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

• Setting up your firm’s account on the Investment Adviser Registration Depository (IARD) system
• Acting as liaison with the Maine Office of Securities
• Facilitating the payment of all Maine 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 financial statement directly with the Maine Office of Securities
• Drafting a compliance manual in conformity with the Maine Office of Securities Rules
• Drafting of investment advisory and financial planning agreements
• Drafting of the privacy notice
• Filing Form U4 for investment adviser representatives

Important Additional Information for Maine Registrants:

Minimum Financial Requirements

An investment adviser licensed or required to be licensed in the State of Maine that has custody of client funds or securities shall maintain at all times a minimum net worth of $35,000. An investment adviser licensed or required to be licensed in the State of Maine that has discretionary authority over client funds or securities but does not have custody of client funds or securities shall maintain at all times a minimum net worth of $10,000. An investment adviser licensed or required to be licensed in the State of Maine that accepts prepayment of fees of more than $500 per client six (6) or more months in advance shall maintain at all times a positive net worth.

Unless otherwise exempted, as a condition of the right to transact business in the State of Maine, every investment adviser licensed or required to be licensed in the State of Maine must by the close of business on the next business day notify the Administrator if that investment adviser’s net worth is less than the minimum required. After transmitting such notice, each investment adviser must file by the close of business on the next business day a report with the Administrator of its financial condition, including the following:

1. A trial balance of all ledger accounts;
2. A statement of all client funds or securities which are not segregated;
3. A computation of the aggregate amount of client ledger debit balances; and
4. A statement as to the number of client accounts.

Every licensed investment adviser that has its principal place of business in a state other than Maine shall maintain only such minimum capital as required by such state, provided the investment adviser is licensed in such state and is in compliance with such state’s minimum capital requirement.

Bonding Requirements

Every investment adviser licensed in the State of Maine having custody of or discretionary authority over client funds or securities that does not meet the required minimum net worth standard, must be bonded in the amount of the net worth deficiency rounded up to the nearest $5,000.

An investment adviser that has its principal place of business in a state other than Maine shall be exempt from the requirements of this section, provided that the investment adviser is licensed as an investment adviser in such state and is in compliance with such state’s requirements relating to bonding.
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Please call us toll free at 888-798-2930 for more information about our Maine “Turn-Key” Registration Program.