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    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.

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

    Answer the questions to see your registration path.

    Key thresholds

    $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.

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    Once you know your route, timelines and ongoing obligations differ sharply between SEC and state registration. Our outsourced CCO cost benchmarks cover ongoing support pricing, and regreview.io/pricing covers platform subscriptions and trials.