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What Is a Utah Investment Adviser Bond?
Under the Utah Uniform Securities Act, investment advisers are authorized to appoint representatives to assist them in rendering advice about securities. Utah investment adviser bonds ensure that advisers report the names and addresses of all employed representatives to the Division of Securities and comply with the provisions of Utah Administrative Code.
How Much Do Investment Adviser Bonds Cost?
Utah investment adviser bond premiums start as low as $100–150 for qualified applicants. You can expect to pay a premium rate of 1–10% of the total bond amount.
Your exact rate will be determined using your personal credit score. Here are starting rates for applicants with excellent financials:
- $10,000 Investment Adviser Bond (Discretionary Authority): Starts at $100
- $35,000 Investment Adviser Bond (Custody Authority): Starts at $350
Request your free, personalized quote now!
Although the bond amounts are identical, there are separate bond forms for individual applicants versus corporate investment advisers. Be sure to select the correct bond type for your license type.
How Does a Utah Investment Adviser Bond Work?
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.
The surety can cancel the bond by giving 60 days’ written notice prior to cancellation to the Utah Division of Securities. A copy of the cancellation notice must also be sent by registered mail to the adviser.
How Do I Get an Investment Adviser Bond in Utah?
You can get your investment adviser bond easily online with SuretyBonds.com. Just follow these quick steps:
- Step 1: Select the bond type and amount you need.
- Step 2: Complete the quick online application form.
- Step 3: Receive a free quote within one business day or less.
- Step 4: Purchase your bond securely online.
We’ll email your bond documentation after purchase. Or, for corporate applicants, we’ll mail your physical bond paperwork. Be sure to file proof of bonding with the Department of Commerce along with your license application. See more information on the licensing process below.
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:
- Issuing reports or analysis on securities
- Making recommendations to buy or sell securities
- Managing a client’s securities portfolio
- Preparing financial plans that involve securities recommendations
- Managing an investment fund that allows for investment in securities
How to Become an Investment Adviser in Utah?
To become a registered investment adviser in Utah, complete the following steps:
- Register the business entity with the Utah Division of Corporations.
- Apply and file any required forms and pay fees through the Investment Adviser Registration Depository (IARD).
- Complete Form ADV through IARD and specify if you are registering with the SEC or licensing with the state.
- Provide a detailed firm brochure with information about your proposed advisory business, including management, services, fees, affiliated businesses, disciplinary information, conflicts of interest, brokerage practices, etc.
- Appoint a designated official to be licensed as your Investment Adviser Representative.
- Submit a written notification to the Division that details your designated official and whether you will have custody or discretionary authority over client funds.
- Provide proof of surety bond via Form 4-5BIA.
The Division may take up to 30 days to review your documentation. Then, they will notify you once approved.
Your license will expire annually on December 31 but auto renews as long as you have adequate funds in your IARD account to cover the renewal fees for yourself and all representatives.
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