How Much Do Investment Adviser Bonds Cost?
Investment advisers in Minnesota must purchase a $25,000 surety bond. You can purchase your bond instantly online for $375. Save up to 25% by selecting a multi-year discount.
How Does a Minnesota Investment Adviser Bond Work?
Minnesota investment adviser surety bonds create a contract between three parties:
- Principal: The investment adviser who purchases the bond
- Surety: The company that issues the bond to the principal
- Obligee: The Minnesota Department of Commerce that requires the bond
If a bonded investment adviser breaks the contract terms, harmed parties can file a claim to recover damages. The surety company will pay out valid claims up to the full bond amount, which the adviser would need to reimburse.
How Do I Get an Investment Adviser Bond in Minnesota?
With SuretyBonds.com, you can get your Minnesota investment adviser bond instantly in three easy steps:
- Click Buy Now
- Choose your term
- Checkout on our secure, online portal
Your official bond will be sent to your email address. A licensed notary must witness your signature on the bond form before filing with the Minnesota Department of Commerce. Find a licensed notary with the Minnesota Notary Search.
What Is a Minnesota Investment Adviser Bond?
The Minnesota Department of Commerce requires investment advisor bonds as part of the licensing process. These bonds protect consumers from financial harm if advisers partake in fraudulent activity, dishonesty or misrepresentation as outlined by Section 80A.58 of the Minnesota Statutes.
How Do I Renew My Bond?
A SuretyBonds.com representative will contact you with renewal instructions and an invoice to keep your bond active before your term ends. To cancel an investment adviser bond, the principal or surety must send 30-day’s written notice to the Minnesota Department of Commerce.
Minnesota Investment Adviser Registration Requirements
Here are the steps to apply for a Minnesota investment adviser license:
- Step #1: Submit an audited financial statement.
- Step #2: Purchase and maintain a surety bond of $25,000.
- Step #3: Maintain the minimum net worth required by the state.
- Step #4: Pay the $100 registration fee.
- Step #5: Pass the Series 65 or Series 66 exam.
- Step #6: Pay the $100 annual fee to the Financial Industry Regulatory Authority.
- Step #7: Register with the Secretary of State.
If you have any questions about becoming a licensed investment adviser in Minnesota or getting a surety bond, give our experts a call at 1 (800) 308-4358.
