Free Tool · Instant Answer

Do I need to register with the SEC or a state?

Answer three questions and we'll tell you which registration path applies to your firm — SEC, state, ERA, or the multi-state exemption.

Registration Calculator

Estimates based on Investment Advisers Act of 1940 thresholds.

What kind of adviser are you?

Retail / SMA adviser (managing separate accounts)

Private fund adviser (hedge fund, PE, credit fund)

Venture capital fund adviser only

Regulatory AUM (in millions)

Enter dollar amount in millions. E.g., "150" for $150M.

States operating in

Home state (optional)

Answer the questions to see your registration path.

$100M RAUM

SEC-eligible for retail advisers. Between $100M–$110M is elective.

$110M RAUM

Mandatory SEC registration for retail advisers.

$150M private fund AUM

ERA threshold. Under $150M in private fund AUM = Exempt Reporting Adviser.

Venture capital only

No AUM cap — VC-only advisers are always ERA-eligible under Rule 203(l)-1.

15-state rule

Under $100M but required in 15+ states → may elect SEC via multi-state exemption.

5-client rule

Most states require RIA registration once you have 5+ clients in that state (varies).

State filing fees vary. See our state filing fee database.

No signup for the first pass.

Free AI review of your website or LinkedIn against SEC Rule 206(4)-1 and FINRA 2210.

Model bundled pricing for 5-500+ rep firms across registration, compliance, and platforms.

Illustrative RIA / BD / private-fund valuation range. One free report per firm.