealer bonds, so a generic surety bond form must be used. When filling out the bond form, be sure to note the type of business correctly.
A power of attorney form must also be completed and submitted.
How to become an investment adviser or broker-dealer in Massachusetts
To become a licensed investment adviser or broker-dealer in Massachusetts, applicants must:
- Submit the required documents.
Form ADV (Parts 1, and 2A (along with 2B if necessary))
Form U4 for at least 1 IAR
Surety Bond (if IA is based in Massachusetts and has discretion)
202(a) affidavit for Schedule A, B individuals not conducting IAR activity in Massachusetts, and paper form U4
Note what is allowed in your state if you are not located in Massachusetts - Pay all necessary fees.
- Pass the required examinations on general securities principles and state security laws.
- Submit documentation for a thorough background check.
- Agree to meet specific record-keeping and disclosure requirements.
If you’re ready to take the first step toward becoming a registered investment adviser by getting bonded, fill out an online bond request or give us a call at 1 (800) 308-4358.
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Have Questions?
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