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
$200
at the national median
Per IAR
$75
$15 above the national median
Broker-dealer firm
$300
$50 above the national median
Per BD agent
$75
$25 above the national median
Form D / Blue Sky notice
$250
at the national median
Renewal
$200
Same as initial registration
Year-one cost scenarios in South Dakota
Solo state-registered RIA (1 IAR) in South Dakota
$200 firm + $75 IAR + $150 IARD system + $45 IAR system
$470
RIA with 3 investment adviser representatives
$200 firm + 3 × $75 IAR + IARD system fees
$710
Broker-dealer with 5 registered agents
$300 firm + 5 × $75 agent (excludes FINRA/CRD fees)
$675
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.
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Frequently asked questions
How much does it cost to register as an investment adviser in South Dakota?
South Dakota charges $200 for investment adviser firm registration and $75 per investment adviser representative. Adding FINRA IARD system fees ($150 firm, $45 per IAR), a solo RIA should budget roughly $470 in year-one filing fees, excluding legal, consulting, and compliance-manual costs.
What is the South Dakota IAR registration fee?
$75 per investment adviser representative, paid through IARD to the SD Division of Insurance, Securities Reg.. That is $15 above the national median.
What does a broker-dealer pay to register in South Dakota?
$300 for the broker-dealer firm and $75 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. The notice is generally due within 15 days of the first sale in the state.
Does South Dakota charge the same fee to renew?
Yes — South Dakota charges the same amounts at annual renewal, so a solo RIA should plan on roughly $470 per year in recurring state and IARD fees.