Here's the information for Illinois (looks like they haven't update the info to the change where the SEC pushed regulation
of any advisory firm under 100mil to the states ...
But everything's there ... the forms
If you do go the investment adviser route (which I would advise)... you'll have to develop and ADV (which is essentially your record with FINRA/SEC AND your brochure to the public regarding fees, services offered, etc.
Then you'll have to do a form called a U-4 which is where you disclose all of your personal
information (as an advisory rep of your advisory firm).
And yes, as an advisory rep of your advisory firm you'll have to take, and pass, the series 65 test (uniform Investment Adviser Exam).
Once you jump through those hoops and become registered (and they've issued your CRD number, then you will initiate relationships with the institutional side of brokerages, trust companies banks to be the custodian(s) for your investment advisory clients.
Finally, I have two pieces of advice:
(1) Go this route. Doing it this way (rather than becoming a registered rep of a broker/dealer) you are truly representing your clients, rather than representing some broker/dealer (series 7) and working under a real conflict of interest, where you actually owe more allegiance to the B/D than to your clients.
(2) By doing it this way, that CRD number gives you access to all of the institutional shares out there. And DOES NOT (although some custodians tend to talk a lot like broker/dealers) create any allegiance to any specific broker, bank or trust company.
As a matte of fact, of you read the 1940 act (Registered Investment Advisers Act) you owe your client the due-diligence of finding a custodian that best fits their needs.
Some good ones:
TD Ameritrade Institutional
Scottrade Investment Advisors division
(for self directed IRAs Pensco trust is excellent)
Qualified plans ... Lincoln Trust
and there are others
Let me know if you have questions
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