Our “turn-key” investment adviser registration program for the State of Connecticut includes:

• Setting up your firm’s account on the Investment Adviser Registration Depository (IARD) system
• Acting as liaison with the Connecticut Banking Department, Securities and Business Investments Division
• Facilitating the payment of all Connecticut state registration fees
• Preparing and filing Form ADV Part 1 via the IARD system
• Preparing and filing Form ADV Part II via the IARD system
• Filing the Connecticut Supplement directly with the Connecticut Banking Department, Securities and Business Investments Division
• Filing the Registrant’s Certificate and Statement of Financial Condition
• Drafting and filing investment advisory and/or financial planning agreements
• Drafting a compliance manual in conformity with the Connecticut Uniform Securities Act
• Drafting of the privacy notice
• Filing Form U4 to register investment adviser representatives

Important Additional Information for Connecticut Registrants:

Statement of Financial Condition

Investment advisers with a Connecticut principal place of business must file a Statement of Financial Condition and a Registrant's Certificate with the Connecticut Department of Banking, Securities and Business Investments Division.

Each investment adviser registered in the State of Connecticut must have tangible assets in excess of liabilities less satisfactory subordination agreements to the extent of at least $1,000. Each investment adviser must file a statement of financial condition as of a date within 60 days of the date on which their investment adviser application is filed.  The financial statement must disclose the nature and amount of the investment adviser's assets, liabilities and capital.  If the applicant is a sole proprietorship, include personal (as well as business) assets and liabilities.

Net Tangible Assets

Although an applicant should direct questions about calculating net tangible assets to their accountant, here are some pointers given by the Connecticut Department of Banking:

• Allowable assets are total assets less intangible assets.
• Allowable assets less liabilities equal net tangible assets.
• Intangible assets are determined by generally accepted accounting principles. A few examples: goodwill; organization costs; patents, copyrights and trademarks; leases, leaseholds and leasehold improvements; exploration rights and costs of development of natural resources; formulas, processes and designs (e.g., software); licenses, franchises, memberships and customer lists; prepaid expenses (e.g., rent, insurance); and deferred charges.

The Securities Division may consider other items if the applicant provides accounting authority demonstrating why the item should not be deducted from an investment advisory financial statement.

Audit Requirements

The financial statement does not have to be audited (i.e. examined in accordance with generally accepted auditing standards and reported upon with an opinion expressed by an independent certified public accountant or independent public accountant) unless you have been in business for one year or more, and you will either (i) have custody or possession of client funds or securities or (ii) require the prepayment of advisory fees six months or more in advance and in excess of $500 per client. Even if you would normally have to obtain audited financial statements no more than 60 days old, the Connecticut Banking Commissioner has granted an exemption if: (a) you submit your most recent audited statement of financial condition; and (b) that financial statement includes an unaudited statement of financial condition as of a date within 60 days preceding the date your investment adviser application is filed.

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Please call us toll free at 888-798-2930 for more information about our Connecticut “Turn-Key” Registration Program.