Montana Filing Fees: RIA, IAR, Broker-Dealer & Form D (2026)
What it actually costs to register and renew in Montana. Fees are paid to the MT Commissioner of Securities & Insurance.
RIA firm registration
$400
$200 above the national median
Per IAR
$100
$50 above the national median
Broker-dealer firm
$400
$150 above the national median
Per BD agent
$100
$40 above the national median
Form D / Blue Sky notice
$200
$50 below the national median
Renewal
$400
Same as initial registration
Year-one cost scenarios in Montana
Solo state-registered RIA (1 IAR) in Montana
$400 firm + $100 IAR + $150 IARD system + $45 IAR system
$695
RIA with 3 investment adviser representatives
$400 firm + 3 × $100 IAR + IARD system fees
$985
Broker-dealer with 5 registered agents
$400 firm + 5 × $100 agent (excludes FINRA/CRD fees)
$900
Private fund Form D notice filing (Montana investors)
State Blue Sky notice fee, due within 15 days of first sale
$200
Filing fees only. Excludes compliance-manual drafting, Form ADV preparation, consulting, legal, E&O, and FINRA membership costs. Verify amounts with the MT Commissioner of Securities & Insurance before filing.
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Frequently asked questions
How much does it cost to register as an investment adviser in Montana?
Montana charges $400 for investment adviser firm registration and $100 per investment adviser representative. Adding FINRA IARD system fees ($150 firm, $45 per IAR), a solo RIA should budget roughly $695 in year-one filing fees, excluding legal, consulting, and compliance-manual costs.
What is the Montana IAR registration fee?
$100 per investment adviser representative, paid through IARD to the MT Commissioner of Securities & Insurance. That is $50 above the national median. Note: Form D: $200 + 0.1% of amount over $100K, $1,000 max
What does a broker-dealer pay to register in Montana?
$400 for the broker-dealer firm and $100 per registered agent, paid through CRD to the MT Commissioner of Securities & Insurance. FINRA membership and CRD fees are separate.
What is the Montana Form D / Blue Sky notice filing fee?
$200 per offering for a Regulation D 506(b) or 506(c) notice filing when Montana residents invest, plus the $160 NASAA EFD system fee. The notice is generally due within 15 days of the first sale in the state.
Does Montana charge the same fee to renew?
Yes — Montana charges the same amounts at annual renewal, so a solo RIA should plan on roughly $695 per year in recurring state and IARD fees.