Learn more about the RIA registration requirements in the state of Maine.
While there are some exceptions, in general, investment advisors with less than $100 million in assets under management ("AUM") that are located in Maine, have more than 5 clients in Maine, or actively solicit in Maine must register with the State of Maine as a Registered Investment Advisor ("RIA").
Investment Advisor Representative ("IAR") Registration Requirements:
- Licensing Requirements: Series 65, Series 66 and Series 7 combined, or CFP, CFA, CIC, ChFC, PFS.
- Each investment advisor representative must submit the form U-4 and ADV Part 2B.
General Firm Registration Requirements
- Payment of all State of Maine registration filing fees
- FINRA Entitlement paperwork
- In order to file a registered investment adviser application with the state of Maine, one must first apply to the Financial Industry Regulatory Authority (FINRA) for an account (Entitlement) to their WebCRD/IARD on-line system (the web application for the registration of RIA’s and their representatives). While RIA’s are in no way regulated or supervised by FINRA, the state of Maine uses FINRA’s WebCRD/IARD system to process applications.
- Form ADV 1 (online)
- The Form ADV Part 1 is the on-line component to your Firm’s registration documentation. Note: The Form ADV Part 1 primarily discloses information about the FIRM. Individual information is primarily disclosed in the Form U4 as detailed below. The Form ADV Part 1 is also the vehicle to upload your Firm’s Form ADV Part 2A (Firm Brochure) and Form ADV Part 2B’s (Brochure Supplements).
- Form ADV 2A (paper and online)
- The Form ADV Part 2A acts as your Firm’s Brochure. It is a narrative description of your services, fees, disciplinary disclosures, as well as several other Firm details. The Form ADV Part 2A must be provided to all Clients and Prospective Clients. The state of Maine requires that the ADV Form 2A be written in “plain English” and easily understood by your clients.
- Form ADV 2B (paper and online)
- The Form ADV 2B is the paper brochure that Investment Adviser Representatives must (in most cases) provide to clients. This form contains employment, educational, conflict of interest, and disciplinary information. Generally, Executive Officers, any person generating investment advice provided to clients, and any representative advising clients must have a Form ADV Part 2B.
- Client Advisory Contract
- Client Advisory Contract including an investment policy statement that meets the appropriate regulatory authority standards for client advisory contracts in Maine state.
- Policies and Procedures Manual
- The firm’s Policies and Procedures manual is the guiding document that your firm will use to maintain and enforce your firm’s internal policies on all aspects of your business from the handling of client complaints to the training of new Investment Adviser Representatives. It also houses your firm’s Business Continuity Plan, Information Security Policy, Anti-money Laundering Policy, and Anti-insider Trading Policy.
- Code of Ethics
- Code of Ethics filing ensuring that you meet the standards of the State of Maine.
Over 4,000 investment advisors have trusted RIA in a Box as their registration compliance consultants and our mission is to enable fellow entrepreneurs to establish their own RIA firms and remain in constant compliance with regulatory guidelines. RIA in a Box is the fastest, most efficient way to set up your advisory firm and we also offer on-going monthly compliance services packages. We are staffed by ex-state regulators and believe we offer incredible value that can’t be matched. Check out the RIA in a Box Investment Advisor Registration Box Package.
Note: RIA in a Box LLC is not a law firm, investment advisory firm, or a CPA firm. RIA in a Box LLC does not provide legal advice or opinions to any party or client. You should always consult your relevant regulatory authorities as this information should not be relied upon as currently accurate. This information is provided for educational purposes only and is not an exhaustive list of regulatory requirements.