# State-registered investment adviser

> A state-registered investment adviser is an advisory firm registered with a state securities regulator instead of the SEC, which generally means it manages less than $100 million.

Canonical page: https://find.wellspent.co/glossary/state-registered-adviser/
Also called: state-registered RIA, state-registered adviser

Firms with less than $100 million in regulatory assets under management generally register with the states where they have an office and clients. Firms with more than $110 million generally must register with the SEC, and firms in between have some leeway, so they don't switch back and forth as markets move. A small firm that would have to register in 15 or more states may register with the SEC instead.

Solo planners and small practices, including flat-fee and hourly planners who manage little or no money, usually fall below the line. State registration says nothing about quality: the firm still files Form ADV, owes clients a fiduciary duty, and is examined by its state regulator.

State-registered firms must file the Part 2B brochure supplements that SEC-registered firms only have to keep, and their brochure has an extra item for state-specific disclosures.

## How to check

Search the firm on the SEC's Investment Adviser Public Disclosure site. Its record shows whether it is registered with the SEC or with one or more states. For questions or complaints, contact that state's securities regulator.

## Sources

- [NASAA: Investment adviser FAQs](https://www.nasaa.org/industry-resources/investment-advisers/ia-faqs/)
- [Investor.gov: Using IAPD](https://www.investor.gov/introduction-investing/getting-started/working-investment-professional/using-iapd)
- [SEC: Form ADV Part 2 instructions (brochure and brochure supplement)](https://www.sec.gov/files/formadv-part2_0.pdf)

## Related terms

- [Registered investment adviser (RIA)](https://find.wellspent.co/glossary/ria.md)
- [Investment adviser representative (IAR)](https://find.wellspent.co/glossary/iar.md)
- [NASAA (North American Securities Administrators Association)](https://find.wellspent.co/glossary/nasaa.md)
- [Form ADV Part 2B (brochure supplement)](https://find.wellspent.co/glossary/form-adv-part-2b.md)
- [SEC (Securities and Exchange Commission)](https://find.wellspent.co/glossary/sec.md)