An investment adviser, as defined in Iowa Code section 502.102, is a business entity that, for compensation, advises others as to the value of securities or the advisability of investing in, purchasing, or selling securities. This includes financial planners or other business entities that provides investment advice to others for compensation as part of a business or that holds itself out as providing investment advice to others for compensation.
The Iowa Insurance Division requires all investment advisers to annually file and pay a filing fee through the Investor Adviser Registration Depository (IARD) in compliance with Iowa Code section 502.403 and Iowa Administrative Code rule 191.50.30 – 191.50.46.
Additional information regarding investment advisers can be found at the North America Securities Administrators Association (NASAA). The Iowa Insurance Division is a member of NASAA
Information about investment advisers is available through the search tool at FINRA’s BrokerCheck.