Alabama Investment Adviser/Broker Dealer Bond
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How much does an Alabama investment adviser or broker dealer bond cost?
Alabama investment adviser or broker dealer bond costs start at $500 annually. Your personal premium will be provided after a quick application review.
How do I get an investment adviser or broker dealer bond in Alabama?
You can apply for your Alabama investment adviser or broker dealer bond online 24/7. Simply provide your name, address, and license type for Alabama Securities Commission filing approval. Once your order has been processed, your official Alabama surety bond will be delivered by email.
How fast can I get a broker dealer or investment adviser bond?
Our industry-leading technology and responsive customer service team allow us to deliver your official Alabama broker dealer or investment adviser bond faster than any other surety company. Orders placed by 4 PM CST Monday-Friday will typically be processed and emailed same-day.
If you have questions about the Alabama investment adviser/broker dealer bond or your application, call 1(800)308-4358 to speak with a surety expert. We're here to guide you through the bonding process so you can get back to running your business.
What is an Alabama investment adviser/broker dealer bond?
Code of Alabama Securities Act Section 8-6-3 requires individuals file a minimum $50,000 surety bond with their investment adviser or broker dealer registration application. Alabama does not require a specific investment adviser or broker dealer surety bond form but accepts Form U-SB, which is commonly used for the investment company and financial advisor license bonding process nationwide. By filing this bond individuals agree to comply with the Alabama Securities Act when working as a broker dealer or investment adviser in the state.
Who should get a broker dealer/investment advisor bond?
Investment advisers and broker dealers must file this $50,000 surety bond if they don't have a net capital of at least $100,000 or if they maintain custody of clients' funds/securities or have discretionary authority. If you fail to file, maintain, and renew your surety bond as required by law, your registration won't be approved. Additionally, you risk legal action from the state if you offer investment advice or other financial services without being properly registered.
Who regulates broker dealers and investment advisors?
The Alabama Securities Commission regulates broker dealers and investment advisors working in the state, including the $50,000 surety bond licensing requirement. If you have questions about your existing license or new registration application, you can contact the Commission by calling 1(800)222-1253 or emailing [email protected].
The Alabama Securities Commission requires this bond for state broker dealer and investment advisor licensing. If you offer professional investment advice in other states, we also offer investment advisor bonds nationwide.
What affects my Alabama investment adviser or broker dealer bond cost?
Your Alabama investment adviser or broker dealer bond cost will be provided after a quick application review. Your credit score and years of verifiable professional industry experience can affect your personal surety bond premium. SuretyBonds.com can approve 99% of license bond applicants no matter their credit score or financial history.
How do I update my broker dealer or investment adviser bond form?
If the Alabama Securities Commission requires your license bond form to be updated for any reason, contact your surety company. If you purchased your Alabama surety bond from SuretyBonds.com, email [email protected] to explain the needed change. The most common changes requested are updating your name, address, or license type to match your existing license registration or new application.
How do I renew my investment adviser or broker dealer bond?
You must renew your Alabama investment adviser or broker dealer bond before its current term expires. Once you pay your SuretyBonds.com renewal invoice, instructions will be provided to keep your Alabama bond active for your next license term.
How do I get licensed as an Alabama investment adviser or broker dealer?
Complete the steps below to register as an investment adviser in Alabama.
- Pay the $250 filing fee through the Investment Advising Registration Depository (IARD).
- File Form ADV with the IARD.
- Provide a copy of your client contracts and/or brochures.
- Notify if you are planning to maintain custody or discretionary authority.
- Submit a balance sheet approved by the GAAP with an oath confirmed by an authorized officer.
- List and complete Form 4U for each investment adviser representative.
- If you are an out-of-state company you must complete an affidavit and a certificate to do business through the Secretary of State.
- File a surety bond, if applicable.
- Provide an affidavit listing the number and types of all Alabama clients, if applicable.
Complete the steps below to register as a broker/dealer in Alabama.
- Complete your registration through FINRA.
- Pay the $250 filing fee.
- Provide a statement if you are going to have custody of clients discretionary accounts or funds.
- Provide details of all offers or sales made to residents before registration.
- Upload a list of all agents working in the state.
- File a surety bond, if applicable.
Note that Code of Alabama Securities Act Section 8-6-3 specifies every registration expires December 31 unless renewed.
What is the process for filing a claim against an Alabama investment adviser bond?
If a financial advisor or broker fails to comply with their bond terms or associated legislation, their issuing surety company will pay valid claims to harmed individuals up to the full $50,000 bond amount. The financial professional must reimburse the surety company for all claims paid.
Have Questions?
Call 1 (800) 308-4358 to talk with a Surety Expert today.
