South Dakota Filing Fees: RIA, IAR, Broker-Dealer & Form D (2026)
What it actually costs to register and renew in South Dakota. Fees are paid to the SD Division of Insurance, Securities Reg..
RIA firm registration
$100
$100 below the national median
Per IAR
$50
at the national median
Broker-dealer firm
$150
$100 below the national median
Per BD agent
$125
$65 above the national median
Form D / Blue Sky notice
$250
at the national median
Renewal
Varies
Reduced/different at renewal
Year-one cost scenarios in South Dakota
Solo state-registered RIA (1 IAR) in South Dakota
$100 firm + $50 IAR + $150 IARD system + $45 IAR system
$345
RIA with 3 investment adviser representatives
$100 firm + 3 × $50 IAR + IARD system fees
$535
Broker-dealer with 5 registered agents
$150 firm + 5 × $125 agent (excludes FINRA/CRD fees)
$775
Private fund Form D notice filing (South Dakota investors)
State Blue Sky notice fee, due within 15 days of first sale
$250
Filing fees only. Excludes compliance-manual drafting, Form ADV preparation, consulting, legal, E&O, and FINRA membership costs. Verify amounts with the SD Division of Insurance, Securities Reg. before filing.
Want the all-in South Dakota number?
Our registration calculator adds filing fees, Form ADV drafting, policies and procedures, and ongoing consulting into one budget for South Dakota and any other jurisdictions you need.
Frequently asked questions
How much does it cost to register as an investment adviser in South Dakota?
South Dakota charges $100 for investment adviser firm registration and $50 per investment adviser representative. Adding FINRA IARD system fees ($150 firm, $45 per IAR), a solo RIA should budget roughly $345 in year-one filing fees, excluding legal, consulting, and compliance-manual costs.
What is the South Dakota IAR registration fee?
$50 per investment adviser representative, paid through IARD to the SD Division of Insurance, Securities Reg.. That is at the national median. Note: IA firm renewal $200
What does a broker-dealer pay to register in South Dakota?
$150 for the broker-dealer firm and $125 per registered agent, paid through CRD to the SD Division of Insurance, Securities Reg.. FINRA membership and CRD fees are separate.
What is the South Dakota Form D / Blue Sky notice filing fee?
$250 per offering for a Regulation D 506(b) or 506(c) notice filing when South Dakota 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 South Dakota charge the same fee to renew?
No — South Dakota renewal fees differ from initial registration. IA firm renewal $200 Confirm current amounts with the SD Division of Insurance, Securities Reg. before your renewal window.