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Utah Investment Adviser Bond

How much does an investment adviser bond cost in Utah?

The cost of a registered investment adviser bond depends on the bond amount required and a review of the applicant’s financial history, however, it starts at 1% of the required bond amount for highly qualified applicants. The required bond amount depends on the authority of the investment adviser over the funds. Advisers with custody of funds must post a $35,000 bond, and advisers with discretionary authority must post a $10,000 bond.

Bond Type Bond Amount Cost*
$10,000 Investment Adviser Bond Discretionary authority over funds $10,000 Starts at $100 Apply Now
$35,000 Investment Adviser Bond Custody of funds $35,000 Starts at $350 Apply Now

Why do registered investment advisors need a bond?

The Division of Securities of the Utah Department of Commerce requires investment advisers to post a surety bond to be licensed and registered to legally work within the state.

Utah investment adviser bonds are put in place to ensure that principals (investment advisers) are authorized by the Utah Uniform Securities Act to appointment representatives to represent and assist them in rendering advice regarding securities. More importantly, the bond guarantees that advisers truly report the names and addresses of all representatives employed to the Utah Division of Securities and that advisers comply with the provisions of Utah Administrative Code at all times.

Terms of a registered investment advisor bond in Utah

Utah investment adviser bonds remain in force and full effect unless previously canceled or until they expire on December 31 of the license year, which must be indicated on the bond form.

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The surety can cancel the bond by giving 60 days’ written notice prior to cancellation to the Utah Division of Securities in Salt Lake City, Utah. A copy of the cancellation notice must be sent by registered mail to the adviser.

What does an investment adviser do?

In Utah, an investment adviser is defined as someone who provides advice on securities for compensation. Investment advisers can render that advice in numerous ways, including:

How to become an investment adviser in Utah

To become a registered investment adviser in Utah, applicants must complete the following steps:

The review process could take as long as 30 days once all documentation is submitted. The Division will notify the registered investment adviser once their license is approved, but will not send any official notification or certificate. The applicant can always view their licensing status through the IARD system, and the public can verify if an investment adviser is licensed through the SECʼs Investment Adviser Public Disclosure website.

Renewing a registered investment advisor license in Utah

All licenses (both investment adviser and investment advisor representatives) expire annually on December 31.

Toward the end of each calendar year, licensed investment advisers receive communication from FINRA regarding the renewal process. Licenses are automatically renewed as long as the investment adviser has enough funds in their IARD account to cover the renewal fees for themselves and all of their IA representatives.

The Division is available to answer any licensing questions and assist investment advisers through the licensing process at (801) 530-6600 or by sending an email.

Additional Resources

Licensing Guide for Investment Advisers

Utah Investment Adviser Bond Form

Details on Filing Form ADV

Investment Adviser Registration Depository (IARD)