Washington State Department of Financial Institutions

Investment Adviser and Investment Adviser Representative Licensing

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Information for Investors

Investment advisers and their representatives operating in Washington (with certain exceptions) are required to be licensed with the Securities Division.  Persons who provide investment portfolio management for their clients or who hold themselves out to the public as financial planners are among those required to be licensed.  The Division reviews investment adviser applications for the qualifications of their principals and their disciplinary history, and the adequacy of the disclosure they are required to provide to clients.  Applications received for representative licensing are reviewed for disciplinary history and to ensure that appropriate examinations have been passed or designations held.

To check to see whether an investment adviser or investment adviser representative is registered with the Securities Division or has any disciplinary history, please contact IALicensing@dfi.wa.gov or call 360-902-8815.

The Securities and Exchange Commission and the North American Securities Administrators Association (NASAA) have a new website that allows investors to electronically access information about money managers, financial planners and other investment advisers.  The Investment Adviser Public Disclosure (IAPD) website provides instant access to registration documents filed by more than 9,000 registered investment advisers.  The documents provide information about each adviser’s business, advisory services and fees, as well as disciplinary problems an adviser or its employees may have had during the last ten years.

Information for Applicants

All applicants, whether for state registration or federal notice filing status, must file over the Internet through the Investment Adviser Registration Depository (IARD).  In addition, applicants for state registration must file additional documents directly with the Securities Division.  Please see the links below for more specific information.

Applicants for investment adviser representative registration must apply via an electronic Form U-4 on the IARD system, submitted by their firm.

Renewal of investment adviser and investment adviser representative registrations takes place through the IARD system after the first weekend in November.  Renewal information can be accessed at http://www.iard.com

A list of companies that provide study materials for FINRA examinations can be found on the website of the North American Securities Administrators Association. Click on "Exams" from the drop-down menu at the top of the page.
 


Forms and Resources

Notice Filing Requirements for Federally Covered Investment Advisers

Registration and Regulation of State-Registered Investment Advisers

Investment Adviser Registration Check Sheet

Privacy Notices to Be Sent to Clients (PDF)*

Forms

How to apply for a FINRA Examination

Selected Statutory Provisions and Rules

Hedge Fund Manager Registration Notice (PDF)*

Other Useful Links

Study Materials for The Series 65

Spotting Financial Exploitation: Training for Employees of Financial Institutions

* To open a PDF file, and you will need Adobe Acrobat Reader to view it. If you don't already have Acrobat Reader installed on your computer, you may download it for free from Adobe.