Investment Advisor / Broker Dealer

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Blue Sky MLS is one of the original outsource providers for the financial industry, offering comprehensive services for Regulatory Compliance administration. With over 30 years of cost-effective solutions for Compliance and Registration requirements of Financial Advisors, Broker-Dealers, Mutual Funds, Hedge Funds, Public and Private companies for a diverse client base including CPAs, Investment Companies, Law Firms, Fund Administrators, Investment Advisors, and individual Public and Private Companies.

Investment Adviser Registration Services

Whether you’re in need of a one-time registration service or on-going compliance support, Blue Sky MLS can help register the firm and its personnel so that you can begin managing assets. BSMLS can simply start you up or design an all-inclusive service plan to register your firm, principals, officers, and adviser representatives as necessary, assist in structuring your investment advisory programs, preparing your registration documents, serving as your liaison with the SEC or state securities regulators and providing on-going support. We offer the following registration services:

  • Entity Formation. You can prepare the documents or provide us with the entity name, Agent for Service of Process, and depending on the type of entity, information such as number of shares, par value, etc. We will file the documents with the appropriate Secretary of State office.
  • Entitlement Forms. Prepare the FINRA Entitlement Applications for the IARD/Web CRD accounts, which are necessary to file application to register as an investment adviser and investment adviser representative.
  • IARD Service Bureau. Provide training regarding the IARD/Web CRD systems. Serve as an IARD/Web CRD service bureau for your firm during the registration process and thereby electronically file applicable application documents on behalf of your firm.
  • Form ADV. Prepare the Form ADV Part 1A, Part 1B, Schedule A, Schedule B, Schedule C and Schedule D, Part 2 that is customized to your firm’s unique business model, and Part 2B Supplemental Brochure(s).
  • Register in Other States. Advise state applicants as to those other states requiring investment adviser registration (at the time that firm submits its initial home state filing). Prepare investment adviser applications for those other states.
  • Series 65 Study Material. Self-study courses that provide study materials, prep tests, and support services.
  • Series 65 Exam Window. Provide you with the information to complete the Form U10 necessary to open Series 65 exam window for investment advisor representative (IAR) applicants and schedule Series 65 test date with testing center or perform and schedule on your behalf. Form U4. Prepare the Form U4 (via Web CRD system) to register each IAR applicant of the firm. Verify Form U4 disclosures are consistent with Form ADV disclosures. Advise your firm as to the states that IAR will need to register at the time firm is initially registered.
  • Regulatory Liaison. Serve as liaison with the SEC and/or state securities regulators regarding any questions associated with your firm’s application. Correct any deficiencies identified by the SEC and/or state securities regulators.

Broker-Dealer Compliance Services

Blue Sky MLS (BSMLS) assists registered Broker-Dealers (BDs) through the development of a customized compliance program, the adoption of written policies and procedures, Chief Compliance Officer (CCO) support, and the execution of annual program reviews.

BSMLS provides year-round assistance to BDs, on a retainer basis, to facilitate the regulatory compliance. With a CCO in place, a BSMLS consultant can be engaged to perform the following:

Client Consultation

  • Full FINRA and state registration service or an audit of current broker-dealer firm and agent licenses in all states
  • Analysis of current registrations for federal and state compliance
  • FINRA licensing: attendance/assistance Pre-Membership Interview (PMI)
  • Preparation of required forms and filing with FINRA/CRD
    • With Power of Attorney-execution of all applicable State and Uniform Forms
    • All others will be sent to Client on a quarterly basis for execution
  • Filing of all applications, renewals and amendments to Form BD with FINRA/CRD
  • Perform initial registration and maintenance filings of individual agents listed in Schedule A of Form BD as well as other salespersons the broker-dealer may employ (U-4 Forms)
  • Preparation of Customized Supervisory Manual
  • Amendment filings in states where applicable
  • Qualification as a foreign corporation where applicable
  • Obtain and/or file the necessary fidelity bond and state surety bonds where applicable
  • Resolution of state and federal issues concerning your registration and maintenance filings
  • Maintain contact and correspondence with applicable states
  • Analysis of exemption potential

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