State Investment Advisers and Agents

Information on how to become a licensed investment adviser or agent with the State of New Hampshire.

State Advisers

State Adviser Agents

Application Checklist

Submit the following through Web Investment Adviser Registration Depository (Web IARD). Items that cannot be submitted through Web IARD must continue to be submitted directly to the Bureau:

  • Form ADV Part 1 and Part 2 (submitted through Web IARD).
  • Articles of Incorporation - if a corporation.
  • Certification of Formation & Operating/Management Agreements - if an LLC.
  • Certificate of Formation & Limited Partnership Agreement - if an LP.
  • Certificate of Formation & Partnership Agreement - if an LLP.
  • Balance Sheet - certified by the principal as true and accurate to the best belief and knowledge of the preparer (applies to N.H. based investment advisors only).
  • Specimen copy of all investment advisory agreements.
  • Firm amendment/transfer FEE is WAIVED - Advisory License and Application.
  • Firm amendment/transfer FEE is WAIVED - Agent License and Application.
  • Form U-4
  • A copy of the firm's supervisory policies and procedures.
  • Please remember to file through FINRA all investment advisor agents doing business in New Hampshire.

Renewals

Submit to Web IARD the $200 renewal fee for the ensuing year on or before December 31st of each year. 

Additional Renewal Requirements for New Hampshire 

New Hampshire requires that each investment adviser licensed with the state amend its Form ADV each year by submitting an annual updating amendment to the IARD system within 90 days after the end of the investment adviser's fiscal year, as required by the instructions for Form ADV.  When you submit your annual updating amendment, you must update your responses to all items, including corresponding sections of Schedules A, B, C, and D.  You must submit your summary of material changes required by Item 2 of Part 2A either in the brochure (on the cover page or the page immediately thereafter) or as an exhibit to your brochure. 

Withdrawals

Submit a copy of Form ADV-W through the Web IARD

Transfer from Federal to State IA Status

Submit through Web IARD (items that cannot be submitted through Web IARD must continue to be submitted directly to the Bureau) 

  • Form ADV Part 1 and Part 2 (submitted through Web IARD).
  • Articles of Incorporation - if a corporation.
  • Certification of Formation & Operating/Management Agreements - if an LLC.
  • Certificate of Formation & Limited Partnership Agreement - if an LP.
  • Certificate of Formation & Partnership Agreement - if an LLP.
  • Balance Sheet - certified by the principal as true and accurate to the best belief and knowledge of the preparer (applies to N.H. based investment advisors only).
  • Specimen copy of all investment advisory agreements.
  • Firm amendment/transfer FEE is WAIVED - Advisory License and Application.
  • Firm amendment/transfer FEE is WAIVED - Agent License and Application.

Form U-4

Opening or Closing of a New Hampshire Branch

No fee. Notification by letter must be sent directly to the Bureau prior to the opening of and immediately after the closing of the New Hampshire branch office of an investment adviser. Include the branch manager's name, social security number, branch address, telephone number and date of opening or closing. 

Branch Office Definition 

RSA 421-B:1-102... 

5(A) "Branch office" means: 

     (i)  With regard to an investment adviser, any location other than the main office, identified by any means to broker-dealers or other investment advisers or to the public, customers or clients as a location at which an investment adviser conducts an investment advisory business. 

Name Change Filing Requirements

If any investment adviser changes its name, it must file for an amended license.  In order to effect the amendment, please submit the following directly to the Bureau: 

  • Amendment to the Articles of Incorporation which effected the name change (or other similar documents filed with the state of organization, such as amended LP, LLC or LLP documents).
  • Provide a list of each agent licensed in the State of New Hampshire along with CRD number on the date that the name change filing was made with the state of organization.  The fees may be combined into one check that should be payable to the State of New Hampshire.
  • An amended Form ADV which reflects the new name.  This document should be submitted through Web IARD. 

Upon receipt of the above by this Bureau, an amended license will be issued. 

Amendments

Amendments to Form ADV

These filings may be submitted through Web IARD

Change of control 

No fee. Submit Form ADV Schedule C, through Web IARD

All other amendments to form adv 

No fee.  Submit amended pages of Form ADV.  Submit amendments through Web IARD.  Until such time as Web IARD can accept Part II filing submit those directly to the Bureau.  If a New Hampshire branch opens or closes or information changes, notice of such opening, closing, change of address or change of supervisor must be submitted directly to the Bureau in a letter containing the required information. 

Financial Information Filing Requirements

No fee is required. 

State IAs that have their principal place of business in a state other than New Hampshire must comply with their home state financial requirement. 

State IAs with their principal place of business in New Hampshire must submit: 

  • Within 90 days from the investment adviser's fiscal year end, the investment adviser must submit, directly to the Bureau, an audited balance sheet if the investment adviser is required by Form ADV to have one prepared (if it has custody of client funds or securities or if it collects fees of $500 per client 6 or more months in advance - RSA 421-B:4-411(b)(14).
  • If a surprise examination of clients' funds and securities is required because the investment adviser has custody of client funds and/or securities, a copy of the report of examination must be promptly filed with the Bureau - RSA 421-B:5-502-A.

Mass Transfer Filing Requirements

A mass transfer of agents from one investment adviser to another results in amended agents' licenses. Prior to the mass transfer, the investment adviser must submit a list of all agents to be transferred, including their social security numbers. The check should be payable to the State of New Hampshire.

Licensure and Filings

All agent filings should be submitted through Web CRD

Initial Application 

Submit complete Form U-4 and a fee of $130 to the Web CRD System 

Amendments 

Submit amendments to Form U-4 to Web CRD, in accordance with the instructions on Form U-4.  All material information on the form U-4 on file with the Bureau through Web CRD must be current at all times. 

Renewals 

On or before December 31st of each year, submit a renewal fee of $100 per agent to Web CRD for licensing in the ensuing year. 

Withdrawals 

Submit a Form U-5 for New Hampshire through the Web CRD system. 

Examination Requirements for Licensure 

Each applicant for individual investment adviser licensure shall provide to the Secretary of State or to CRD, proof of obtaining a passing score(s) on one of the following examination requirements: 

  1. The Uniform Investment Adviser Law Examination (Series 65); or
  2. The General Securities Representative Examination (Series 7) AND The Uniform Combined State Law Examination (Series 66) 

Grandfathering 

  1. Any individual who is registered or licensed as an investment adviser, investment adviser agent or investment adviser representative in any jurisdiction in the United States on January 1, 2000 shall not be required to satisfy the examination requirements for investment adviser licensure in this state, except that the Secretary of State may require additional examinations for any individual found to have violated any state or federal securities law.
  2. Any individual who has not been registered or licensed in any jurisdiction for a period of two (2) years shall be required to comply with the examination requirements.

Waivers - The examination requirement shall not apply to an individual who upon application holds one of the following professional designations. 

  1. Certified Financial Planner (CFP) awarded by the International Board of Standards and Practices for Certified Financial Planners, Inc.
  2. Chartered Financial Consultant (ChFC) awarded by the American College, Bryn Mawr, Pennsylvania.
  3. Personal Financial Specialist (PFS) awarded by the American Institute of Certified Public Accountants.
  4. Chartered Financial Analyst (CFA) awarded by the Institute of Chartered Financial Analysts.
  5. Chartered Investment Counselor (CIC) awarded by the Investment Counsel Association of America, Inc.
  6. Such other designation as the Secretary of State may by rule or order recognize.
     

Sole proprietorship investment advisers - Sole Proprietor Investment Advisers must be licensed as investment advisers, but do not have to be separately licensed as agents. However, they must meet the same examination requirements for licensure of agents.